City of Plymouth Credit Union

Starter Loan

Starter Loans are for new members or existing members who have insufficient savings to qualify for one of the other types of loan or don’t qualify for some other reason. Depending on your past loan history, you can borrow up to £1,000 for between 4 and 10 months. Interest rates are 3% per month flat (42.58% APR) – compare this with other lenders charging sometimes in excess of 1,000% APR!

Just so you can get some idea of the amount you can borrow and how much it will cost in terms of monthly repayments and interest costs, we have included a calculator below. Pull the sliders around to see an illustration of what the loan could cost you, but bear in mind that there are minimum payment constraints which may apply.

£100 £1,000
4 months10 months
Your repayments are every month at APR
Total interest is
Total you will Pay:
Loading

Loan Details

Let’s take a look at the Starter Loan in more detail to see whether you’re eligible and whether it meets your needs. The full Terms and Conditions are shown below, but here’s a brief run-down.

  • Starter Loans are for new and existing members who don’t qualify for one of the other loans.
  • For the first loan, you can borrow between £100 and £500, for the second, £100 to £750 and for the third and any subsequent loans, £100 to £1,000.
  • The period you can borrow over is between 4 and 10 months.
  • You can top up to a maximum of your initial loan amount ONCE provided you have repaid at least half of it and you’ve been making your payments on time with no arrears.
  • We will carry out an affordability check based on the information you provide us to help prevent you getting into financial difficulties.
  • We will carry out a Credit Check, although a poor credit score will not necessarily mean you won’t be granted a loan.
  • We will take into account your previous payment history if you have had loans with us in the past.
  • When filling in the form, it’s important you are truthful. Any discrepancies found will necessarily affect whether you will be granted a loan.

New members will be required to join the credit union and we’ll use the information you supply in your Membership and Loan Applications to carry out an identity check. Known as “Know Your Customer” or KYC checks, this is a requirement placed on all financial institutions, including banks, building societies and, of course, credit unions. For full details, please see the Adult Membership page.

We can pay your loan advance by Faster Payments Transfer (our preferred method), or Cash (we need at least 3 days notice for cash payments over £1,000). In exceptional circumstances, we can pay it by cheque for paying into your personal bank account or by cheque for cashing at a Post Office (a charge will apply for this service).

To apply for or top up a Starter Loan, click the button below, print the form and fill it in as fully as possible. Alternatively, forms are available at any of our Service Points where you can also ask for help in filling in the forms.

Features

  • Open to both existing and new members
  • Highly competitive interest rate – 3% per month flat
  • Must be over 18 years old
  • No arrangement fee
  • No penalty for early settlement
  • Overpayments welcome
  • Weekly, fortnightly, 4-weekly or monthly repayments
  • Covered by Life Insurance, subject to Terms and Conditions
  • We will normally process loan applications within 5 working days (allow 10 working days in run-up to Christmas), however larger loans may take longer.

Terms and Conditions