We offer several loan products, in all cases you get:
- Sensible interest rates –with, in most cases, a maximum of 2% per month (26.8% APR).
- No hidden charges or unexpected penalties – for example, you can pay your loan off early without penalties if you are able to.
- Lower rates if you have a track record with us – once we know you we may be able to offer you a lower rate or a larger amount.
Standard loans are available up to a maximum of £2,000 at an interest rate of 2% a month (APR of 26.8%). You need to have been saving with us for at least three months. Larger loans of between £2,000 and up to £7,000 net are available at a monthly interest rate of 1% (12.7% APR).
- You need to have saved regularly with us for a minimum of three months – unless you join through your employer’s payroll or through a Family Loan, in which case you can borrow straightaway.
- The exact terms of the loan will depend on your circumstances. We will never lend more than we think you can repay.
If you join OCU through your Payroll Deductions or if you take out a Child Benefit Loan (by directing your Child Benefit to your OCU account), you may be able to borrow almost as soon as you join. In other cases, prudence requires us to be more restrictive in our lending criteria.
Child Benefit Loans
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 in 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 3-5 working days to clear.
Introductory loans (non-payroll) are in some limited circumstances made to new members following an enhanced credit check. These are high-risk for the credit union and are therefore limited to £500 and charged at a higher interest rate. As with all members, monthly saving will be required and once you have a track record the standard loan will become available to you.
Download an OCU Loan Application Form.