Why take a loan from the Credit Union?

Most people need to borrow money at some point in their lives, perhaps to pay for a much-needed family holiday, a car to get to and from work, new school uniforms, some pressing household bills or maybe for Christmas presents.

Unfortunately, on approaching one of the big banks or building societies we too often discover that they are really only interested in lending large amounts of money. Small amounts of, say, a few hundred pounds are rarely available and, when they are, people generally have to pay over the odds for them.

If you don't have a good credit history, can't provide the right identification or - like one in six UK adults - don't already have a bank account, you may not be able to get credit on the High Street at all.

Choosing to borrow money from one of the doorstep lenders can be an expensive alternative. Just trying to afford the repayments alone can cause a great deal of stress and heartache.

The Credit Union provides an accessible and realistic source of credit.

Direct Debit Charges

Do you pay annual bills such as car insurance and gym membership by Direct Debit? What are you being charged for using this facility? Would taking a loan from the Credit Union be a cheaper alternative? Our members say it is! Use our loan calculator at the bottom of the page to see how much you could save by taking a Credit Union loan to pay your car insurance.

Borrowing with Quids In Bolton Credit Union

Credit Unions can charge a maximum interest rate of 26.8% p.a. We do not front load the interest, there is no early repayment fee, and we give people the chance to build up a savings record.

Loans are granted based on a member's ability to repay the loan and on savings record and any past loans the member may have had with the Credit Union. (No established credit record is required)

A Saver Loan can be applied for once you have saved at least £5 per week for at least 8 weeks.

All loans are based on a person's ability to repay the loan. See our Borrowing Information Guide or Loan info Guide for more specific details


Members are asked to continue to save while repaying the loan so that once the loan has been repaid you have increased your assets in the credit union. Even if you only save £1 per week as you repay your loan, you will have £52 more in your account at the end of the year!

Interest is not front-loaded

Members pay interest on the reducing balance at either 1%, 1.5% or 2% per month, depending on the loan. This means that interest is calculated daily on the outstanding amount and if you want to repay your loan early you are not penalised by having already paid the interest.


Our Saver Loan gives real Value for Money
If you borrow £500 over 55 weeks from a doorstep lender you could have to repay £825 - that's £325 in interest alone. With the credit union's Saver Loan the same amount would cost only £63 in interest, a saving of nearly £265.

Check out how much a Saver Loan would cost you with our Loan Calculator below.

Enquiry Form

If you would like to talk to us about getting a loan please call us on 01204 365024 or download our Loan Enquiry Form
and return to us by post or fax.


Your Credit Union
This is your credit union and we are here to help you so please feel free to call us if you would like more information or have any questions on any aspect of the credit union.

The cost of a loan

It is important when applying for a loan, not just to look at the weekly cost of the loan and whether or not you can afford the payments. You should also consider the overall cost of the loan which can be affected by the number of payments. A loan of £100 on which you have to pay £150 over 10 weeks is not a good deal.


Have a look at our sample Saver Loan repayment guide
to see what you would pay back on a credit union loan.

Below is an example of the repayments you would make on our Saver Loans:

• If you borrowed £200 over one year the payment would be £19.00 per month. Total amount payable is £226.82


• Borrowing £500 over one year would be £48.00 per month. Total amount payable is £566.34


• Borrowing £750 over one year would be £71.00 per month. Total amount payable is £850.92


• Borrowing £1000 over one year would be £95.00 per month. Total amount payable is £1134.09

Please Note:These values are for illustration purposes only and you would need to contact the Town Centre Office for a quote.

Worried about debt?
Credit can make life easier - it allows us to spread the cost of holidays, Christmas and one-off purchases over a longer period. Sometimes however credit can become a burden. Small changes in income or a change in family circumstances can make what was once affordable, unmanageable. If you are in this situation, you are not alone and there are many companies out there willing to help you - for a fee.
Why not have a look at some of these websites, where you will be able to find out more about how to deal with your debts and they won't charge you any fees:
Pay Plan
Bolton's Citizens Advice Bureau
National Debt Line.co.uk


Use this loan calculator to assess how much you can afford to borrow