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 ?
Loans with Savings are available to members who have saved for 3 months with Welcome Credit Union. These loans can be repaid over a maximum of three years and interest is charged at (12.7% APR) which is 1% per month on a reducing balance.
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.
Amount repaid may change slightly depending on the day your loan repayments start.
WISE Loans are available for those who have not established a savings history.
The maximum loan available is £500.00 repayable over 1 year. interest is charged at (26.8% APR) which is 2% per month on a reducing balance.
| Loan Available | Loan Interest | Total Payable | |
| £250 | £33.70 | £283.70 | |
| £400 | £53.94 | £453.94 | |
| £500 | £67.42 | £567.42 |
The examples above are over a 12 month period.
How is the loan repaid?
1) Direct from payroll (participating employers) - 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.
How to apply for a loan
- Contact our office to check your eligibility for a loan and to arrange an appointment.
- Come into the office with relevant I.D. to fill in the paperwork for your loan. (You will need to know your weekly/monthly income/outgoings)
- Collect you cheque in person or have it transferred direct to your bank account (BACS payment). We also have encashment facilities with participating post offices and Co-operative Bank. (Subject to amount)
Relevant Identification
I.D. must be current (not expired) original (not a copy), and bear a valid signature. Any I.D. in a foreign language must bear a professional English translation.
Accepted forms of I.D.
Passport
Driving Licence
Official Identity card
Bank Card (with signature)
Council I.D. pass (strictly payroll members only)
Council Tax Bill
NOT Accepted forms of I.D.
Bus passes
Transport passes
Library Cards
Student or School I.D. cards
Catalogue/Mobile phone bills
TV Licences
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
