Unify's Starter Loan for first time and existing borrowers

New to Unify but in need of a loan, fast?

Unify Credit Union - Starter Loan

FAQs

Who is eligible for a Starter Loan?
The Starter Loan is suitable for people in receipt of a non-means tested benefit, such as:

• Child Benefit
• Employment and Support Allowance (E.S.A)
• State Pension
• Carers Allowance
• Personal Independence Payment (PIP)

If you’re unsure whether your benefit qualifies, please speak to a member of staff.

What is a Starter Loan?
A Starter Loan is designed for individuals who need a small loan but have not yet started saving with Unify Credit Union.

What is the interest rate?
The interest rate is a maximum of 3.0% per month (42.6% APR).

What would a typical repayment look like?
If you borrowed £500 to be repaid over 50 weeks, you would pay £11.87 per week, totalling £593.18 (including £93.18 in interest).

How much can I borrow?
You can apply for up to £1,500 on your first Starter Loan. The loan must be repaid within a maximum of 18 months.

Can I top up my loan?
Yes. After making repayments for 6 months, you may be eligible to top up your loan by an additional £750 (maximum) per top-up.

If you are in a Debt Management Plan, subject to a Debt Relief Order, IVA, Bankruptcy or not currently up to date with household bills we are unlikely to be able to provide you with a loan 

How do I apply?

        Apply for a Starter Loan  

  IMPORTANT INFORMATION

• This Loan product requires a CREDIT CHECK 
• If your application is successful, your loan will be paid into the bank account details shown on the REVIEW page before you submit your application. 
• Please check carefully, and if you wish your loan to be paid into a different bank account, you MUST contact your local branch to amend these.

Please note that all loans are subject to our general conditions, as set out in our Loan Policy.  

Debt advice can be obtained, free of charge, from STEPCHANGE, DEBT ADVICE FOUNDATION or your local CITIZENS ADVICE.  

Free and impartial money advice can be obtained from The Money Advice Service