A new loans scheme - Heart of England Money - has been set up with the aim of increasing the availability of affordable personal loans for people on low incomes via not-for-profit lenders such as Credit Unions. Rugby Credit Union is now a partner in Heart of England Money. This scheme widens the pool of people who are able to obtain loans. Some people who are not eligible for standard loans from banks or the Credit Union may be able to borrow through this scheme.
Typically this would be someone on a low income and no previous savings record with the credit union. Applicants attend an interview where their ability to repay is assessed, but the final decision rests with Heart of England Money. Ring 0845 6066216 for more information.

We hope to secure new RCU members for savings through processing Heart of England loans, so a further advantage is that people who demonstrate a good repayment record are more likely to be granted a credit union loan in the future.