Loans - Riverside Credit Union
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Read Riverside Credit Union’s Loan Terms & Conditions

We offer two types of loan

Saver Loans

To be eligible for a Saver loan you must have saved continuously for 10 weeks into your credit union account.

Your first loan can be up to twice the value of your shares and a maximum of £1000.00. Your first loan must be paid back over a minimum of 10 weeks and a maximum of 12 months.

Your second loan can be up to twice the value of your shares and a maximum of £2000.00. All further loans are double your shares up to a maximum of £5000.00. Your second loan and all further loans must be paid back over a minimum of 10 weeks and a maximum of 60 months. You may be eligible for a top-up loan after six months.

Starter Loans

If your child benefit is paid into Riverside Credit Union, you can take advantage of our Starter loan.

Once your child benefit has been transferred into your Credit Union account, you can get an instant loan of £1000.00 depending on the number of children you are receiving child benefit for. This loan must be paid off within 30 weeks.

A second Starter loan of up to £1000.00 is available once your first loan is fully repaid and as long as you have been saving regularly and have £100 in your saving account. Again this is dependant on the number of children you are receiving child benefit for.

What will a Riverside Credit Union Loan cost you?

You borrow

You repay over 6 months

Total interest is £48.07

Total repaid is £548.07


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.


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?

As long as you are a member of Riverside Credit Union, you can apply by downloading and completing the paper application form and submitting it over the counter at our branch office. All loans can be loaded onto your Engage Card.

Find out how to join Riverside Credit Union.

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.

Read Riverside Credit Union’s Loan Terms & Conditions

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