Craigmillar Credit Union

2 Niddrie Mains Road
Edinburgh
EH16 4BG

Tel: 0131 661 9942
Fax: 0131 661 6472

E: craigmillarcu@googlemail.com

Policies

LOAN POLICY
LOAN FACILITIES SHALL BE AVAILABLE TO MEMBERS OF THE CREDIT UNION ONLY.

LOAN CONDITIONS

• Members must be aged eighteen years and over.
• A membership period of 10 weeks is required for loans greater than a members share value. A first loan can be up to twice the share value (maximum £500) and loans thereafter up to four times the share value (maximum £5,000 and depending on capital at that time).
• All applications for loans must be made in writing on the appropriate application form supplied by the Credit Union. Assistance is available if required.
• A loan agreement contract must be completed and signed prior to the payment of funds for all loans.
• Loans less than a member¹s shares can be applied for at any time.
• The maximum repayment term for unsecured loans will be one year, unless otherwise agreed.
• All loans should be 75% repaid before consideration will be given to refinancing any future loans.
• In determining the loan repayments an allowance must be made for the member to continue to save when repaying the loan.
• Unusually large deposits to shares or loan repayments prior to an application will normally be disregarded if considered by the Credit Committee to constitute unfair advantage.
• Where a loan application is refused the member will be advised of the reason for the refusal.
• If approved, loans will be processed as soon as possible (within seven days) following the Credit Committee meeting
• All loans are granted at the discretion of the Credit Committee unless referred to the full Board whose decision is final.

MEMBERSHIP POLICY

ALL RESIDENTS AND EMPLOYEES WITHIN THE COMMON BOND AREA OF THE CREDIT UNION SHALL BE ELIGIBLE FOR MEMBERSHIP SUBJECT TO THE FOLLOWING CONDITIONS:

CONDITIONS OF MEMBERSHIP

• Only individuals shall be members of the Credit Union
• All applications for membership must be made in person, in writing on a form supplied by the Credit Union.
• Members must be at least sixteen years of age.
• A membership fee of £3 shall be payable at the time of application, along with a minimum of £1 in shares.
• All applications for membership must be approved by the Board of Directors, or a sub-committee of the Board.
• Appropriate proof of identity and address must be supplied at the time of application, such as any official document showing the applicant¹s name and address, for example;
  Passport
  Benefit Book/Letter from Benefit Agency
  Utility Bills/Bank Statement
  Official Identity Cards
  Driving License etc.
• A minimum of one fully paid up share of £1 must be held at all times to maintain membership.
• An annual membership fee of £3 is charged.

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