Standard Loans

For those who are in employment and can show that they are able to meet the repayments, but who do not meet the criteria for saver loan. In some circumstances, we may require a suitable guarantor.

In order to process your application we will supply your personal information to credit reference agencies (CRAs) and they will give us information about you, such as about your financial history. We do this to assess creditworthiness and product suitability, check your identity, manage your account, trace and recover debts and prevent criminal activity.

We will also continue to exchange information about you with CRAs on an ongoing basis, including about your settled accounts and any debts not fully repaid on time. CRAs will share your information with other organisations. Your data will also be linked to the data of your spouse, any joint applicants or other financial associates. The identities of the CRAs, and the ways in which they use and share personal information, are explained in more detail at Call Credit: www.callcredit.co.uk/crain or Equifax: www.equifax.co.uk/crain or Experian: www.experian.co.uk/crain or here

If you are not already a member of St Albans District Credit Union, you will be required to join before a loan can be issued. Join Today

Interest on a standard loan will normally be charged at 2% per month (APR 26.8%) but in some cases (e.g. people with a good credit history and/or people with a regular income, etc.) the rate can be 1% per month (12.7%).

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"We wanted to get a flat together. We could afford the rent but the deposit was just too much all in one go. We spoke to the credit union and got a loan that we could afford"