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More about Loans

WHY DOES RIVERSIDE CREDIT UNION OFFER LOANS?

It is Riverside Credit Union’s mission to provide every member with access to reasonably priced financial services and encourage the development of good financial practice. We also know there will be times when you may need a loan to help you make a bigger one-off purchase or to tide you over expensive times of year, like Christmas. That’s why Riverside Credit Union offers loans to our members.

WHAT CAN I USE MY LOAN FOR?

Practically anything! You can apply for a loan to cover many things: holidays, car purchases, home improvements, education loans, or Christmas.

WHAT IS THE LOAN INTEREST RATE?

The standard loan rate is 3% a month. All loans are calculated on the repayment plus interest method.

WHY ARE YOUR LOANS SO AFFORDABLE?

By law, the maximum interest rate that a credit union can charge its members for a loan is 3% per month.

All our loans are assessed on an individual basis to ensure that we lend responsibly. Our interest rates are set and won’t change throughout the duration of the loan, so you can budget your repayments properly.

And because Riverside Credit Union is committed to helping our members create a better financial future, we also help you to save alongside your loan.

CAN I CONTINUE TO SAVE WHILST REPAYING MY LOAN?

Yes, in fact we expect all borrowers to continue saving at least £5 a week (£20 a month) while they pay off their loan.

I DON’T THINK I CAN REPAY MY RIVERSIDE LOAN, CAN YOU HELP?

Yes. We do understand that circumstances can change, if you find that you might not be able to make a loan repayments then please contact us at the earliest opportunity. Our Missed Payments Hotline number is 0151 448 0565.

We do want to work with you to manage your loan arrears. Members who do fall behind with their payments are able to come to an arrangement with Riverside Credit Union, and are able to have another loan in the future without their arrears adversely affecting their credit rating.

However, if you fail to make regular repayment and do not respond to offers of help, Riverside Credit union reserve the right to follow all legal recourse to protect members saving and will pursue measures including court action.

IS THERE A PENALTY FOR REPAYING MY LOAN EARLIER THAN MY AGREEMENT?

None, if you decide to repay all the Loan Capital early, that’s your choice and there are no penalties for early settlement.

IS MY LOAN INSURED?

Yes, your loan is covered by insurance at no extra cost to you, up to 70 years of age and subject to health declaration. Visit the Loan Protection Insurance page to find out more.

Some exemptions to the insurance do apply, so please ask for more information when applying for your loan.

HOW CAN I APPLY FOR A LOAN?

If you are a member of Riverside Credit Union, the best way to apply for a loan is via the app or Members Area. We try to complete all loans within three working days.

CAN I HAVE A FURTHER LOAN WITHOUT MY FIRST LOAN BEING FULLY PAID OFF?

No. Your first loan with Riverside Credit Union is a “trial loan” and must be paid off in full and to the terms of the agreement. However, after your first loan you can request a “top up loan”.

To qualify you must have paid half of your original loan or 6 months after your last application, your credit union is flexible in this area and you need to contact a loan officer.

Please remember all loans are made subject to available funds (top up loans are unlikely to be granted in November and December). “Top-up loans are issued at the discretion of the “loan officer” these additional loans are also subject to; available funds and after oversight of your account.

WHAT IF I HAVEN'T GOT A BANK ACCOUNT?

Don’t worry if you haven’t got a bank account. We provide a service called the “Engage Card“. If your loan application is successful, the loan amount can be paid into your Engage Card. Find out more here.

More about Savings

CAN I CHANGE THE AMOUNT I SAVE?

Yes, provided you meet the minimum requirements for membership and an individual savings account, you may amend the amount you are paying in at any time.

Submit a “Standing Order” with the amount you require to be sent to Riverside Credit Union.

If you are registered online you can submit your amendment request online.

HOW DO I CHANGE MY SAVINGS?

