Ballyhackamore Credit Union, 171-173 Upper Newtownards Road, Belfast BT4 3HZ
028 9047 1753 info@bhcu.co.uk
Our Credit Union is for People, not profit!

Loans

Ballyhackamore Credit Union’s loan book is open!

At Ballyhackamore Credit Union we encourage you to manage your money carefully by structuring loans around your needs and your ability to repay.

Members can borrow for productive purposes such as a new car, a holiday, home improvements, debt consolidaton, general expenses. The list is endless! Try our loan calculator below for a quote. Loans available for any amount, up to our maximum limit.
Loans are available only to members over the age of 18.

There are three types of loans available:

  • Covered by Savings. These loans are secured against the amount you have in your shares, and are available immediately, ‘over the counter’. NO FORMS NEED TO BE FILLED-IN.
  • Unsecured Loans. Loans which are higher than the amount of your shares. For a loan of this type, please download a Loan Application form here which will be available soon. Please call into our office or apply online. It is important that the form is completed fully and accurately.
  • 'Instant’ Loan’. No regular savings required. Available to new and existing members. Maximum loan is £500 above shares.
  • Members should note that ALL loans are secured by the amount which you have in shares.

Click on any section below to expand view

To apply for a loan you must be a member of Ballyhackamore Credit Union. Joining is easy. To see if you would be eligible to join, have a look at our membership section here

  • Loan applications may be made by calling in to our office and completing an application form (during opening hours).
  • When you hand-in your form, you will be asked to make an appointment to collect your loan. Payment may also be made directly to your bank account.
  • If you are registered for our on-line services, you may apply for a loan on-line, once you have logged-in to your account.

If you are not yet registered for on-line access, please click here for more information.

All loan decisions are based on affordability, so, when you apply for a loan, if this is your first loan, you will need to provide 3 months recent bank statements and a full credit report*. These may also be required if you have an existing loan. We will let you know what is required, when you apply.

* Free credit reports are available from:

www.clearscore.com

www.totallymoney.com

We encourage all members to repay by standing order and in some cases this is a condition of the loan.

Loans are subject to approval. Terms & Conditions Apply

  • You can borrow up to the amount you have in savings.
  • These loans can be approved and paid immediately by our Credit Union Loan Officers. You can walk away with your cheque/cash (depending on amount) when your loan is approved. NO FORMS NECESSARY.
  • This type of loan is not considered to be your ‘first’ loan.
  • See 'How do I apply for a Loan?' above.
  • If you became a member within the last six months, you can apply for up to £2,000 above your shares, even without having any savings record.
  • After six months of membership, you can apply for up to £10,000 above your shares.
  • See also 'Instant Loan' below

“Instant” Loans-

These are designed for new members, or for existing members who have a small amount of savings. The maximum instant loan is £500 above shares. For these loans, just one month’s bank statement is required. If affordability is proven and you are registered on the electoral roll, we will check your credit risk with Experian. If your credit risk rating is satisfactory, you may qualify for a loan. Maximum repayment period for an instant loan is 12 months. Repayments must be made by standing order. We aim to give a quick decision for instant loans.

* Free credit reports are available from:

www.clearscore.com

www.totallymoney.com

Terms and conditions apply.

  • There are no hidden fees or transaction charges
  • Our interest rates are fair and reasonable compared to others in the market
  • Repayments are calculated on your reducing balance, so you pay less interest with each repayment
  • Your credit union loan is insured – subject to terms and conditions – at no direct cost to you. Other lenders charge for this. Check out our Insurance page.
  • You can pay off your loan early, make additional lump sum repayments or increase your regular repayments, without a penalty. Other lenders may charge you for repaying in a shorter timeframe!
  • Loan interest rebate from surplus income
  • The maximum borrowing available per member is £10,000 plus shares. (Subject to approval)

There are several ways in which payments can be made to your account. These include paying at the counter by cash or debit card and standing order from your bank account. If you are unable to get into the office payment can be made over the phone by debit card.


* All figures given on this web site are for your general information only, and give a rough guide to loan repayments. Any statements on this web site do not purport to be authoritative or legally binding. Whilst every care has been made in the production of this information, it is for illustrative purposes only and to give you an overview of the potential cost of borrowing at Ballyhackamore Credit Union. It does not constitute a loan offer.

Types of loans available:
Amount you'd like to borrow (£)
Repayment term:
For how long (years):
Each repayment will be: £
Your total repayment will be: £
The total interest will be: £

This document is for illustrative purposes only, so as to give you, the borrower, an overview of the potential cost of borrowing and does not constitute an offer of finance or repayments.

Each member’s account is unique and our loan officers will look at your savings record, income and outgoings, other borrowings and overall ability to repay your loan when assessing your loan application.
There are a number of ways you can repay your loan:

  • Set up a Standing Order from your bank account. You may download a standing order form here. Or, a standing order amendment form standing-order-amendment-form
  • At the Credit Union using cash, cheque or your Debit card.
  • By phone using a Debit card* When making a debit card payment over the phone, the cardholder must be present to authorise the payment.

* This service is not available for Credit cards

Check out our Loan Calculator to calculate how much your loan repayments will be.

Valid photographic Identification is required when collecting any loan. In addition, current proof of address (dated within last 3 months), is required when collecting an unsecured loan (loan more than shares). This requirement will be strictly applied
Most loans are processed and granted on a weekly basis. However, you should apply for your loan at least TWO WEEKS in advance of when you will need the loan.

For loans which are greater than your share balance, please complete an application form

It is important that the form is completed fully and accurately.

All loan decisions are based on affordability, so, when you apply for a loan, if this is your first loan, you will need to provide 3 months recent bank statements and a full credit report*. These may also be required if you have an existing loan. We will let you know what is required, when you apply.

* Free credit reports are available from:

www.clearscore.com

www.totallymoney.com

NOTE: Failure to maintain repayments as per your loan agreement may affect future loans.

When repaying your loan you should continue to save regularly.

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