Loan

This is our regular loan product of £150 - £10,000.
GCU has a rich history of lending to our members for a wide variety of purposes. From the regular annual expenses of Christmas, MOTs and holidays, to the one-off vet bill, new car and big home improvements. If you are looking to make a new start, or if you are an existing GCU member who needs support, let us help you at Gateway Credit Union.
You do not have to save before making your first loan application with us and we will help you to save for the future while making repayments*.
Apply today, knowing that you are contributing to the financial resilience of your local communities within Torfaen & Monmouthshire.
*All GCU loan applications require:
- Proof of ID
- Proof of NI number
- Proof of address
- Proof of income
All completed applications received are subject to AML, ID verification, address and credit checks.
GCU loans will not been granted to any applicant until the above checks have been completed to satisfactory standards.
GCU will never grant any loan considered unaffordable to any applicant.
GCU will never knowingly over-indebt any loan applicant.
A poor credit history will not necessarily exclude applicants from having a loan from GCU.
Where appropriate, GCU will always endeavour to provide alternative sources of support to both successful and unsuccessful applicants [such as StepChange Debt Charity, Citizen's Advice, Dwr Cymru and others. Permission will always be sought from the loan applicant before any referral is made to any outside organisation]
GCU Terms & Conditions will be applied to every application received.
Successful applications received do not guarantee that the loan will be granted in full.
Try out our quick and easy loan calculator below
Maximum Loan Term :
38.5%
38.5%
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.
Our loan decisions are made by local people, not a computer. We take your individual circumstances into account and often lend to people who would have difficulty borrowing elsewhere, including tenants and people on benefits. We don't charge settlement or early repayment charges and interest is calculated daily on the reducing balance, so if you repay early, you save money.
We also offer Free life insurance on all loans taken out before your 70th birthday.
But you don't just take out a loan, you become a member of a growing financial co-operative, and have access to all our services. By choosing Gateway Credit Union you help us to grow and offer fair financial services to all in your local community.
We expect you to save as well as borrow
We require all borrowers to save a small amount, £2 or £3 per week (or monthly equivalent), into your Attached Savings account, which is locked until the balance is greater than the loan balance. However, we do not restrict you from withdrawing your other savings while you have a loan with us.
We're better than your bank!
If you can get a cheaper loan from a high street bank (between £2,000 and £7,000 over 1 to 5 years) we will match the rate offered, and add our usual free life insurance.