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LOAN PRODUCTS
We have a range of loan products to suit different needs.
Our goal is to do everything we can to ensure that every member finds a loan solution that perfectly suits their individual needs and financial goals.
Our expert team is dedicated to providing personalised guidance, ensuring that you understand all of your options and choose the one that best suits your situation.
Loan ideal for newly-joined members who are employed and are looking for a loan straight away
Loans aimed at newly-joined Members receiving Child Benefit or Universal Credit, however this is open to all (adult) Members.
Loan available to members who have either a poor credit history, no credit history or for whom mainstream lending is unavailable
Loan available to members who have saved with us for a minimum of 3 months
PREMIER LOAN
Loans ideal for Members with a longer savings history and are looking to borrow over £5000.00
Loan available to all members who are Employed and a Homeowner
Loan ideal for members who are looking to combine existing debts into one, easy to manage monthly payment
Loans ideal for Members who have saved with CroydonPlus for a while and would like to use their savings as security on a loan
ADVICE ON COMPLETING YOUR LOAN APPLICATION
To apply for a loan with CroydonPlus, you will need to complete a loan application online. If you are unable to use Online Services, please contact us.
Here is some guidance information for you to read before applying for a loan:
Help us to help you by answering all questions in the application and by providing all the information requested.
We recommend that members download the Nivo App, which will allow you to communicate and provide documentation with us in a safe encrypted way and if approved, sign your loan agreement electronically.
As part of the loan review process all applicants will be required to provide a minimum of 2 months’ bank statements for all currently active Bank Accounts (including savings accounts), preferably through Open Banking. To use this service you must be registered for Internet Banking with your bank.
Please note that not all Banks have this facility and should your bank be one of them, and you are unable to use the Nivo App, then please email the statements for all of your bank accounts to: loans@croydonplus.co.uk. Please ensure that these are in PDF format to ensure a smooth process.
Upon receipt of your application, you may be provided with a link to submit your statements via Open Banking. Please note, this link is only valid for 24 hours and will expire after this time if all statements have not been submitted, which will delay your application. If your link has expired, please contact us via Nivo or by emailing us at: loans@croydonplus.co.uk.
If you do not provide all the required information this will delay your loan decision and may lead to your application being declined.
MAKING A LOAN APPLICATION
The easiest way to apply for a loan with us is to APPLY ONLINE.
In order for your Loan application to be considered, you must have an active membership with us. If you aren't already a member, you will be able to register for membership whilst applying.
The application will include questions about your income and expenditure, current debts, loans and arrears. You will be asked to confirm the information you are giving is true and accurate.
Any questions, please contact us and we will be happy to talk through any queries you may have.
HOW WE ASSESS YOUR LOAN APPLICATION
Unlike many lenders, we try to help you manage your money which means we lend responsibly and do not knowingly grant you a loan if it will get you into more debt. We also have a responsibility to all our members to lend their money responsibly.
Our Loan Officers consider the following when looking at your application:
Affordability – helping you to manage your finances
Can you afford the weekly or monthly payments without going into debt?
Risk – keeping our members’ money safe
Using your history with CroydonPlus and other lenders are you likely to pay back the full loan on time?
REPAYMENTS AND DEFAULTS
By taking a loan from CroydonPlus, you are entering a Legal Credit Agreement which is enforceable by law. Unlike other lenders, when you borrow from CroydonPlus Credit Union you are borrowing other people’s savings (and likewise they are borrowing yours). This makes clear that it is important that people who can pay back their loan do so on time.
We do understand that thing can happen that can sometimes make repayments difficult. We are sensitive to members who are genuinely struggling to repay their loan. We will review your circumstances and the loan repayments and do what we can to help.
As with all financial loans, we’d like you to get in touch with us at the earliest opportunity if you’re not able to meet your repayments and risk defaulting.
However we do take seriously people who we consider have no intention of paying their loan. We do pursue debts and take seriously those members who simply won’t pay their loan. This includes taking people to court to ensure that this money is repaid.
So if you think you may default on a repayment, please contact us straight away so that we can talk through your options with you and offer as much support as we can. The sooner you speak with us, the more options will be available to you. We are here to help - not judge!