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Personal Loans

  • Quick & Easy Online Application
  • No Early Repayment Fees
  • No Hidden Costs
  • Free Loan Protection* (T&C's Apply)

Personal Loan

Christmas Top-Up Loan 12.10.23

This year to help with the cost of Christmas you can borrow up to £2,500 with our Christmas Top-Up Loan.

You can apply for a Christmas Top-Up Loan if you currently have a Personal Loan – the Christmas Top-Up can only be taken over 12-18 months.

Please note, NO LOAN IS GUARANTEED and members will be assessed in accordance to Right Way Credit Unions’ loan policy.

To avoid disappointment, please ensure that you have your application submitted with plenty of time – the festive period is our busiest time of year. The last date for Christmas Loan applications is Friday 15thDecember.

This is to ensure that we can help as many people as possible.

When applying for a loan, please be mindful that you only use it for what you need and that a contribution to savings will be built in as part of your loan repayment.

While repaying your loan, your Share 1 account is locked until the savings are more than you owe.

No loan is guaranteed, and we encourage members NOT to spend the money before they have it.

Failure to repay loans takes money from other members of the credit union and the wider community.

At Right Way Credit Union, our goal is to promote financial resilience via savings and ethical borrowing via loans and encourage thrift amongst the members and wider community by building and maintaining a robust credit union service. 

Thank you for your support via membership!

**Please note total loan balance cannot exceed £7,500. If you loan balance is currently higher, you are NOT eligible for a top-up loan. 

 

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Interest Rates

  • From £501 to £1,000 - 42.6% APR
  • From £1,001 to £3,000 - 20.2% APR
  • From £3,001 to £5,000 - 13.2% APR
  • From £5,001 to £10,000 - 10.5% APR
  • From £10,001 to £15,000 - 8.5% APR

Representative Example

£3,000 over 24 months =£150.50 per month.
(Approx Total Interest £612.00)

You can apply for a Personal Loan in 2 ways:

  • Online

  • In Person 

Online
Follow this link – Activate Account and apply online via our Mobile App.
Download our app from the links below:



Along with your loan application we require your proof of income. This includes 2 months bank statements which you can provide through open banking by clicking here


Alternatively, you can send copies of your bank statement and other proof of income via email info@rwcu.co.uk


*Please note that we will be unable to process your loan without proof of income. Please email your proof of income to info@rwcu.co.uk 


In Person

If you wish to apply for this loan in our office you will have to complete a loan application form, please see Loan Application Checklist below for what you will need to bring with you.

Failure to bring the correct documentation for the loan will result in a delay.

We can only accept loan applications that have the correct proof of income.

Terms & Conditions Apply

You must be 18 or over to apply for a loan and have been a resident in the UK for at least 12 months.

First time borrowers & new members are required to save for 8 weeks (two consecutive months) before applying for a loan. To set up a standing order, please contact the office by emailing info@rwcu.co.uk

Loan Value – Minimum amount £500.

To view our Loan Policy Click Here

When you have a loan running your savings are held as security against your loan, this means that no share withdrawals can be processed whilst your loan balance is higher than your savings balance, share withdrawals will only be authorised at the discretion of Right Way Credit Union.

When repaying your loan, you MUST also make a regular contribution to your credit union savings account.

Top Up Loans – 
1st time borrowers with existing Personal Loan – Please email info@rwcu.co.uk to check if you are eligible. 

Subsequent Loans – Maximum of 2 Top-Up Loans per year. Member must repay at least 33% of loan balance before a Top-Up is considered.

You must have NO missed payments or arrears on previous Top-Up Loans.

You must NOT be using a debt Management Company or are in the process of being declared bankrupt or entering into a Trust Deed or a Debt Arrangement Scheme as we will not be able to process the loan.

Direct Debit must be set up before loan is allocated, a member of our team will call you to set this up once the loan has been assessed.

Loan applications may be subject to a credit search.

For more information and further terms and conditions, please contact the office on 0141 889 7442 or you can send us an email to info@rwcu.co.uk

If you have received arrears letters on your current loan this may affect any future borrowing. It is your responsibility to ensure your loan is paid up to date. If you are in financial difficulty please contact us on 0141 889 7442.

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Right Way Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority 446350

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Member Notice - Loans

Christmas Top-Up Loan 12.10.23

This year to help with the cost of Christmas you can borrow up to £2,500 with our Christmas Top-Up Loan.

You can apply for a Christmas Top-Up Loan if you currently have a Personal Loan – the Christmas Top-Up can only be taken over 12-18 months.

Please note, NO LOAN IS GUARANTEED and members will be assessed in accordance to Right Way Credit Unions’ loan policy.

To avoid disappointment, please ensure that you have your application submitted with plenty of time – the festive period is our busiest time of year. 

The last date for Christmas Loan applications is Friday 15 thDecember 2023.

This is to ensure that we can help as many people as possible.

When applying for a loan, please be mindful that you only use it for what you need and that a contribution to savings will be built in as part of your loan repayment.

While repaying your loan, your Share 1 account is locked until the savings are more than you owe.

No loan is guaranteed, and we encourage members NOT to spend the money before they have it.

Failure to repay loans takes money from other members of the credit union and the wider community.

At Right Way Credit Union, our goal is to promote financial resilience via savings and ethical borrowing via loans and encourage thrift amongst the members and wider community by building and maintaining a robust credit union service. 

Thank you for your support via membership!

**Please note total loan balance cannot exceed £7,500. If you loan balance is currently higher, you are NOT eligible for a top-up loan.