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January board meeting

Your board meets each month to look at how we are progressing against our business plan and to plan development. Some of the highlights from this evening include.

  1. We agreed to simplify our web presence, around the much simpler “” It reflects what we are (a co-operative) and is easier to type. The existing addresses will still work – but will connect to this domain in the background.
  2. We welcomed the latest management information – our total assets now stand at £649,992. We made 23 loans in December (a short month) totalling £23,150. This takes our lending to members to £346,982
  3. Several of us have completed data protection training – in advance of major new regulations that take effect in May this year.
  4. Our team answered 1,394 telephone calls in the month, helping members apply for loans, transfer funds onto pre-payment cards or just answering questions individuals might have.
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Introductory Loans – new

Members are normally asked to save with us for a few months before we will lend to them – the exceptions being if you join and save through your payroll (automatic deductions) or your child benefit (Family Loans, also called Child Benefit Savings and Loans Plan).

In order to meet the demand from those who might otherwise fall into the hands of payday and other predatory lenders, we are now offering immediate loans in certain limited circumstances to new members.  This will depend on an enhanced credit check and evidence of a regular income.  Like any other new member there will be a requirement to start saving regularly into an OCU savings account.

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Let us match any other loan offer

Are you really getting the best deal when you borrow from commercial lenders? 

Are you a credit union member and still borrowing from other sources? Bank loans? Credit cards? Store cards? Even a car loan?

Ask us about switching your loan to OCU and we’ll tell you if we can match – or more than match – the terms you are getting now or those you have just been offered by another lender.

You switch – we match!

OCU can match or beat any written quote that you have for a loan: so give us a call just to check.

Transferring your loan to your credit union could mean:

  • A single regular repayment
  • Lower interest rates, from just 12.8% APR for loans over £2,000
  • Early repayment without penalty
  • Borrowing from an ethical lender

Contact our office five days a week to see how they can help. Call 01865 777 757 or email

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Don’t miss out on our popular VISA debit card

picture of a debit cardMany members now use our increasingly popular prepaid VISA debit card.  This allows you to pay for goods in shops or online.  The card can also be used to draw out cash from cashpoint machines – in this case for a small fee.

Members “charge up” their debit card from their regular credit union account; one way of doing this is through a regular standing order.  This is quick and easy, and of course carrying around a card reduces the risks of losing money.

The card is like an electronic wallet: you can only spend as much as is held on the card, which makes budgeting easier.  You can’t overdraw – so don’t worry!

OCU can supply you with our  VISA debit card but only if you ask. Don’t miss out! Call us today. 

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Child Benefit Savings & Loan Plan


Savings after your loan is paid (based on £500 loan over 50 weeks)

1 Child – £20.70 per week = £435.00
2 Children -£34.40 per week = £1120.00
3 Children – £48.10 per week = £1805.00

At a 42.6 % APR compared to a doorstep lender at 399.7 % APR.

Download and complete the Child Benefit Savings And Loan Application Form.

Attach proof of ID and proof of address and send it to Oxfordshire Credit Union.

Contact the Child Benefit office and redirect your payments to the bank details, which you will find in the Child Benefit Savings And Loan Application Form

Make sure you let us know your 10 digit Child Benefit reference number. This will be on the notification letter or other papers you have from the Child Benefit Office.

Once we’ve received your 1st Child Benefit payment your loan will be processed and paid by BACS to your nominated bank account which can take up to 3 working days to clear.

*Child Benefit loans can be renewed after a minimum of 5 months.


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