1. Your loan
a. Your current and future shares in your Member Savings Account, up to the value of your outstanding loan, are held as security against your loan. We may, except for loans secured entirely against savings and at our sole discretion, waive this obligation provided that at all times, there is retained in your Member Savings Account an amount equal to one Monthly Loan Repayment.
b. Your loan agreement will detail the following information:
a. Member number
b. Term of the agreement (in months)
c. Loan amount
d. Annual percentage rate (APR)
e. Total charge for credit (the total amount of interest charged on your loan)
f. Total amount payable (the total sum of the amount of your loan plus the total charge for credit).
2. Repayments
a. The amount you owe will change if, for example if you don't make payments in full and on time or you repay some or all of the loan early.
b. If you don't make payments in full and on time, you'll pay more interest overall. You'll normally have to make an additional payment at the end of the term to cover the increased cost (although you can pay it at any time and will pay less interest overall if you pay it sooner).
3. Annual percentage rate (APR)
a. The APR is the annual cost of a loan including interest and any other charge for credit, expressed as a percentage of the loan amount. As we don't charge fees on your loan, the APR is the same as the interest rate.
4. How and when your loan will be paid to you
a. When we've received and processed your signed electronic or paper form agreement (which may include carrying out credit checks and verifying your identity and the information you've provided in your application), we'll pay the loan into your chosen account.
b. If you've told us to use the loan to repay an existing loan with us, we'll do that first and pay any money left over to your chosen account.
c. If we receive your agreement before 1pm on a working day we will endeavour to pay your loan that day. Loan agreements received after 1pm will be paid the following working day. It is your responsibility to ensure that we hold your correct bank details. We accept no liability for delayed payments.
5. Overpayments and repaying your loan early
a. You can overpay your loan at any time. This will reduce the outstanding balance, so you'll pay less interest. The amount of your monthly repayment will stay the same, so you may also pay off your loan more quickly. This may reduce the Total Amount Payable.
b. You can also repay the full amount you owe at any time. There is no settlement fee for this.
c. Please note that any overpayments will be taken from your Member Savings Account. This may mean that overpayments to the loan will be restricted to the maximum permitted balance in your Member Savings Account or maximum deposit limits. This does not restrict your ability to repay the loan in full at any time.
d. If you wish to make an overpayment, or repay you loan in full, please call us on 0141 274 9933.
6. Failing to make your repayments on time
a. If you have difficulty making repayments you should contact us at paymentsupport@glasgowcu.com or call us on 0141 274 5409.
b. Not repaying us on time means that you'll have broken the terms of your agreement and one or more of the following may apply:
i. you may pay more interest overall;
ii. we may report your breach to credit reference agencies, debt recovery agencies, and the courts;
iii. you may find it more difficult to obtain credit in the future;
iv. we may use money on any other account you hold with us to reduce or repay the total amount you owe (including interest). We'll write to you before we do this and give you a reasonable opportunity to pay the outstanding balance;
v. we may end the agreement and require you to repay the full outstanding balance. We'll give you advance notice before we do this and a reasonable opportunity to bring your account up to date; and/or
vi. legal proceedings may be taken against you which could result in the debt being secured against any property you own;
vii. the total amount outstanding may immediately become repayable (unless agreement on payment mechanisms can be agreed between us);
viii. you may need to pay a fee of £20.00 if your direct debit returns unpaid;
ix. you may need to pay a fee of £20.00 if we have to issue a default notice.
7. When we can end your agreement and demand early payment
a. We may require you to repay the total amount you owe (including interest) immediately if:
i. any information we relied upon in giving you the loan was untrue;
ii. you repeatedly break the terms of this agreement, including failing to make the monthly repayments;
iii. there's an increased risk you won't be able to repay what you owe us, for example, because you've been declared bankrupt, you've entered into a voluntary arrangement with other people that you owe money to and/or adverse information has been registered against you with credit reference agencies;
iv. you no longer meet the conditions to remain a member of Glasgow Credit Union, are expelled as a member or terminate your membership; or
v. we're required to do this because of any legal or regulatory requirement.
b. We'll always act in a reasonable way when deciding whether to do this. In particular, we'll give you advance notice and a reasonable opportunity to fix the problem (unless it can't be fixed).
c. We may require you to pay our reasonable costs and expenses, including legal costs, if we have to take action to obtain payment.
8. General
a. Glasgow Credit Union reserves the right to refuse any application and to refuse a loan for certain purposes.
b. Applicants must be 18 years or older and be under 80 at the end of the loan term and must continue to meet our criteria for maintaining membership throughout the term of the loan including having the right to indefinitely remain in the UK and be domiciled solely in the United Kingdom for tax purposes.
c. Personal loans are covered by free Loan Protection insurance – Terms and Conditions apply.
d. The loan is for personal use only. You must not use your loan for business, investment or speculative purposes, as a bridging loan or a mortgage deposit or to purchase or retain an interest in land.
e. You must tell us immediately if you change your name or contact details or the personal details recorded on your account are not accurate.
f. If any part of this agreement is found to be unfair or unenforceable all other parts of the agreement will remain valid.
g. If we decide to temporarily relax the conditions of your agreement, we won't be prevented from enforcing our rights against you in full at any time.
h. We're authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Firm Reference Number 213558).
9. Data Protection
a. In compliance with the Data Protection Act 2018, you are entitled to a copy of all personal information we hold about you. You have the right to have any inaccurate data corrected. This does not incur any charge.
b. We may also disclose details of your account to individuals or organisations for the purposes registered by Glasgow Credit Union with the Data Protection Registrar. More information can be found on the Privacy Notice.
10. If you're not happy
a. We have a complaints procedure. For more information, or to make a complaint, please contact us on 0141 274 9933 or email us at: team@glasgowcu.com.
b. If you are not satisfied with the way we have dealt with your complaint you may refer it to the Financial Ombudsman Service. You can also refer your complaint to them first without giving us the opportunity to resolve it, but if you do this, they will only consider your complaint with our consent. The Financial Ombudsman Service provides a free, independent, complaint resolution service. Details about their service and how to refer a complaint to them can be found on their website at www.financial-ombudsman.org.uk
11. Right of withdrawal
a. You can withdraw from your agreement without giving a reason within 14 days starting the day after the loan has been paid into your chosen account. If you withdraw from your agreement, you must pay the balance outstanding on your account (we won't charge you any interest) within 30 days from when you tell us that you wish to withdraw. If you don't, we may recover the full balance as a debt through the courts. You can withdraw by phone on 0141 2749933 or by email to: team@glasgowcu.com.
12. Consolidation Loan
A member may only have 1 consolidation loan at any time.
Further advances may be available at the applicable interest rate dependant on the new total amount borrowed (cumulative total of outstanding balance and further advance).
Glasgow Credit Union hold no liability against the clearance of debts to other creditors. It is your responsibility to ensure your creditors have applied a consolidation loan payment to your debts for clearance.
Missing Payments towards this or any other loan with Glasgow Credit Union will affect your ability to borrow from us in the future and may make obtaining credit from other lenders more difficult.