Top up loans

A Credit Union Top Up Loan Could Provide the Help You Need

Getting on top of your finances has never been more important, as people from across the country face loss of earnings and financial uncertainty caused by the effects of the current public health crisis.

Staying fit and well and helping others to do the same is clearly the top priority, but so too is the health of your own finances which is why it’s worth considering if a credit union loan might be useful or, if you already have a loan with us, if you would benefit from a credit union top up loan.

If you’re a relatively new member and have already taken advantage of our ethical approach to lending with an affordable loan, you may not be aware of the options for a credit union top up loan. As with all of our products, we keep things as simple as possible so that our members know exactly what they are borrowing and how much it will cost to repay it.

Our credit union top up loan works by consolidating an existing loan and providing access to more money. If you’ve previously borrowed £1,000 and have £500 left to pay back, then you can easily top the loan back up to £1,000, providing another £500 to spend and leaving you with the initial £1,000 to pay back.

At a time like this there could be any number of reasons why our members might need a credit union top up loan. For many people, the income on which they normally depend will have been reduced by the lockdown restrictions put in place. And while everyone is saving money they’d normally spend on days out, the task of keeping a family in food and drink with everyone at home for every meal can be a considerable extra expense. In addition, keeping household appliances such as freezers and cookers running smoothly is more vital than ever, and any replacement needed will have to be found and paid for quickly.

Like everything we do, our credit union top up loans are provided in an ethical manner. We don’t pay out big profits to shareholders, so we can keep interest rates affordable, and we deal with applications as quickly as we can to offer peace of mind for our members. The same is true of our Family Loan top ups. Family Loans provide up to £500 without a credit check – meaning they are available to those with a poor credit rating – and are paid back directly from Child Benefit. At the moment we are reducing the period after which members can top their Family Loan up from six months to three months, making it easier for them to budget when money is tight.

As an ethical lender we are an important part of the community we serve, doing everything we can to support our members and help them through good times and bad. At the moment we’re aware that our members might need that extra support more than ever, and we’re doing everything we can to provide it. Credit union top up loans are a quick, simple and affordable product that could help members to cope on a day to day basis until things begin to return to normal.

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