If you need a loan, you get a better deal the longer you have been saving with the Credit Union.

Most members save regularly for at least 13 weeks and then apply for a loan of up to three times their savings. Although we sometimes carry out credit checks, we normally only look at your savings history with the credit union.

Loan rates vary from 12.7% APR to 26.8% APR on the declining balance, ISCU’s Typical rate is 19.6 % APR. You can see our loan rates here:

ISCU has a limited number of loans available to people who have not been able to save first, and these attract a higher rate of interest. Credit checks will always be undertaken for new members who borrow straightaway. If the loan fund is fully committed, we will tell you – just ask if the Bronze loans are available at present.

All borrowers will be asked to complete an Income and Expenditure Form to show you are able to meet your repayments.

ISCU has variable rate loans, and we reward loyalty by offering lower rate loans depending on how long you have been a member and made savings payments to the union. Interest is charged at the end of each month on the outstanding balance, and you are welcome to pay extra whenever you like so the amount of interest you owe reduces.

We ask you to continue to add a little to your savings while you are repaying the loan, even if only a pound, to increase your savings and build up for the possibility of bigger loans in the future. While you have a loan there may be conditions on your ability to withdraw your savings. There are no penalties if you pay off your loan early. You must be over 18 to borrow.

You can repay your loan by any of the means you use to deposit funds. See our savings page for details. Please note: by law we are unable to accept payments by credit card.

All loans are subject to availability of funds and the decision of the Loan Officer or Loans committee

If you work for one of our partner agencies and would like to refer a client for a loan, please use our Partner Referral Form.

Loan Application Form

Income and Expenditure Form

Partner Referral Form

Loan Rates

Note: all forms on this website can be read with Adobe Reader free from Adobe

You can compare our loan rates with other lenders. Look at these websites to see the rates on offer for different sized loans.

Doorstep lenders and home credit providers:

http://www.lenderscompared.org.uk

High Street banks, building societies and other lenders:

http://www.moneysupermarket.com/loans