Borrowing with BCU has many advantages...
- Minimum loan £100, maximum £7,500
- Daily interest at competitive fixed rates - no worries about interest rates increasing
- Affordable repayments - to suit you
- No early repayment charges or penalties - clear your loan when you like
- All interest you pay goes back into the BCU coffers to be invested in services or returned to members
Applying for a loan
We consider loan applications from members for any worthwhile purpose. Each application is treated in the utmost confidence and will be considered on its own merits.
Applications for loans are made on a standard loan application form. You can apply by calling to our office, to one of our Service Points (click here for list) or through the post. You can also download the loan application form below.
We will need to confirm your income, and see bank or Post Office Card Account statements where you have an account. If you are not registered to vote then we will also want to see a copy of your tenancy or mortgage documentation. See the Membership & Loan checklist below for full details of what to bring.
Our staff will give you any assistance required. You don't need an appointment - just call in to the office with all the paperwork to support your application, and a completed application form.
What you need when applying for a loan
Loan applications are considered by a Loan Officer or senior manager and we aim to give you an answer within a maximum of 5 working days once we've got all the information we need (though we're often quicker than this).
In deciding whether or not to grant the loan the Loan Officer will take into account your ability to repay the loan, which is subject to a thorough assessment, as well as your past experience of credit and other factors.
Having a regular savings history and a good previous loan repayment history can help.
All applicants are credit checked, but if you've got into difficulties in the past it won't necessarily stop you having a loan - just give us full details on the application form.
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.
Don't forget that with BCU you are borrowing your fellow members' money - never apply to borrow if you're not completely committed to repaying their trust in you.
Planning and managing repayments
Bristol Credit Union is flexible with regard to repayment plans, though there are some legal limitations to length and amount of loans.
You will be advised on the best repayment plan to meet your own circumstances.
Members are generally advised to repay a loan in as short a time as possible, and 12 months is usually the maximum term for a first loan. 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.
There are no penalties or early repayment charges if you are able to pay off your loan early.
Interest on credit union loans
By law credit unions cannot charge any more than 2% per month on the reducing balance of a loan. This represents a maximum interest rate of 26.8% APR (Annual Percentage Rate), and that is the most you will ever pay on your loan.
We have various loan products available depending on your circumstances and the amount you are borrowing, and loan interest rates range from 26.8% APR right down to 10.9% APR.
There are NO fees or transaction charges. And since the interest is charged only on the outstanding balance of the loan, you will pay less interest the quicker you repay your loan.
Typical example
As you'd expect, all loans are subject to status and approval. Sorry, but we don't lend if you're lucky enough to still be under 18 years old.
Typical example: Borrow £500 and repay weekly over 52 weeks. Weekly repayment £11, total amount payable (including interest) £562.47. 26.8% APR typical. | 
Download Loan Application Form (61.7kb)