How much can be borrowed?
After 3 months membership loans of up to £10,000 are available to all Welcome Credit Union members (subject to approval).
The loan amount available is 3 times the current amount saved with Welcome Credit Union (other conditions and policies may apply).
Check the table below for some examples of savings in relation to loans.
How much will it cost?
To show the amount of interest payable on a loan, here are a few examples :
| Savings Balance | Loan Available | Loan Interest | Total Payable |
| £344 | £1,000 | £66.18 | £1,066.18 |
| £1,667 | £5,000 | £330.92 | £5.330.92 |
| £3,334 | £10,000 | £661.85 | £10,661.85 |
The examples above are over a 12 month period.
How is the loan repaid?
1) Direct from payroll - an agreed amount is deducted from your wages each payroll.
2) Standing order with your bank - an agreed amount is taken from your bank each month.
(Standing order is also used for family members and existing members leaving the Wigan Council Employment).
3) By cash at one of our collection points.
It is also possible to pay off a loan early by cheque or with funds from your savings without penalties
(See savings to loan transfer for details).
A minimum of £10 must always go into your savings each month, including while paying off a loan.
For enquiries regarding loans or any of our other services please don't hesitate to contact us by telephone or by email at This e-mail address is being protected from spambots. You need JavaScript enabled to view it
