Loans

from Kernow Credit Union

Loans are granted based on your savings record, capacity to repay and according to the Loans Policy of the credit union. At KCU Ltd, we will consider an unsecured loan-please come in and talk to us about your needs.

Loan Applications

You can apply for loans by completing an application form and submitting to the Credit Committee which meets weekly, on a Tuesday.

Please note if you are applying for a loan of £1500 or more we will require 3 months bank statements. If you are applying for £4000 or over we will require 3 months bank statements and pay slips if applicable.

To check if your loan application has been granted, please telephone our Redruth office on 01209 314449 on a Tuesday afternoon between 2pm and 3.30pm.

Loan policy as of 1st December 2016

Standard loans

Eligibility: 8 weeks' membership, with regular savings.

Max Loan: 3 times share balance.

Band 1 £0-£1500: 3% interest per month on a decreasing balance (42.58%APR)

Band 2 £1501-£4000: 2% interest per month on a decreasing balance (26.8%APR)

Band 3 £4001 and above: 1% interest per month on a decreasing balance (12.68%APR)



Repayments: by regular payments over a period up to 3 years.

Retention: Shares equal to at least 33% of outstanding loan balance must be retained as security during the loan period.

Top-ups: You may apply to top-up and reschedule an existing loan at the discretion of the loan committee.

Loyalty Loan

Interest Rate: 0.5% per month (6.34%APR) on reducing loan balance.

Eligibility: all members.

Max Loan: Equal to share balance.

Repayments: by regular payments over a period up to 3 years.

Retention: Shares equal to at least 100% of outstanding loan balance must be retained as security during the loan period.

Top-ups: You may apply to top-up and/or reschedule an existing Secured Loan, and may apply to convert to a Standard Loan, subject to normal conditions.