Assessing a loan is a complex business. Your Credit Union needs to follow a strict approach as required down by our regulators, the Financial Conduct Authority and Prudential Regulation Authority.

Loan assessments can take some time. Therefore, always allow 5 working days (i.e. one week) for a loan decision, especially during busy periods. During October to December, loans take 10 working days (i.e. two weeks).

Our assessment includes a thorough affordability check to ensure that the loan repayments can be met.

We’ll also look at your history of borrowing, including with the Credit Union.

During this assessment, we may also ask you to provide additional documentation, such as bank statements, identification or payslips

You can provide access to your banking information using Open Banking; this is always the quickest way.

Once we’ve completed our assessment, we’ll let you know.

Please do not contact us for a progress update until after 10 days has passed. Doing so will take time away from assessment, and this is likely to delay the loan decision.
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