Loans

Pollok Credit Union has a loan for you, whether you are looking to borrow for a holiday, to redecorate your house, to purchase a new car or cover Christmas costs.   A range of secured loans and unsecured loans are available at very competitive rates.

Our interest rate for loans is 2% per month on the reducing balance of the loan, for all 1st and 2nd loans.  Consecutive loans will be charged at 1% per month on the reducing balance of the loan.

Pollok Credit Union loans are based on ability to repay.  One of the terms of a loan is that you must save money in your Shares account every time that you make your loan repayments.  We encourage members to pay a minimum of £5 to their shares per week.

Pollok Credit Union Shares Loan

Members must save for a period of 10 weeks before applying for their first loan which can be twice what they have saved in their shares account and up to £1000.  Members’ second and third loans can be up to 3 times what they have in their shares up to £2500.  Thereafter, larger amounts can be applied for, and the decision will always be down to Pollok Credit Union’s loan officers and based on ability to repay the loan.

Pollok Credit Union Secured loan

A Secured loan is secured on your share balance and is paid out on the same day.  You don’t need to fill in a loan application or provide proof of your income and expenditure.  You can only withdraw your shares if your share balance is larger than your loan balance. 

How to apply

 It’s easy to apply for a loan.  You can get an application by visiting either of our offices, phoning and asking a staff member to post one out to you, or download a form online at www.pollokcu.com.  Simply fill in the application, and return it to one of our offices along with proof of your income and expenditure.  You will wait no more than 2 week for a decision on your loan (depending on volume of loan applications received).

Benefits of a loan with Pollok Credit Union

  • Highly competitive interest rates
  • Easy application process and speedy decision
  • Loan protection insurance at no extra cost
  • Flexible repayments – no extra charges for paying your loan off early
  • No hidden charges or fees
  • Several cheques can be issued and made payable to a third party if required.
  • Loan is paid directly into your bank account on the same day as you sign for the loan
  • As your loan decreases so does your interest repayments
  • You can repay your loan in person at the counter, by Direct Debit, Standing Order, Benefit Direct or PayPoint card.

Mortgages and Home Secured Loans

Pollok Credit Union is now offering members Mortgages and Home Secured Loans.  For further information please call us on 0141 880 7888 or 0141 632 7847, or ask a member of the Credit Union staff at one of our offices.  We will refer you to an independent financial adviser who will advise you on the best loan for you.

Free life insurance

All members receive free loan protection up to 80 years of age.  In the event of death, loans are paid in full subject to our insurer’s 6 months pre-condition limitation (excludes arrears – conditions apply).

Online loan applications

PLEASE NOTE THAT WE CANNOT ACCEPT ONLINE LOAN APPLICATIONS AT PRESENT AS THE SYSTEM IS BEING UPGRADED.

Download a PCU Loan Application form  (proof of income and expenditure is required as detailed in the loan form)

View our Loan Terms and Conditions

Further information – please contact us at one of our offices for additional information.