Type of Loans

"Types of Loans"

Standard Loan

A member can normally borrow up to twenty times the amount held in their savings account.  During the first twelve months of membership, a maximum of £5,000 may be borrowed and thereafter the limit increases to £15,000.  This type of loan can be topped up from time to time to suit your requirements. The current rate of interest is 1% per month.

Starter Loan

Alternatively, a member who has no current outstanding loan with the credit union may borrow up to £5,000 without the 5% savings requirement. They must however maintain the equivalent of one month’s repayment in their savings account at all times.  The interest rate on this type of loan is 1.25% per month.

Fast Track Loan

A ’mini’ starter loan - up to £2,500 - which is normally authorised and granted within 24 hours. The interest rate is 1.5% per month.   Contact the office for details.

Loan Application

To obtain a loan application pack or for further information, either -

• Telephone the office on 01772 618833 and the staff will post it to you, or email the office on enquiries@bluesandtwos.org.uk outlining the amount you wish to borrow and over what period and a member of staff will send you a quote 

REMEMBER: We give free life insurance on all loans and savings for members up to the age of 65 years.  Please refer to our Insurance Services Page for more details.