About the Starter Loan
Our Starter Loan is a product for members who haven’t borrowed from us before. It’s a great place to start your Credit Union journey. You can apply for up to £500 and you don’t need to have savings already to apply.
We do however, require you to save alongside your Loan repayments and the savings will credit your Share one account which will be locked until the loan is repaid. This is a good way to help you to build up a savings pot.
We may be able to help you with this product if you have struggled to get credit in the past.
Here’s an example
Savings Contribution
One of our Loan Officers will have a chat with you about how much you feel you can afford to save alongside the loan. In the above example, the loan repayment is £36.92p per month. The member could opt to round the figure up to £45 a month. This means that when the loan is finished the member will have a savings pot of £48.48p available. The member may choose to leave the money in and continue to save or they may decide to withdraw it. It’s important to be realistic about how much you can save because the money will be locked until the loan is repaid.
How to apply and next steps

The quickest and easiest way to apply for our Starter Loan is to download our Nivo app and follow the simple steps. Our app utilizes open banking so often takes the fuss out of providing bank statements and identifying you. Download “Nivo” from your app store or scan the QR code to begin your application.
If your application is approved, we will send a digital Loan agreement for you to sign. When you have digitally signed the agreement and we receive this back, the loan funds will be deposited into your Bank account.
As long as you are honest on your application and provided us with the information we need promptly, we aim to complete your application with 24/48 working hours.
Terms and Conditions of the Starter Loan
We will do an affordability check to ensure that the loan is affordable for the member.
Applicants must be 18 years old or over.
Credit criteria applies, we will perform a credit check on the member.
Savings will be locked into your Share One account until the loan is repaid. We reserve the right to off-set any Share One savings balance against loan arrears.
Any savings in a Share 1 account are ‘locked’ whilst any loan is in place.
How does the interest work?
Interest on loans is charged monthly on the declining balance.
For example, suppose that you borrow £100 from us at 2%. At the end of the first month we will add 2% interest (i.e. £2) and you will owe us £102. If you pay off your loan at £10 per month, at the end of the second month you will owe us £92. We will then add interest on that at 2% (£1.84); and so on.
You may be offered a different interest rate based on your personal circumstances or previous repayment history.
Do you use credit reference agencies?
We may carry out a check with a credit reference agency and share information with them as long as you hold products with us. If you would like to know more about how we use your information please download the guide below:What happens to my data?
If you have any questions about the forms we’d be happy to speak to you. Just Contact Us.