In order to apply for a Home Improvement Loan you must:

• Live or work within our Common Bond area
• Be at least 18 years old

You must not:

• Be bankrupt, in a DRO or IVA
• Have had any outstanding CCJs within the last 24 months
• Have missed any repayments on credit within the last 6 months
• Have had any defaults within the last 12 months
• Have arrears on a credit union loan

1. The Lender will lend and the Borrower acknowledges that they have received, the sum borrowed under this agreement. The Borrower will repay the Loan (i.e. the Total amount Owing) by the repayments set out in the loan details above.
2. Interest will be charged daily on the unpaid balance of the Loan and any unpaid interest at the rate set out in the Loan details above.
3. The Borrower has the right to settle the Agreement early at any time by paying in full the balance of the Loan and any unpaid interest outstanding. The Lender will, on request, provide the Borrower with a written statement of the sums which have been paid and which remain outstanding under the agreement.
4. The Borrower acknowledges that the details given on the Loan Application for this agreement are complete and correct and will inform the Lender immediately of any change in financial circumstances that may reduce their ability to repay the Loan, or of any change in their address.
5. If the Borrower fails to pay any amount due to the Lender under this agreement, or breaches any of its terms, the Lender has the right to demand early repayment of all or part of the balance of the Loan outstanding, together with any unpaid interest and any additional costs of collection including court fees and administration fees. The Lender will give the Borrower written notice not less than seven days before taking any action to recover any such sum.
6. The Borrower acknowledges that, if any loan payments are not paid, or are not paid at the agreed date, this may result in the Total Amount Payable under the Agreement being greater than the sum set out in the Loan details.
7. The Borrower will be liable for any costs the Lender incurs in recovering sums due under the Agreement
8. If a ‘Borrower and ‘Joint Borrower’ (or ‘Guarantor’) are named on the agreement, the liability of each shall be Joint and several.
9. The Borrower agrees to assign to the Lender all paid shares, and payments on account of shares, which the Borrower has or may have in future in the credit union, as security for payment of the Loan and for interest or expenses which may become due and the Borrower authorises the credit union to set off or apply any or all such shares towards payment of the Loan, interest or expenses owed by the Borrower.
10. While the borrower is in the employment of a Credit Union Payroll partner employer, The Borrower authorises BFWCU to contact their employer to take payments by payroll deductions (if applicable) in accordance with this agreement and that while an outstanding balance exists such deductions may not be reduced during the term of the loan without the agreement of the Credit Union.
11. Shares to the value of one month’s loan payment are attached during the course of the loan agreement. Withdrawals may not be made of any amount that would reduce the share balance below the level of one month’s loan repayment plus £5 minimum account balance.

Membership Terms & Conditions