Guidance Notes

PLEASE NOTE THAT YOU ARE BORROWING YOUR FELLOW MEMBER’S MONEY – DO NOT APPLY UNLESS YOU COMMIT TO REPAY THEIR TRUST IN YOU!!

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 over a period of up to 5 years at 0.75 % per month (9.53% APR).

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.

Loans are available to members, both in employment and those in receipt of benefits(income support)

There are no arrangement or setup fees

Interest is charged on a daily basis – this means that as your balance decreases the interest payments
decrease too. This is different from how most traditional lenders work

No early redemption penalties if you decided to pay off your loan early

Apply for RENCAM Credit Union Personal Loan.

Please complete this form in capital letters
PLEASE NOTE THAT YOU ARE BORROWING YOUR FELLOW MEMBER’S MONEY – DO NOT APPLY UNLESS
YOU COMMIT TO REPAY THEIR TRUST IN YOU!!
Answer every question so that we will be able to fully assess your application and make a decision without undue delay. You must provide us with the following, without which we cannot process your application for all loans above your savings.
1. Last three months wage slips or other proof of income e.g. accounts or other acceptable proof of income if self - employed
2. Originals of your last three months bank statements
3. Current mortgage or rent statement
4. Signed undertaking by a guarantor who should be a current Credit Union member (and who has sufficient savings), if the loan requested is outside the rules currently 1.5 times your savings balance.

A.Credit Union Membership number:

B. Personal Details

Other

Surname:(Required)

First Name(s):(Required)

Current address:(Required)

City/Town(Required)

Post Code(Required)

Home Tel

Mobile(Required)

Email Address(Required)

How long have you lived at this address?(Required)

Years(Required)

Months(Required)

(If less than 3 years please provide addresses you have lived at for the past 3 years on a separate piece of paper)

C. UK residency

My stay in the UK is indefinite

Yes

No (if No, further details will be required)

D. Employment status

Employed

Self Emloyed:

Employed:

Other:

If other, please state your source of income

Other

If other,

If Employed: How long have you been with your current employer?

Years(Required)

Months(Required)

Current employer name and address:

Post code

Telephone number(Required)

E. Credit History Questionnaire

1. Have you missed any payments with any lender in the last 12 months?

Yes

If Yes, please explain why in space below:

Yes

2. Have you ever been declared bankrupt?

Yes

F. ABOUT THE LOAN YOU ARE REQUESTING

1. I wish to apply for a loan of pounds (£ )

2. My Current Credit Union balances are: Savings pounds (£)

Loans pounds (£)

3. I want the loan for?

Years(Required)

Months(Required)

Weeks

4. I will make repayments of the loan plus interest as shown below weekly, over

weeks, monthly over months

5. Purpose of Loan:(Required)

(If other then specify)

Drop Down

Bank: Cooperative Bank. Account Name: RENCAM Credit Union, Sort Code: 08-92-99, Account No: 6570 9663
Please include your Credit Union Membership number as reference

I wish to receive my loan by
Bank transfer into the following account:.

Bank Name:(Required)

Account holder:(Required)

Sort Code:(Required)

Account number(Required)

Is this the account already held by the Credit Union?

YES

NO

If NO, will you want it be held as your main account for future transactions with the Credit Union?

G. DECLARATION

I declare that the information given above is true and complete to the best of my knowledge. I authorise any enquiries that RENCAM Credit Union may deem necessary in conjunction with this application. I understand that any information supplied by me that is subsequently found to be false may lead to a request for early repayment of the loan and also result to termination of my membership of RENCAM Credit Union.

Signature

Date
DD slash MM slash YYYY

reCAPTCHA

Our Common Bond

“RENCAM Credit Union is open to Cameroonians, foreign spouses of
Cameroonians and descendants of Cameroonians who are ordinarily resident in the UK.
Membership is also open to other nationals living in the UK, who have interests in the
Cameroonian heritage”

Personal Loans

Guidance Notes

Apply for RENCAM Credit Union Personal Loan.

3. I want the loan for?

Our Common Bond

Contact Info

Services

Additional Information