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Tel: 0141 552 8408 Email: reception@1stclasscu.co.uk

Loan Loan Policy

<------  Our loan products can be found on the left hand side of this page, please select the loan type which applies to you.

1st Class Credit Union were awarded a 5 star award for their loans by the Fairbanking Foundation. This award is a sign of how important the financial wellbeing of our customers is to us. To read about how the CWU value the award please click this link http://www.cwu.org/media/news/2016/may/19/cwu-member-benefit-update-1st-class-credit-union-wins-major-rating-award/

  • Must be a member before applying for a loan, no loan will be processed until the first payment has been made via payroll or direct debit.
  • Member must be 18 years of age before applying for a loan.
  • Application for loans must be made on the appropriate form.
  • All loan applications will be subject to Credit Committee approval.
  • No loan will be paid out without a signed Loan Agreement being received in to the office.
  • Loans are up to a maximum of £20,000 plus shareholding and repayable over a maximum period of seven years. The memberís ability to repay the loan will be determine by the term of the loan.
  • A refinanced loan must be fully repaid before a further loan will considered.
  • When applying for a consolidation loan you will be required to send in a statement of the debt you wish to be consolidated along with your loan application form.
  • Maximum interest payable on loans is 2% per month (24% APR).
  • The decision of the Credit Committee on the approval of loans shall be final however a member can appeal this decision by sending in a letter of appeal to the office.
  • When a loan application is refused or altered by the Credit Committee the member shall be notified.
  • Emergency loans will be considered on merit by the Credit Committee or the Executive Committee of the Board of Directors.
  • All loans are subject to funds being available.
  • This policy will be subject to change any changes will be notified to members.
  • All loans passed will be made available for Supervisory Inspection.


All monies to be paid to the members will be paid into a bank account or by cheque.


Any member with an existing loan balance will not be granted a share withdrawal if their loan balance is higher than their share balance, except in emergency circumstances where BOD/Supervisory Committee can give approval when a member sends in a letter along with a share withdrawal form requesting funds.

You can APPLY NOW! All you have to do is fill in the Loan form online and it comes straight to us! Alternatively you can download the loan form to fill out and post back.

Online Application Form
Loan Application Form

Downloadable Application Forms
Click to DownloadDownload Loan Application Form (1269.2kb)
Find Us here:
  • 1st Class Credit Union
  • Tel: 0141 552 8408
  • Fax: 0141 552 9452
  • Email: reception@1stclasscu.co.uk
  • Web: www.1stclasscu.co.uk
Authorised by The Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. FCA Firm No: 213700