Home Loan

Unsecured Loan

Whatever you need a loan for, Ayrshire Credit Union is here to help. Our loan options are affordable and flexible, tailored to your circumstances. We’ll never offer you something you can’t afford, and we also offer free Loan Protection Insurance.

Interest is charged from 1% to 3% per month (12.7% to 42.6% APR) calculated daily on the reducing balance. No hidden fees or early repayment penalties. A Credit Check will be undertaken and detailed income and expenditure gathered. In addition you may need to provide extra information i.e the last 2 months payslips or award letter dated within the last 3 months and last 2 months bank statements.

  • I am over 18
  • I am a Member of Ayrshire Credit Union
  • I am looking to borrow between £100 and £10,000
  • I do not have an undischarged Bankruptcy or Trust Deed
  • I can provide proof of income

Loan Protection Insurance is a product designed to pay off any outstanding loan balance in the event of a member’s death at no direct cost to Members.

This cover means that the “debt dies with the debtor” and any savings which the member has will not require to be set against the outstanding loan balance.

Cover is provided for all eligible members’ loan balances up to £10,000 from age 18 to the member’s 80th birthday.

Conditions apply (for full information please speak to one of our volunteers).

Our Loan Protection Insurance is a unique value added benefit which gives you a level of additional cover you simply would not get with traditional banking institutions.

Loans are based on a member's ability to repay. It makes no sense to lend money to people who are unable to pay their loan back. However if members do experience difficulties in repayment Ayrshire Credit Union will endeavour to agree a schedule that will be within the member's means, at the same time ensuring the loan is repaid.

Recent Changes to Data Protection

In order to process your application, we will perform credit and identity checks on you with one or more credit reference agencies ("CRAs"). Where you take banking services from us we may also make periodic searches at CRAs to manage your account with us.

To do this, we will supply your personal information to CRAs and they will give us information about you. this will include information from your credit application and about your financial situation and financial history. CRAs will supply to us both public (including the electoral register) and shared credit, financial situation and financial history information and fraud prevention information.

We will use this information to:

  • Assess your creditworthiness and whether you can afford to take the product;
  • Verify the accuracy of the data you have provided to us;
  • Prevent criminal activity, fraud and money laundering;
  • Manage your account(s);
  • Trace and recover debts; and
  • Ensure any offers provided to you are appropriate to your circumstances.

We will continue to exchange information about you with CRAs while you have a relationship with us. We will also inform the CRAs about your settled accounts. If you borrow and do not repay in full and on time, CRAs will record the outstanding debt. This information may be supplied to other organisations by CRAs.

When CRAs receive a search from us they will place a search footprint on your credit file that may be seen by other lenders.

If you are making and joint application, or tell us you have a spouse or financial associate, we will link your records together, so you should make sure you discuss this with them, and share with them this information, before lodging the application. CRAs will also link your records together and these links will remain on your and their files until such time as your or your partner successfully files for a disassociation with the CRAs to break that link.

The identities of the CRAs, their role also as fraud prevention agencies, the data they hold, the ways in which they use and share personal information, data retention periods and your data protection rights with the CRAS are explained in more details here: CRAIN (also see button below). CRAIN is also accessible from each of the three CRAs - clicking on any of these three links will also take you to the same CRAIN document: CallCredit, Equifax and Experian.