Skip to main content


Borrowing From Your Credit Union

Which Loan Should I Take?


Taking out a loan with high street lenders can be a confusing experience, particularly with the number of loan providers and types of loans that are now available. Comparison of the true cost of a loan can be difficult to calculate. Obtaining a loan with your Credit Union makes sense, the loan will be fully explained and the crucial questions to ask when taking out any loan will be highlighted.

How Do I Compare The Cost Of Loans?


Total cost is the only fail-safe way of comparing loans from different providers. This should include all repayments, set-up costs, transaction charges or redeemable charges. If the rate is variable and not fixed over the term of the loan the total cost will be affected. Remember, there are no hidden costs with a Credit Union loan but there may be with any other loan – don't get caught out!

What About APR?


APR stands for Annual Percentage Rate and is the mathematical method of expressing repayment costs; it should reflect all the costs involved. Bank interest rates can change and alter the APR for many loan providers. Credit Union is different our APR is fixed 12.68% (1% per month on reducing balance).

Why Borrow From Your Credit Union?


All surplus Credit Union profits are returned to members in the form of a dividend or in reinvestment in the Credit Union to provide enhanced services. As a true mutual, all surpluses are used entirely to benefit the member and the Credit Union.

How Much Can I Borrow?


The Credit Union has a policy on lending, designed to meet the needs of individual members and is based on ability to repay. For full details on lending policies, please ask the Credit Union

Will I Leave A Debt To My Family?


Upon death of any member, the credit union makes an application to the Newarthill Death Benefit Fund. In most cases, the loan will be paid off in full in the event of your death; this is one of the unique features of credit union and is provided at no cost.

Loan application process

How It Works?

1. Apply online

Login to this website and use our loan application form.

2. Get your answer

We aim to get to back to all enquiries by the next working day.

3. Sign agreement

Pop in to our office and sign your loan agreement.

4. Get your loan

You can have the money in your account the same day.

Example repayment calculator:

Loan type
Amount to borrow?
Payback over how many months
Example repayment amount*
Repayment amount
Interest amount (or the cost of borrowing)

* These amounts are only an example, for a detailed guide of how your loan can be repaid please contact the Credit Union. We charge interest at   per month or   APR for that loan.