Prepaid Card

Loans

Unify Loans are assessed on an individual basis and take into consideration a variety of factors, including affordability, previous savings history and credit history.

Saver Loans

  • Interest is charged at the rate of 1% per month (12.7% APR)
  • Saver Loans are based on the member's current share level and regular saving history
  • All applicants should have saved for 10 out of the last 13 weeks or 6 consecutive fortnights or 3 consecutive months to be eligible for a Saver Loan.
  • Irregular large deposits into the shares may not be taken into consideration when making a loan application.
  • First loan maximum available is £1000.00
  • First loans must be repaid within 12 months of the loan agreement.
  • Subsequent Loans must be repaid with 36 months of the loan agreement. In exceptional circumstances, at the discretion of the Board of Directors, the repayment term may be extended to a maximum of 60 months.
  • Subsequent Loans may be up to £7500 above members savings balance.
  • Members are advised to leave a minimum of 3 months between loan applications. This period may be extended at the discretion of the Credit Committee or Loan Officer.
  • There is no minimum repayment time for this type of Loan

Smart Loans

  • Interest is charged at 2% per month (26.8% APR)
  • Applicants for this product must become a member of Unify Credit Union and must save a minimum of £1 per week in a Share account with Unify Credit Union whilst repaying this loan
  • The normal repayment term is over 50 weeks but may be extended at the discretion of the Credit Committee or Loan Officer
  • Members can top up their first Smart Loan once they have made a minimum of 3 months payments
  • Subsequent loans may only be applied for once 6 months of repayments have been made
  • Members who build a good credit history with Unify Credit Union and repay their Smart Loan will be eligible to apply for a Saver Loan which is a lower rate of interest
  • Smart Loans typically do not exceed £500 in value although this is at the discretion of the Credit Committee and Loan Officer

Direct Loans

  • Interest is charged at 1% per month (12.7% APR)
  • Applicants for this product must become a member of Unify Credit Union and must save a minimum of £10 per month in a Share account with Unify Credit Union whilst repaying this loan
  • The maximum repayment term for this type of loan is 60 months
  • There is no minimum repayment term
  • Applicants must have been in full time employment with the same employer for at least six months
  • Applicants must provide the most recent three month's payslips when submitting their application
  • Applicants must provide their most recent three months bank statements from all accounts held by the applicant and spouse/partner
  • Loan repayments are to be made by payroll deduction only
  • The maximum amount available to borrow is £7500.00
  • Top up loans can only be considered if half of the loan has been repaid

Secure Loans

  • Interest is charged at 1% per month (12.7% APR)
  • A member can apply for this type of loan at any time
  • The loan cannot exceed the amount of savings the member has with Unify Credit Union
  • There is no minimum repayment term
  • The maximum repayment term is 60 months

General Conditions

  • Loans are not available to persons below 18 years of age.
  • The relevant loan application form should be fully completed by the member.
  • Proof of earnings and expenditure is required for all loans (apart from Secure Loans)
  • All loans are subject to the applicant demonstrating an ability to repay.
  • The applicant should provide any additional information requested by the Credit Committee or Loan Officer
  • Every application will be considered on its own individual merits.
  • Loans are granted at the discretion of the Loan Officer or Credit Committee
  • Loans must be for a productive and provident purpose
  • Please remember that loans are NOT guaranteed and it is not your right to get a loan. Please do not commit to expenditure if you are relying on a Unify Credit Union Loan prior to receiving approval of the loan.
  • Savings in Share 1 are security for your loan until such time as your loan balance is below that of your Share 1 balance.
  • The applicant should not be in the process of filing for bankruptcy and cannot access loans whilst in a Debt Management Plan or subject to an IVA
  • Loans are covered by Loan Protection Insurance provided by Cuna Mutual Insurance Group. Terms and conditions apply.
  • No late payment penalties
  • No early repayment penalties
  • Interest is charged on the reducing balance of the loan
  • The interest rate is fixed meaning that if the bank rate increases your payments will not.
  • No arrangement fees or set up fees
  • This policy will be reviewed by the Board of Directors every two years.

Examples

SMART LOAN borrow £100 pay £2.28 per week - Total Repaid £113.65

SMART LOAN borrow £300 pay £6.83 per week - Total Repaid £341.02

SAVER LOAN borrow £500 pay £10.64 per week - Total Repaid £531.69

SAVER LOAN borrow £1000 pay £21.27 per week - Total Repaid £1063.41