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Rugby Credit Union Loans

Loans from £200 to £5000 are available to Credit Union members. You can become a member if you live or work in Warwickshire. You may be able to 'Join and Borrow' but please complete a membership application on the Joining Us page before requesting a loan.

Loan Example

Jon's car has broken down. He can't work without it, but he's already overdrawn this month!

A small loan of


Repaid over 12 months costs him


per week

Interest 3% per month on outstanding balance; total repayment £598 APR 42.6%

Loan Example

Layla wants to visit relatives abroad next summer.

She’s looking to borrow


and pay it off over two years.

As a payroll member of the Credit Union she can repay at


per month.

Interest 2% per month on the outstanding balance; total repayment £2,538 APR 26.8%

How do I apply for a loan?

Once you have become a member and if you are over 18 years old, you can apply for a loan.

  • Loan Applications can be completed online using the form on this page (below).
  • Alternatively download an application form, complete and email back to us.
  • Or call in to the office for a discrete chat with a loan officer.                      

Please ensure you complete and return the Budget Sheet with your Income & Expenditure.

The Loans Committee will look at your income & expenditure, credit checks, your previous savings and borrowing history to gauge your ability to repay before deciding whether or not to grant a loan. The maximum loan we provide is £5,000, repayable over 3 years.

You will normally be advised of the outcome within a few days, but in an emergency, we can provide a decision sooner. Your loan will normally be paid to you by cheque or by electronic bank transfer, but cash loans are possible in certain circumstances.

What happens if you get behind with your loan payments?

Initially, you will receive a telephone call or a warning letter, Because it's possible your bank has not processed a standing order payment, or there is some other explanation as to why your payment has not come through to us we need to know. Being a credit union we can be sympathetic if our members have a problem repaying a loan we ask them to come and see us so that we can find some way to help - for example, repaying the loan over a longer period. However, after sending you further warning letters we will take appropriate action through the courts if you do not respond.

How much will I pay back?

You can obtain a low-cost loan, with interest rates of between 1% & 3% per month added to the outstanding balance. The actual interest rate usually depends on the size of the loan and your track record with the Credit Union. Loyal members with a good savings & repayment record earn the lowest interest rates.

To see which rates apply go to current interest rates.

There are no hidden fees or transaction charges and no penalty for paying a loan off early. This is ideal for paying for holidays, cars, home improvements, Christmas presents, or make repayments on existing debts such as credit cards (larger loans may be repaid over a period up to 36 months).

To see an explanation of how the interest charges are calculated take a look at our page on interest rates.

Online Loan Application

Please COMPLETE ALL SECTIONS of this form. Failure to fully complete the form may result in rejection of the application.

Section 1 - Personal Details

Section 2 - Contact Details

Section 3 - Address Details

Please provide details of your Mortgage Provider or if a tenant, your Council, Landlord, Housing Association etc.

Max file size 10MB.
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*If applicable.

Section 4 - Employment Details

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We require copies of last 3 months payslips and bank statements for verification if applicable.

Section 5 - Loan and Savings Details

Please note that you are encouraged to continue making some payment into your savings account to enable us to look at larger loans in the future which often attract lower interest rates.

Section 6 - Paying your Loan to you

If approved, how would you like your payment made?

Section 7 - Budget Sheet

Completing this Budget Sheet will help both you and the Credit Union to check that you can afford to take out and repay your loan. If you have any difficulty understanding this form then please speak to a member of staff who will be happy to explain.

Please download and fill-in the Budget Sheet. Once complete, please save and upload the file using the button below.

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Section 8 - Personal Circumstances

If you are subject to any of the following, please tick the box and provide further information

Section 9 - Declaration

DECLARATION  (please read before ticking the confirmation below)

1) The information that I have given is to the best of my knowledge a true reflection of my financial circumstances and I understand that withholding or failing to disclose material facts could invalidate the loan and may constitute a criminal offence.

2) I understand that if I fail to repay this loan as agreed (default) I will be liable for the costs of recovery including legal costs, together with outstanding interest until the debt is cleared.

3) I understand that my savings may not begin to be withdrawn until such time as the amount of loan outstanding is less than the value of my savings.

4) I authorise Rugby Credit Union to share any information I have provided on this loan form with credit reference and debt recovery agencies and with relevant authorities such as the DWP. They will give us information about you to enable us to verify your identity, assess creditworthiness, manage your account, recover debts and prevent fraud. I understand that my personal information can continue to be shared with these agencies in accordance with the terms of Rugby Credit Union’s Privacy Policy.

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Document Downloads

You can choose to download a file in PDF format or in Microsoft Word.

Loan Calculator

This ABCUL loan calculator may help you gain an understanding of typical interest rates and repayment amounts.


This calculator is set at an average 2% per month interest rate. Your actual loan may vary from 1%-3% per month  depending on your personal circumstances and length of membership with Rugby Credit Union.