20 years of fair, people-focused savings and loans for Stroud district & Tetbury
APPLYING FOR A LOAN
To apply for a loan from Stroud Valleys Credit Union you need to complete our loan application form which you can obtain by:
- Visiting one of our customer service points – their locations and times of opening are on the ‘Contact’ page
- Downloading the Loan application form
- Asking our office to send one in the post (tel: 01453 298785 or email firstname.lastname@example.org)
If you are already a member of SVCU you can apply for a loan using our online application form.
If you apply using our paper form you can return this
- In person to one of our customer service points
- By post to our main office in Stroud
You will also need to provide documents to support your application. These are
- Current account or post office account statements covering the last 2 months.
- Evidence of any income or expenditure not shown on the bank statements e.g loan repayments, pay slips
- Any paperwork regarding bankruptcy, County Court Judgement etc. (relevant letters, certificates of satisfaction)
- Evidence of any other debts or bills (if your loan is to repay these)
- If the loan is for a rent deposit, details of where you are moving to, and the landlord/agency details
If you apply online you can upload your bank statements, any further documentation can be emailed to us at email@example.com
Please bring any other relevant paperwork about your income and your outgoings. The more evidence we have of your circumstances, the quicker we will be able to make a decision about your loan application. If you are applying to join Stroud Valleys Credit Union at the same time as applying for a loan, an additional application form is required, with documents of identification, e.g. passport
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 over a 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).