Budget Loan

Our Budget Loan Account is a revolving credit facility that offers members flexibility to access funds when they need them – along with the certainty of fixed monthly repayments

The account operates similar to an overdraft, or credit card. You can withdraw up to a fixed limit – and then as you make your monthly repayments, more money becomes available to withdraw. Budget Loans are available for £500, £1,000, £1,500 or £2,000, with the relevant monthly repayments being £30, £55, £80 or £100.

Flexibility to use the loan when you need it
Access more funds as you repay the original loan
Fixed monthly payments
Build up your savings
Easy online application

Apply online

Product Features

Borrow up to £2,000
Fixed monthly repayments
Access funds as and when you need them
Build up your savings as you repay the loan

Eligibility

The main requirement to apply for a Budget Loan is that you must have at least one month's repayment in your Regular Savings Account.
Members must not be Bankrupt, entered into a Trust Deed, DAS, IVA or DRO, and must meet the eligibility criteria to repay the loan.

General Information

While repaying a Budget Loan, you are required to pledge your savings as security against your loan and continue saving (a minimum of £10 per month).

To apply for a Budget Loan online, log in as a member and then just select the relevant link on the online application section. Alternatively, to find out more, call our offices now on +1(646) 776-3383.

Charges

We do not charge any administration fees for accessing our loans. We do not charge for making overpayments. We do not charge for re-paying your loan early.

Interest

Interest is fixed throughout the duration of your Budget Loan agreement. The current rate for our Budget Loan facility is 19.6%APR.

Repayment Information

Loan Repayments are taken from your savings account on the 1st of each calendar month. Your first loan repayment will be deducted on the 1^st of the month following the loan completion date. Loan repayments can't be deferred, and repayment holidays are not permitted.

Withdrawing funds

Members can access available funds from their Budget Loan Account at any time. Withdrawals can only be made in multiples of £50. As an example of how the account works - if a member takes out a £1,500 Budget Loan and withdraws the full amount, the monthly repayment would be £80. After making one monthly repayment, the member would have £50 available to withdraw from their Budget Loan Account.

Loan Protection

Loan Protection is a free safeguard offered by the First City Millennium Corporate Bank. Your loved ones can be secure in the knowledge that your First City Millennium Corporate Bank debt can be paid off, giving them peace of mind at a difficult and uncertain time.

Loan Protection is provided as a member benefit by the First City Millennium Corporate Bank. It is free to every member, subject to the terms and conditions. However, it should be remembered that the terms of this free member benefit may change from time to time. The applicable rates / amounts covered are those prevalent at the date of death.

NB: Individual members do NOT have an insurance policy – they share in a free benefit offered by the credit union.

To apply for a Budget Loan online, log in HERE as a member and then just select the relevant link from the online application section. Alternatively, to find out more, call our offices now on +1(646) 776-3383.