Loans
We assess our loans based on your credit profile, which tells us how you are managed repayments to other lenders in the past. If you have a poor credit history and/or a few County Court Judgements (CCJs), a few missed payments and a few defaults, then you may be offered a higher interest rate. But you can build your credit history with us, and we reward members for their loyalty too.
We also look at your income and outgoings, to make sure you can afford the repayments. Plus, our loans are underwritten by humans, not computers, so there’s room for you to move up the ladder as you build your relationship with us.
Minimum loan value of £500.
Please Note:
For any loan over £15,000 (or subsequent top up) you may be required to provide savings as collateral for the loan. The amount will be dependent on the loan amount and your credit profile.
Use our quick and easy calculator below
Select the required amount and the repayment period then click the appropriate box. Once selected you will see the estimated cost of your loan. Then click the “Check my eligibility“ box and follow the next steps.
Fair and affordable loans for Wolverhampton and Dudley people
- We're here to help at all stages of your financial journey - whether that is building up your credit history, taking the kids on their first holiday abroad, or renovating your kitchen.
- We are here for people from different financial backgrounds - if you are looking to improve your financial status and credit rating, or you’re financially secure and need a low-cost loan for home improvements.
- We are here to help you get into the savings habit - not many lenders would encourage you to save while you borrow, but that’s how credit unions work. We will ask you to save a set amount while you repay your loan with us. When your loan is finished, you will have a nice pot of savings waiting for you.
Responsible lending
- Our loans are assessed by humans who look at your application on its own merits
- We'll look at your income and outgoings to make sure that you can afford the repayments
- We'll also check your credit report to see how you’ve managed other lines of credit in the past
- If we do turn you down for a loan, we might point you in the direction of debt advice, or encourage you to save with us to show that you could make loan repayments in the future
What happens if I miss a payment?
If your financial circumstances are going to change, get in touch with us on 01902 572340 or contactus@wccul.co.uk so that we can discuss your repayments. While it is tempting to bury your head in the sand, this can lead to more problems later on.
As a Credit Union, we lend out money which members have saved. If you persistently missed loan repayments, we can take legal action to recover the outstanding debt. This legal action includes, but is not limited to, deductions from your Benefits, attachment of earnings, referrals to debt collection agencies or bailiffs, County Court Judgments,* and charging orders on your property.
I think I/someone I know has borrowed money from a loan shark. What can I do?
If you are borrowed money from a loan shark, know that you are not in trouble - the loan shark is.
If you can answer yes to one or more of these questions, then you might be borrowing from a loan shark:
- Did they offer you a cash loan?
- Did they not give you paperwork?
- Did they add huge amounts of interest or APR to your loan?
- Have they threatened you?
- Are you scared of people finding out?
- Have they taken your bank card, benefit card, passport, watch or other valuables from you?
Stop Loan Sharks is on hand if you need to report a loan shark. They investigate and prosecute loan sharks and illegal money lenders. You can report loan sharks in confidence 24/7 by calling 0300 555 2222, filling in the online reporting form, or downloading the free mobile app for Apple and Android.
