RENCAM Credit Union loans are exclusive to members and come with a range of added benefits. If you’re not already a member, and would like to borrow, you can begin a loan application and apply for membership at the same time.
Loans with RENCAM Credit Union
The Benefits of Borrowing with Us
You are eligible to borrow after a good savings pattern over a minimum of 3 months following membership. You can borrow up to 2 times* your shares for savings up to £2000, over a period of up to 5 years at 0.75 % per month (9.53% APR) subject to terms and conditions.Click here to Apply for a Personal Loan
If you wish to borrow more than the amount stated above, you will require a guarantor who is a current member of the Credit Union with savings to guarantee the additional borrowing.
Any borrowing outside the above rules will be subject to a maximum amount. The Credit Committee will take into consideration your savings habit and or contribution to other Credit Union business such as money remittance, in deciding whether to grant the loan. Click here to Fill and Submit a Loan Guarantor Form.
- Loans are available to members both in employment and those in receipt of benefits (income support).
- Loans are available to members both homeowners and those who rent (tenants).
- There are no arrangement or setup fees.
- Interest is charged on a daily basis – this means that as your balance decreases the interest payments decreases as well. This is different from how most traditional lenders work.
- There are No early redemption penalties should you decide to pay off your loan early.
* Members with savings of up to £2000 can borrow up to a maximum of 2 times their savings. Members with savings above £2000 can borrow a maximum of their savings plus £2000. Any borrowing above this limit will require a guarantor for any excess. The guarantor must be a Credit Union member with sufficient savings and not already a guarantor to another member.
For example, a member with savings of £2000 can borrow up to a maximum of £4000 which is twice their savings. A member with savings of £3000 can borrow a maximum of £5000 which is their savings of £3000 + £2000 without a guarantor. Also, a member with savings of £1000 and with a guarantor who has savings of £4000 can borrow a maximum of £1000×2 + £4000 making it £6000.