Frequently Asked Questions

Credit Union loans are designed to provide responsible, affordable borrowing with a personal approach. As a not-for-profit organisation, Harp and Crown Credit Union puts members before profits, offering competitive rates, transparent repayments, and decisions based on individual circumstances. With us, what you see is what you get – the rate you apply for is the rate you receive. Some banks and other lenders may advertise a headline rate that can change during the application process.

Yes. You can repay your loan early with no penalty or settlement fees charged ever.  

Credit Union loans can be used for a wide range of purposes, including buying your first car, home improvements, holidays, weddings, education costs, unexpected expenses, debt consolidation (where appropriate). If you're unsure which loan is right for you, our team will be happy to help.

Credit Unions may carry out credit checks as part of the loan application process. However, we do not make decisions based solely on your credit score. We consider your overall financial circumstances and affordability to ensure any borrowing is suitable for you.

Having a poor credit history does not automatically mean your application will be declined. Every loan application is assessed individually, considering your overall financial circumstances, affordability and ability to repay. Responsible lending is always our priority.

Depending on your circumstances, we may ask you to provide additional information to support your loan application. This may include recent bank statements, proof of income, details of regular outgoings or other documents that help us assess affordability. As a responsible lender, we have a duty to ensure members only borrow what they can comfortably afford to repay. Reviewing this information helps us understand your financial circumstances and make a responsible lending decision. If we request additional information, this does not mean your application has been declined — it simply allows us to assess your application fully and ensure the loan is suitable for you.

Most of our loan products allow you to apply for up to five times your savings balance, up to a maximum loan of £35,000 (Ts/C apply). Example:  if you have £1000 in savings, you are eligible to apply for a loan of up to £5000.  With the **exception** of our Loyal Saver Loan (3.9% APR) whereby 100% of the loan balance is locked in against your savings.  We also offer options to borrow without the usual share requirement such as our Flexi-Loan whereby you can apply for an amount between £500 - £3,000 (no pledged shares required), and New Signature loan where you can apply for an amount between £5,000 - £15,000 (initial 20% pledged shares not required). Ts/Cs apply.

Existing borrowers may be able to apply to top up their loan, subject to our lending criteria and affordability assessment. The interest rate and repayment terms will depend on the loan product and your individual circumstances. Please contact us for advice before applying.

We don't offer payment breaks for loans however we can provide other options to help.

1. Complete a financial summary form outlining your circumstances so that we can investigate whether a "refinanced loan" may be the best option for you.

2. Members who have a loan with us may withdraw their shares down to their ‘Pledged Share limit’. In all cases members may withdraw shares in excess of their outstanding loan amount. We would urge those who may be considering a ‘Top-up’ loan in the near future to take into account the 5 to 1 loan to share ratio required for future borrowing.

Email creditunion@harpandcrown.co.uk or phone 028 9068 5198.

There are a variety of reasons why your application may need further information. It may be the size of the loan, a recent missed payment, you’re not registered on the electoral roll at your given address or something else which raises a flag on your application. Please remember that it is your opportunity to give your side of the story and we want to help you.  If you want to consolidate your credit card debt, don’t put the loan application reason down as ‘Home Improvements’.  We would rather lend to consolidate your debt than assume this is additional lending for a new sunroom.

Around 95% of our loan applications are approved and issued same day.  The process is now much quicker when applying via our Online Banking App.

We adhere to responsible lending guidelines. This means we have a duty to ensure members only borrow what they can afford.  Having sight of bank statements provides reassurance that members are remaining within reasonable credit limits.

The quickest way to apply is through our Online Banking App, where you can complete and submit your application securely. Alternatively, you can complete a paper application form and return it by email or post. Applications received outside normal office hours will be processed on the next working day.