We offer loans to existing and new members. You must be a member to have a Gateway loan, and we ask all members to save a small amount alongside your loan repayments. These 'Attached Savings' are locked until your loan is cleared, giving you a nice lump sum at the end of your loan.
Before we offer you a loan, we will want to be sure you can afford the repayments as well as your regular bills and any existing credit payments. We'll usually check this via open banking or your bank statements as well as a credit report, and for some loans we'll ask for your payslips. If you are registered for online banking we can usually do these checks in a few clicks.
We want to lend to members who are on top of their finances, even if they are on a low income or have a poor credit history. If you already have debt and money problems, we will refuse to make them worse by lending you more money, and we won't lend you more than we think you can comfortably pay back. If you think we have refused a loan which is affordable for you we'll be happy to review it.
Try out our quick and easy loan calculator below
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This calculator is for illustrative purposes only, to give you, the borrower, an overview of the potential cost of borrowing. The Credit Union, or any of its staff, cannot be held responsible for any errors. Please note that this calculator only provides an indicative quote and actual repayments may vary.
We tailor the repayments and repayment methods to suit your finances. For many families and individuals the easiest way to save and borrow is to have a benefit paid into the Credit Union. A popular choice is to have a loan paid from Child Benefit, for instance a £500 or £1000 loan for Christmas or a holiday repaid, over 1 year, with some or all of the remainder of the benefit building up an emergency fund for the family, or savings for the children.
We also have partnerships with employers to repay loans direct from your pay. Your employer doesn't know whether the deduction is for a loan or savings.
If these methods don't work for you, we also accept payment by standing order from your bank, weekly, fortnightly, four weekly or monthly. When we offer you the loan we'll confirm the payment method and frequency that will work for you.
Our interest rates depend on the size of the loan, and we offer discounts for our payroll members and homeowners. If you can show us that you can get a better rate from a high street bank we will match the offer on loans between £2000 and £7000. For larger loans, we may offer a rate that reflects your credit history and therefore the risk to the credit union.
All loans taken out before your 70th birthday are automatically covered by our Life Insurance.
Once you have taken out a loan we expect you to make payments in accordance with the loan agreement. If your circumstances change we hope that you will let us know, and we can work with you to adjust your payments and keep your credit history healthy. We report to credit reference agencies so a good history with us will build your credit score. If we have to chase payments or undertake recovery action we will pass the costs on to you, and do everything we can to recover the loan, including registering a default against you or taking you to court. We have a duty to do this for the benefit of all members.
Once you are a Gateway member we hope to be your first choice for loans. We can often top up loans if you need to borrow again.