Product Features

• Total borrowing up to £25,000, with payments spread over up to seven years
• Continue to save while repaying the loan
• Pay off your loan early without any penalty fee

Eligibility

• To be eligible to apply for an Unsecured Loan, the balance in your Regular Savings Account must at least equal the cost of one monthly loan repayment of your total borrowing PLUS £5 (which is the minimum shareholding).
• New members can apply for a first loan after just one monthly or four weekly payments to their savings account.
• As long as you can afford the repayments for your total borrowing, you can apply for further borrowing three months after your last loan application.
• 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

Unsecured Loans are for members who need to apply for more than their current savings.

While repaying such a loan you are required to maintain a sum at least equivalent to one month’s loan repayment in your Regular Savings Account – AND continue saving a minimum of £10 per month.

Our handy online loan calculator tool gives lets you check rates out for yourself. Simply slide to the amount you intend to borrow, and how long you want the loan to run, and you can easily try out various repayment scenarios. This facility can also be used to check out credit union rates against other lenders. Remember to include any existing borrowing to find your total repayments. 

To apply for an unsecured loan online, log in 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.

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 loan agreement. Interest is calculated daily and in arrears, then charged to your loan account monthly. Interest is calculated on a decreasing balance.

Our current unsecured loan rates are: 9.4% APR for amounts between £5001 and £25,000; 12.7% APR for loans between £2001 and £5000 - and 19.6%APR for sums up to £2000.

Repayment Information

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

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 (up to a maximum of £15,000) 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.

With effect from 1st June, 2015, the relevant protection scheme details for Unsecured Loans are:

Age when loan taken out - 18-79

Loan Term Limit - 7 Years

Limit of loan protected - £15,000

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

To apply for an Unsecured 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.