We provide a facility to that allows “Child Benefit” payments to be made directly from the DWP. Many of our members choose this way of saving and borrowing from Riverside Credit Union.

Members can also set up a “Standing Order” directly from their bank. With Standing Orders you can choose your payment frequency and your preferred payment day or date.

CAN I MAKE EXTRA PAYMENTS?

Yes, we can accept deposits by standing order, and by debit card either over the phone or in our office.

To make a debit card payment, simply phone us, or call into our office during our normal opening hours.

ARE MY SAVINGS SAFE?

Credit Unions, like other UK financial organisations are members of the Financial Services Compensation Scheme. This provides a safety net should a bank, building society or credit union collapse.

Further information on the scheme and the level of cover provided can be found here.

Read more about how we are regulated.

CAN CHILDREN JOIN?

Yes, Riverside Credit Union encourages savings among young people.

CAN ANYBODY UNDER 18 GET A LOAN?

Credit Union members under the age of 18 cannot legally borrow money.

HOW DOES A JUNIOR MEMBER WITHDRAW THEIR SAVINGS?

Withdrawals from junior accounts are similar to withdrawals from ordinary accounts.

Under the age of 12, the share withdrawal must be signed for by a parent or guardian. Over the age of 12, the child must sign for themselves (this is the same guidance as for passport applications).

Withdrawals will be paid into a bank account, either the child’s bank account or a bank account nominated by their parent or guardian.

You will be asked on the withdrawal application to provide details of the account you wish the money to be paid into.

WHAT HAPPENS WHEN I AM TOO OLD TO BE A JUNIOR SAVER?

When you reach age 18 you can apply to become a full member of the credit union and change your junior account to an adult one. You can then take advantage of all the benefits of credit union membership.

More about becoming a Member

WHO CAN JOIN RIVERSIDE CREDIT UNION?

Anyone who resides or is employed in a Liverpool post code. (Riverside CreditUnions common bond).

Find out more about becoming a member.

WHAT IS THE DIFFERENCE BETWEEN A CREDIT UNION AND A BANK?

One of the biggest differences between credit unions and banks is the member’s ownership or involvement in the institution.
While you think this may not affect you, it actually does.

Credit unions are not-for-profit organisations owned by their customers, who are called “members.” As a member and owner, you are given the opportunity to gain greater control over your finances.

WHAT DOES IT MEAN TO BE A MEMBER OF THE CREDIT UNION?

As a member of the credit union, you own part of the credit union through your shares.

The members own, control, and administer the Society (the credit union).

Because you are a member and partial owner, the credit union works for you. Therefore, as a member of the credit union you will have access to ethical and affordable loans and more financial advice as to which loan product is best for you.

WHAT MAKES CREDIT UNIONS ETHICAL?

Credit unions strive to offer fair, competitive financial services to individuals from all walks of life, regardless of their social status and economic background.

Additionally, we believe that borrowing money should be a carefully thought through process, and the way we lend is built around your ability to repay.

Our dedicated employees want to work with you personally to create a repayment plan that best fits your situation.

WHAT IS FREE LIFE AND LOAN SAVINGS INSURANCE?

As an added benefit of membership, Riverside Credit Union currently provides free life savings insurance for its members up until their 70th birthday.

Further information on the insurance and the level of cover provided can be found here.

I DON'T THINK I CAN REPAY MY RIVERSIDE LOAN, CAN YOU HELP?

Yes. We do understand that circumstances can change, if you find that you might not be able to make a loan repayments then please contact us at the earliest opportunity. Our Missed Payments Hotline number is 0151 448 0565.

We do want to work with you to manage your loan arrears. Members who do fall behind with their payments are able to come to an arrangement with Riverside Credit Union, and are able to have another loan in the future without their arrears adversely affecting their credit rating.

However, if you fail to make regular repayment and do not respond to offers of help, Riverside Credit union reserve the right to follow all legal recourse to protect members saving and will pursue measures including court action.

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