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I'm New To Loans - Pollok Credit Union Ltd.

I’m new to loans. What’s available to me?

One of the best things about being a member of PCU is that you have access to competitive loans at interest rates lower than those offered by high street and payday lenders.

If you’re new to loans or you’re thinking about taking your first loan out with PCU, there’s a few things you should know first:

It’s easy to apply for a loan through us. You can apply for loans on our mobile app, online or you can even visit us in one of our branches. Simply fill in the application form, and return it to one of our offices along with proof of your income and expenditure. You should normally wait no more than 1 week for a decision on your loan.

When you do get your loan, there are no extra charges for paying your loan off early. You guessed it, as a member-owned financial cooperative devoted to the financial empowerment of its members, we are flexible when you pay off your loan. As well as free loan protection, you will not incur any extra charges should you pay off your loan early.


So, now that you know how to take out a loan, which loan type should you go for?

PCU Shares Loan

Members can apply for a Shares Loan, where the first and second loans have an interest rate of 2% per month on a reducing balance, at 26.8% APR. Members who have had over three loans repaid with PCU are eligible for further loans charged at 1% per month on the reducing balance, at 12.68% APR.

Our members regularly use PCU Shares Loans for summer holidays, weddings, home redecorations, season tickets, spreading the cost of Christmas and car financing.

PCU Secured Loan

A Secured loan from PCU is underwritten by the savings a member has and can be issued on the same day (for example, £500 savings = £500 loan). Interest rates on these loans are between 12.68% and 26.8%.

Members can only withdraw shares/savings if the balance on them exceeds the loan balance. This option offers a quick release of cash while maintaining life savings and loan protection guarantees.

Just Borrow Loan

Anyone from a ‘G’ postcode can apply—regardless of previous CU membership status—for a loan of up to £600. Recipients of a Just Borrow Loan automatically become PCU members when their loan request is accepted. These loans will be subject to applicants passing a credit check and affordability assessment.

You can apply for a Just Borrow Loan here.

How to apply

How To Apply

If you’re already a member but you haven’t taken out a loan with PCU yet, click below and use our quick and easy online loan application process. If you’re not a member yet, click below and register to become the newest member of our community.

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Please note: if you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.

If you would like more information please contact us today.

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