Premium Loan

This loan offers unbeatable value, with an interest rate of only 0.8% per month payable on the reducing balance. This is equivalent to 10.03% APR.

It is available if you are saving with us through your employer or have been a member with the North London Credit Union for three years or more. Loans are given in both cases subject to a satisfactory credit report being available.

For a list of employers operating a Payroll Deduction Scheme with us please click here.

You may apply to borrow any amount up to £10,000.

To check on what the repayments would be on a Premium Loan please contact us.

Interest on members’ loans is charged on the reducing balance. There are no charges whatsoever, and no fees for early repayment. All loans are insured. For details of the insurance please click here.

You will be expected to continue to save at least £10 a month whilst your loan is outstanding.

For information on how to apply for a loan click here.