All Loans

Who can apply for a loan?

If you live or work in Coventry or Warwickshire, you are eligible to apply for a loan from New Central Credit Union. If you do not, please do not apply as the application will not be processed.

All members can apply for our loans.

YOU MUST BECOME A MEMBER (OPEN AN ACCOUNT) TO APPLY FOR A LOAN. YOU CAN DO THIS AT THE SAME TIME. THERE IS A £5.00 MEMBERSHIP JOINING FEE.

Whether you are looking to borrow to help with your household expenses or for a larger purchase, we have the right personal loan to suit you. We have made it easy to borrow as little as £100 or up to £7,500 at a fair, affordable rate with no application fees and no early repayment charges.

Why choose a loan from New Central Credit Union?

  • We lend responsibly – we will never encourage you to borrow more than you can comfortably afford to repay.
  • We offer flexible repayment terms to suit you – choose from weekly, fortnightly, four-weekly, or monthly.
  • As you make your loan repayments, we will encourage you to save as well.  By the time you have paid off your loan you will have increased your savings too.
  • There are NO set-up fees.
  • There are NO extra charges or penalties if you want to make additional repayments or pay the loan off early.
  • Most members qualify for free Loan Protection Insurance so that, in the event of your death, the outstanding loan is considered repaid (subject to terms and conditions).
  • Interest is only charged on the reducing balance of your loan.  This means that the amount of interest you pay decreases as you pay back the loan.

Personal Loans

Family loan Revolver Loan Starter Loan Loyalty Loan Payroll Loan Secure Loan
Family Loan
Borrow up to £500. Be in receipt of Child benefit and agree to have it paid into your NCCU Account. 42.6% APR. Maximum Term: 12 months
Revolver Loan
Borrow from £500 to £1500
Be in receipt of benefit and agree to have it paid into your NCCU Account.
42.6% APR. 25% of previous loan repaid before top-up. Maximum term: 12 months
Starter Loan
Borrow up to £5000. New member. Have a standing order set up for loan repayment. Rates from 12.7% to 42.6%. Maximum term: 60 months
Loyalty Loan
Borrow up to £7500. Good Credit Profile. Complete loan repayment (third Loan). Rates from 12.7% to 26.8%. Maximum term: 60 months
Payroll Loan
Borrow up to £7500. Be employed by one of our payroll partners. Rates from 12.7% to 26.8%. Maximum term: 60 months. Repayment via payroll deduction
Secure Loan
Borrow up to £7500. Have enough savings to cover the value of the loan. 4.9%APR. Maximum Term: 60 months

Examples of evidence you will need to prove your income:

  • Your last three months bank or building society statements or your most recent Post Office statement – loans will not be considered without these.
    The quickest and easiest way to submit your bank statements to us will be via our Open banking service.
  • Your most recent wage slips.
  • Benefit book or letter from relevant authority showing the amount you receive

Examples of evidence you will need to prove your outgoings:

  • If you pay bills through your bank your statements should show regular payments.
  • If you do not pay bills through your bank you will need to provide such things as: up to date mortgage, rent, council tax or water rates card; TV licence plan/receipts, store/credit card statement, insurance payments, gas or electricity bills or receipts; catalogue payments card or payments books or payment cards from other lenders.
  • Details of any arrears
  • Details of any County Court Judgements

Terms and Conditions of Loans

  • We conduct credit search on all loan applications and share credit information with credit agencies.
  • Repayments must be made by standing order, benefit transfer or payroll deduction
  • All loans are subject to status and affordability.

Reasons for Refusal

  • You are requesting a loan which you would struggle to repay according to your income
  • Your application form has not been completed correctly therefore a true assessment cannot be made.
  • Your repayment history on previous loans has been poor.
  • Your borrowing is too high at the moment (New Central are responsible lenders who might offer a lower amount if appropriate).

New Central always conduct a credit check using Experian Credit Reference Agency.  If the result is totally unsatisfactory, this could be the reason for refusal, and you should make every effort to repair your credit score.  A low credit score could be the result of several things i.e.

  • You have no credit history (you have never taken out a loan with mainstream lenders i.e. bank, building society, finance houses etc)
  • You have other loans which have not been repaid or not repaid on time.
  • You have County Court Judgements against you which you failed to disclose in your application.

THINGS THAT WILL HELP:

Saving with New Central Credit Union indicates your willingness to take responsibility for your finances.  Start saving or continue saving with us will always improve the possibility of a loan application being approved.  We have several savings accounts to choose from, some are linked to the amount you would like to borrow.

Easy ways to build savings:

  • Set up a regular standing order
  • Have a benefit (i.e. child benefit) paid directly into your credit union account.
  • Ask your employer to set up a Payroll Deduction Scheme

Loan Products

Family Loan

Borrow up to £500

To be eligible for our Family loan you must:

  • Be in receipt of Child Benefit and agree to have it paid into your New Central Credit Union Account
  • Be over 19 years old
  • Have a high street bank account or a NCCU ENGAGE card for disbursement of loan
  • to begin your application, click here

Revolver Loan

Borrow from £500 to £1500

To be eligible for the revolver loan, you must:

  • Be a NCCU member
  • Be in receipt of Benefit and agree to have it paid into your New Central Credit union account
  • Once 25% of previous loan has been repaid you can ‘top-up’ to the agreed limit
  • Maximum term 12 months
  • 6% APR
  • Have a high street bank account or a Credit Union ENGAGE card for disbursement of loan
  • To begin your application, click here

Starter Loan

Borrow up to £5000

To be eligible for our Starter loan, you must:

  • New Member
  • Maximum term: 60 months
  • Rates from 12.7% to 42.6% APR
  • Have a Standing order coming into us that is enough to repay your loan plus a small amount into your savings account.
  • Have a high street bank account or a NCCU ENGAGE card for disbursement of loan
  • To begin your application, click here

Loyalty loan

Borrow up to £7,500

To be eligible for our Loyalty loan you must:

  • Be a NCCU member
  • Based on good credit profile and complete loan repayment (third loan)
  • At least a third of the loan amount in members’ savings account
  • Have a Standing order coming into us that is enough to repay your loan plus a small amount into your savings account.
  • Maximum term 60 months
  • Rates from 12.7% to 26.8% APR
  • To begin your application, click here

Payroll Loan

Borrow up to £7,500

To be eligible for our payroll loan:

  • Be a NCCU member
  • Be employed by one of our payroll partners
  • Be willing to make repayments via payroll deduction
  • Have a good recent credit history
  • Maximum term 60 months
  • Rates from 12.7% to 26.8% APR
  • To begin your application, click here

Secure Loan

Borrow up to £7500

To be eligible for our secured loan you must:

  • Be a NCCU Member
  • Have enough savings to cover the value of the loan
  • Maximum term 60 months
  • 9% APR
  • Have a high street bank account or a Credit Union ENGAGE card for disbursement of loan
  • To begin your application, click here