Take out a Loan

The two most important things about a loan are, being able to borrow the money and being able to repay it. At Desertmartin Credit Union we encourage you to manage your money carefully by structuring loans around your needs and your ability to repay. Our loans are straightforward, with no hidden fees and we offer affordable and flexible repayment options. Providing Loans to our members is one of the main functions of Desertmartin Credit Union. Whether you are looking a loan to do up your home, buy a new car, get a third level qualification, plan your dream wedding or have a bright idea… we have a loan for you!

Benefits of borrowing from our Credit Union

How Borrowing Works

If you are eligible to borrow, it can make more sense to take a credit union loan rather than withdraw your shares. We’ve made it easy to borrow as little as £100 or up to £15,000 at a fair, affordable rate with no application fees and no early repayment charges.


Loan Applications

The maximum loan limit is £15,000 in excess of a member’s savings. So, if you have £3,500 in your savings, you could borrow up to £18,500. All loans are subject to approval and comply with our Loan Policy. Terms and conditions apply. Remember, £15,000 above the shares in one’s main account is the most a member may apply for. Whether their application is successful will depend on their loan history/character, affordability, pledged shares, and loan purpose.

What are good reasons to apply for a loan?

  • A deposit for your home
  • A new or second-hand car and associated costs, such as insurance or repairs
  • School uniforms and other educational expenses
  • Wedding expenses — for the bride, groom and parents
  • A holiday and holiday spending money!

Loan Policy

Our Loan Policy governs every loan application. Some of the elements of our Loan Policy are:

  • Minimum Age- You must be 18 years old or over to apply for a loan.

  • Maximum Loan- You can apply for a loan of up to £15,000 above the shares in your main account.

  • Character- Your character – your savings and loan history – is your primary collateral. By saving regularly and repaying each loan as agreed, you increase the likelihood of future loans.

  • Affordability- You must be able to afford the loan. We are a responsible lender. We do not lend to members who will become over-indebted.

  • Interview- To establish that you can repay each loan you apply for, we conduct a loan interview. We will ask you about your income and expenses. We may also ask for additional information and documentation to further your application. We may also, with your agreement, carry out a credit reference check.

  • Loan Purpose- Your loan must be for a productive, provident purpose. That means it must enhance the quality of your life.

  • Attached/ Pledged Shares- These shares are provided as collateral for the loan, the withdrawal of which require the approval of the Credit Committee while you still have a loan balance.