BDCU Loans

Loan Products we offer

 

Christmas Loan

Our Christmas Loan ranges from £200 up to £1,000, with interest rates starting from 26.8% APR. Deadline for submission of your application is the 31st of December.

Important information: Any existing Christmas Loan you hold with BDCU must be settled in full before applying.

 

Standard Loan

Our loans range from £200 up to £25,000, with interest rates starting from 7.9% APR.

 

Consolidation Loan

Our Consolidation loan range from £2,000 to £25,000, with APR starting from 17.9%.

Important information: We pay creditors directly if you are approved for your loan.

 

Not Employed Loan

Our loans range from £200 up to £1,500, with interest rates starting from 16.5% APR (Subject to eligibility criteria).

 

Family Loan

Our Family Loan allows anybody in receipt of child benefit to have a loan up to the value of £500 with an APR of 42.6%.

Important information: A condition of our Family Loan is that you make arrangements to have your child benefit payment paid to your BDCU account once approved. The money will be sent to the nominated account the same day that the first payment has been received. An insolvency and affordability check will be completed as part of the application process, which will leave a footprint on your credit file. 

 

Eligibility Considerations

  • If you currently have a loan with us, you need to have repaid at least 33% of the loan amount.
  • You must have held the loan for at least 6 months.
  • You should have maintained consistent loan repayments over the last 12 months.

Key Features:

  • Affordable Loans

  • No Fees

  • No Early Repayment Charges

  • All loans are subject to lending application criteria and affordability checks

The Application Process

Once your application has been submitted, we will request the required documentation to assess your application

Once everything has been received, you will receive a decision within 2-3 working days

If approved, paperwork will be sent to you via email to sign electronically

Once the paperwork has been signed by you, we will pay the funds to your nominated account

Please note that payments are normally received within 48 hours, except for our Family Loan which will be paid once your first child benefit payment is received into your BDCU account


THE RESULTS FROM THIS CALCULATOR ARE FOR ILLUSTRATIVE PURPOSE ONLY AND DO NOT GUARANTEE A LOAN OFFER. IF YOUR APPLICATION IS SUCCESSFUL, THE ACTUAL LOAN AMOUNT, INTEREST RATE, AND OTHER TERMS MAY VARY BASED ON A DETAILED ASSESSMENT OF YOUR PERSONAL CIRCUMSTANCES.

 

How we make lending decisions

Our credit union loans are based on affordability, your credit report and any history of borrowing and saving with BDCU.

We use credit reference agencies and open banking to help us make decisions on the loan amount and the rate charged to members.

Defaults and CCJs:

Whilst we can accept a loan if you have defaults, you’re more likely to be accepted if you haven’t missed a payment in recent months.

The same is true for County Court Judgments. An older CCJ won’t stand in your way, but more recent court action will probably prevent us from lending.

We cannot consider an application if you are currently going through bankruptcy, an Individual Voluntary Arrangement, Debt Relief Order or Debt Management Plan.

If you have recent defaults, CCJs or are insolvent do not apply for a loan. Submitting an application can actually cause your credit score to fall further because we'll carry out a credit search.

For more help and information, check out our money tips.