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FAQ - Loans

Loans Frequently Asked Questions

   1. I am already a member; can I apply for a loan?


If you are already a member with us, and have a savings account, just fill out the loan application form (found here), send it in along with the most recent three months bank statements, and three months worth of proof of income, either payslips or benefits letter. Once received, we will inform you of our decision within 7 days. Please ensure you fill in ALL parts of the loan application as incomplete applications will result in delays. Members can send loan applications via email, by post, or through one of our collection points.

   2. I’m not yet a member, how do I apply for a loan?

You need to join us! You can join online here or call 01633 214913 and we’ll send you a joining form. After ten weeks (or 2 months) of regular savings, you can apply for a loan. If you pay using a standing order, you can apply for up to three times the amount that you have saved.

   3. I'm looking for a small loan for my family - I'm not a member and I have no savings! Help?

No problem! Agree to transfer payment of your Child Benefit to us and you can join and apply for a loan at the same time! The first loan will be capped at £300 and we insist on a savings element as well. All loan applications need to be accompanied by your most recent 3 months bank (or Post Office) statements. We'll also need you to supply us with your Child Benefit number (it'll be on your bank statement, but NOT on PO statement!)

   4. I work for a Payroll Partner employer, how do I apply for a loan?

If you are employed by one of our Payroll Partner employers, (found here), then you just need to become a member and fill out our payroll deduction form (payroll form). You can apply for a loan at the same time and once approved we can transfer you the funds. Please note that in some instances we may require your first payroll deduction prior to releasing the funds.

If your employer is not currently a Payroll Partner and they wish to be, please have them call 01633 214913 and ask to speak with our Payroll Development Officer (Sue Riley) for more information.

    5. What if I’ve already got a loan with you?

Not a problem, you can apply for a top-up loan at any time during the life of a loan. Simply fill out the loan application (here) and supply us with the relevant bank statements and wage slips - you will have an answer within seven days.

    6. How much can I apply for?

You can apply for a loan up to three times the amount you have saved with us up to a value of £10,000.00. If you are employed by a partner employer you can apply for a loan up to £10,000.00 regardless of the level of savings.

    7. Will you do a credit check?

Yes, we do a credit check with most loan applications. This is why you must fill out the loan application form correctly and thoroughly.

    8. What if I’ve got a CCJ, defaults or bad credit?

We will consider all applications but we ask for openness and honesty during the application process. If we find that a member has deliberately hidden aspects of their credit from us, the loan application will most likely be turned down. If you do tell us, and explain how you are dealing with these, then there is a good chance we will accept your application.

    9. What if I’m on low income?

We are here to help you! Speak to our loan officers and they will come up with a repayment amount that you can afford, without breaking the bank.

    10. How do you compare to other loan providers?

If you borrow with Payday Lenders or the Provident (or Brighthouse & Perfect Homes), the potential savings can be huge! For example, a £500 loan with Provident, paid back over a year, will cost £410 in interest* compared with £97.02 for the same loan with us! For more loan comparisons, use the Loan Calculator in the members’ area.

    11. How will I get paid?

The easiest way will be through a bank transfer directly into your bank account. Once you have signed your loan agreement, the money will be in your account by 5pm that day. You can also have a cheque for encashment at the Co-Op Bank. Your cheque will be presented to you upon your loan agreement being signed.

    12. What are your rates?

Our interest rates range from 6.2% to 42.2% APR depending on the amount (larger loans attract the lower rates)

    13. How long do I have to repay the loan?

Smaller loans are usually paid back within 12 months, but for larger loans we allow up to 5 years.

    14. What if I get into difficulties paying?

We are here to help! You will need to call our office immediately and speak to one of our loan officers. There will be things we can do to help, but if you don’t tell us, we can’t help you and your loan will end up costing you much more.

    15. Are there any fees for repaying early?

No!  Interest is added to the decreasing balance, so the more you pay off, and the quicker you pay it off the less interest you will pay. We do not charge early repayment fees!


If you wish to speak to a member of staff, please call 01633 214913 where someone will be pleased to help.

*loan calculation correct at 04/08/16, taken from and

Newport Credit Union Ltd, 27 Skinner Street, Newport, NP20 1HB Telephone 01633 214913
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority

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