Apply for your 1st loan with us today!
Our 1st Loan has been created for new or existing members who do not qualify for a share based loan. So there is no need to apply for membership to apply for our 1st Loan. The loan is secured against a benefit, wage or wage deduction, from £500* and is charged at a maximum of 3% a month on the unpaid balance. This loan product is a great way for members to build a good credit history and move on to other loan products.
1st loans are secured against:
- Any benefit that is higher that the repayments plus savings
- Any wage
- Or if you work for one of our Payroll partners and are on a permanent contact, you can have a deduction from wages.
- Our payroll partners: North Ayrshire Council, Hansel Village, Ayrshire Housing, Seascape.
Who can apply
- I am 18 or over
- I am (or willing to be) a member of 1st Alliance Community Bank
- I can afford the loan repayments and share deposits
- I have a Benefit or wage that will cover the repayments and are willing to pay this directly into the credit union. Or work for one of the payroll providers listed above.
- I do not have an undischarged Bankruptcy or Trust Deed
How to apply
Before you apply please make sure you have access to your Credit Report – Credit Karma and Clear Score are two examples of free sites.
- Complete the online loan application.
- We will check your application and give you a call.
- You will be emailed an invite to a Zoom meeting.
- On this we check your credit report with you.
- *Loan offer is made, the loan starts at £500 and following assessment of the application some of this may be held in your share account
- Benefit or wage is moved over to the Credit Union. Please note that we only take off the agreed payments the balance is returned to your bank the same morning.
- Loan is paid out on receipt of Benefit or wage, or on sign up for payroll deduction.
- If you borrow £500 at £10 a week (last payment is £5.59) your total interest will be £93.63.
- If you borrow £500 at £51 a month (last payment is £42.48) your total interest will be £104.78.
The figures given above are for illustrative purposes only. The actual interest rates and repayment amounts may vary subject to loan amount and status. Loans are subject to affordability.