The Budget Account is a short term facility allowing you to access credit up to an agreed limit. 

This product is no longer available for members to apply for, only members who already have this facility open can keep it if it suits their needs. 

All loans are subject to affordability and our lending criteria.

Key Product Information

All applicants must be aged 18 or over and a UK or Isle of Man resident. Loan terms and conditions can be found here and should be read prior to application. 

Interest charging informationThere is no interest charged on this account, instead you will pay a monthly fee depending on your credit limit. The fee remains the same within each bracket of borrowing whether you use the minimum or maximum amount available. This is a commitment fee for us keeping the facility open for you, whether you access the funds or not.
Repayment informationAs the monthly fee is not applied to your balance we encourage you to make repayments towards the balance when you can. You can repay the balance either fully or partially over the phone, or by adding it to your payroll/Direct Debit contributions. You will pay the monthly fee by payroll deduction or Direct Debit and the first fee payment will start on the next available date after the drawdown of the facility.
Repayment periodThere is no set maximum repayment term on this product. This account is reviewed by a Loans Officer every 12 months from the drawdown of the original facility. This is to ensure the product is continuing to meet your needs and is a responsible option. If you are not making any repayments towards the balance owed during the year, it is unlikely that the facility will continue and you will need to make arrangements to repay the balance. Any balance on this account must be repaid by your 70th birthday.
Amount of loan availableThere are four credit limits available in £500 increments ranging from £500 – £2,000, the full list of limits and fees can be found below.

You can only borrow up to a maximum of £35,000 with the Credit Union across any unsecured lending products. 

Application/ Arrangement FeeNo application or arrangement fees apply.
Other FeesNone. 
Default FeesNone.
Early settlementYou can repay the loan at any time fully or partially without charge.
Other informationThis loan is not a regulated consumer credit product. This does not affect your Financial Ombudsman rights.


Download key documents here

General Terms and Conditions

How the Budget Account works

You are charged a monthly fee for having the facility available to you, whether you access funds or not. Please be aware that if you are not sure if you will use this facility, you are unlikely to benefit from this product as it may cost you fees for an account which remains unused.


Accessing funds 

You can withdraw funds from your Budget Account via our app or website, by emailing us, or over the phone – whatever suits you. Your funds will be transferred to your designated bank account via Faster Payment, which can take up to two hours.


What are the limits and fees?

The table below shows the different credit limits available and the fees relevant to each limit. Your fee will be paid via payroll deduction or Direct Debit, depending on which is available to you. You will be responsible for repaying any balance owed on this product as and when you access credit from it. This is another cost for you to consider on top of the fees stated below.


Account Limit£500£1,000£1,500£2,000
Monthly Fee£5£10£15£20

Budget Account example

If you had an agreed Budget Account limit of £1,500, you would begin making payments of £15 from the next available date after the drawdown, alongside your regular savings contributions. If at some stage you withdrew £1,000 you would still pay your monthly fee of £15. The fee does not change throughout the duration of the facility being open.

In terms of repaying the £1,000 borrowed in this example, you could agree to repay a monthly amount via payroll deduction or Direct Debit and add this to your existing contributions (including your fee and your savings). Another option would be to fully or partially settle this balance over the phone via debit card payments. You would still have the ability to access the further £500 which would still be within your limit.

You’re covered with Life Protection

Life Protection is included with all our loans and covers you up to the age of 70. This does not cost you anything, it is simply another benefit of borrowing from the Credit Union and has been created purely to help our members.

Loans are protected up to a maximum of £40,000 per member. This means your loan would be cleared, ensuring your debt does not remain outstanding, subject to our terms and conditions.

All benefits are paid at the discretion of our Board of Directors. Life Protection is not an insurance policy and is not guaranteed. For more information please click here.

Additional Borrowing

If you have an existing loan with us and want to borrow extra, there are two options available. Click here to see more information.


Need help?

If you are experiencing financial difficulty, or are struggling to repay your loan with us, please contact us as soon as possible and a member of our team will be able to assist you.