Read all about our loans below and then apply here
We offer loans to existing and new members. You must be a member to have a Gateway loan, however you are not required to save before being considered for a loan.
If you would like to apply and are not yet a member, you must live or work in either Torfaen or Monmouthshire, or the surrounding area including all NP postodes and LD3 (South Powys) HR9 or HR2 (South and West Herefordshire) GL15, GL16. You can also apply if you work for one of our Payroll Partners, irrespective of where you live. You can apply in person, by post or online.
We have 5 loan products:
Borrowing with Gateway Credit Union has many advantages.
How to apply
We consider loan applications for any worthwhile purpose. Each application is treated in the utmost confidence and will be considered on its own merits.
You can apply online or by downloading an application form and posting it to us, or call into one of our offices where we can help you to complete the application form.
We will need to confirm your income, either wages or benefits and see bank or Post Office Card Account statements. We prefer to base decisions on your household finances if you are in a couple. If you are not already a member you will also need to supply proof of ID and address. See the ID checklist for full details of what to bring.
What happens after you have applied for a loan
Loan applications are considered by our loans team and we aim to give you an answer within a couple of days once we have all the information. Our loans team make a careful and personal assessment of whether you can afford to repay the loan and keep up with your other commitments. They also look at your credit history, but having had difficulties in the past won't necessarily prevent you from having a loan. If your circumstances are unusual or about to change, please tell us!
Once a loan is granted you will be asked to sign a loan agreement form, which is a legally binding document, being a promise to repay the loan on time and in full. Before we issue the agreements we will discuss with you the best repayment plan and method to suit your finances.
All borrowers also have to save a minimum sum of £1, £2 or £3 (£5, £10 or £15 per month) in an attached savings account, as a condition of the loan. This savings account is 'locked' until the loan is paid off, and helps us to lend to other members. It's also a nice bonus when you have finished repaying your loan.
Planning and managing repayments
Gateway Credit Union is flexible with regard to repayment plans, although 5 years is currently the maximum loan term possible. Should you experience difficulties in meeting repayment commitments you should immediately explain the situation to us and we will treat the matter sympathetically and in total confidence.
If you don't contact us and don't pay your loan we will take every opportunity open to us to recover members' money - including legal action if necessary.
How we use your information.
We report to Credit Reference Agencies and will use a Credit Report as part of our decision making. For more information click here.
Remember, when you borrow from Gateway Credit Union you are borrowing the savings of other local members.