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.
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.
If you need more information about our loans please visit our FAQs page.