Unify's Starter Loan for first time and existing borrowers

 

Unify Credit Union – Starter Loan

Need a loan quickly, but new to Unify? Our Starter Loan is designed to help new members access affordable credit, even if you haven’t yet built up savings with us.

Who can apply?

The Starter Loan is available to:

• New members – no savings history required.
• Existing members – with no previous borrowing.
• Anyone in receipt of a non-means tested benefit, such as:
• Child Benefit
• State Pension
• Carer’s Allowance
• Personal Independence Payment (PIP)
• Employment and Support Allowance (E.S.A)

If you’re unsure whether your benefit qualifies, just get in touch with a member of our team – we’ll be happy to help.

How much can I borrow?

• First loan: Up to £1,500.
• Repayment term: Maximum of 18 months.
• Top-ups: After 6 months of regular repayments, you may be eligible to borrow up to an additional £1,000 per top-up.

What are the repayments like?

Our Starter Loan has an interest rate of 3.0% per month (42.6% APR).

Example: If you borrowed £500 over 50 weeks, you would repay £11.87 per week, totalling £593.18 (including £93.18 in interest).

What do I need to know before applying?

To apply for a Starter Loan, you’ll need to:

• Save at least £2.50 per week (£10 per month) with Unify.
• Have your benefit paid directly into your Unify Credit Union account (this helps build your credit history).
• Provide 1 month’s bank statement for all household accounts.
• New members must:
• Pass electronic ID and address verification (or provide proof of ID and address).

Please note:

• This loan requires a credit check.
• You must remain on the Starter Loan product for a minimum of 2 years.
• If you are in a Debt Management Plan, Debt Relief Order, IVA, Bankruptcy, or not currently up to date with household bills, we are unlikely to be able to approve your application.

What’s included?

• Loan Protection Insurance (at no extra cost).
• The same Loan Policy General Conditions that apply to all Unify loans.

How will I receive my loan?

If your application is successful, your loan will be paid into the bank account shown on the Review page before you submit your application.

Please double-check your bank details. If you’d like your loan paid into a different account, you must contact your local branch before completing your application.

Ready to apply?

Click below to start your application today.

        Apply for a Starter Loan  

 

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