Applying for a loan

To apply for a loan from Stroud Valleys Credit Union, you must fill in a form which you can obtain by:

  1. Visiting one of our customer service points – their locations and times of opening are on the ‘Contact’ page
  2. Downloading a Loan application form
  3. Asking our office to send one in the post (tel: 01453 298785 or email admin@svcu.org.uk).

Return the form + all the necessary accompanying documents (which are listed on the back of the form) by post to the main office in Stroud or bring it into one of our customer service points. Lack of any of these documents will slow up the decision-making process so please check you supply everything that’s required.

All applicants are credit checked, but if you’ve been in difficulties in the past, it won’t necessarily stop you having a loan – just give us full details on the application form.

Once a loan is granted, you’ll be required to sign a loan agreement form in person at one of our customer service points. This is a legally binding document in which you promise to repay the loan in full and on time.

Repaying the loan

Loans can be repaid for a time period of up to 5 years except for Christmas and holiday loans which need to be repaid within 12 months. The loan repayment period will be decided when your loan application is decided. There is no penalty for repaying the loan early which means you’ll repay less money.

The usual method of repayment is by standing order. In some cases we will allow cash payments at our customer service points.

We recommend that as well as the loan repayment, you also put a small amount of money into savings each week or month which’ll give you a nest egg once the loan is repaid. This isn’t compulsory but will help to build up your financial security.

How to become a member

In order to apply for a loan, you’ll need to be a member. Joining is simple – open a savings account with us which costs £2 admin fee (non-refundable) and £5 as your first savings deposit. You don’t need to have saved anything more before applying for a loan although when you’ve saved regularly for at least 3 months, you could be eligible for a lower rate of interest.

As a member, you’ll have a share of the profits at the end of each financial year and can have a say in how the organisation is run.

If you’re not already a member of Stroud Valleys Credit Union, see the Join page for further details and the relevant joining form; collect a form from one of our customer service points; or ask our main Stroud office to send you one in the post along with the loan application form. To comply with the UK laws to prevent money laundering, we will need to see and copy two documents that prove your identity – something with your photograph on it (like a passport or driving licence) and something with your address on (such as a utility or council tax bill).

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