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Tel: 01224 576990 Fax: 01224 210132 Email:

21 August 2017
Low Income Loans

The lack of affordable credit for people on low incomes has long been a source of concern, as such people are often forced to turn to high cost doorstep lenders and even illegal loan sharks. Grampian Credit Union is pleased to be able to offer loans to those on benefits.

First Loan amounts

  • If you are in receipt of less than £100.00 per week you are not eligible to apply for a loan.
  • If you are in receipt of more than £100.00 per week you can apply for a loan of up to £250.00 repayable at £12.00 per week.

Typical Repayments 

  • £250.00 - 26weeks - £12.00 per week (£10.23 loan repayment - £1.77 into memberís savings)
  • £500.00 - 33 weeks - £18.00 per week (£16.37 loan repayment - £1.63 into memberís savings)

How to Apply

New members must provide:

  • Proof of identity or two utility bills with their name and address on them.
  • One months bank statement
  • Full proof of all benefits received

Repayment method

Generally, we take all of your chosen benefit (usually the smallest one). Once the loan repayment has been deducted the remaining benefit can be paid back to you:

  • Through a BACS payment if you have a bank account
  • Using the pre-paid engage card account
  • By collecting a cheque from Grampian Credit Union Ltd Office.  This must be done in person by the account holder.  3rd party cheques are not permitted.

Members may also choose to keep the additional amount in their credit union account and build savings. Some members may pay their repayments through Direct Debit if their only income is their pension for instance.

Applying for a top-up

Members can not apply for a top-up until they have met the condition on their last loan. First loans will all have the condition that one half of the loan must be repaid over half the loan period before a top-up loan could be considered.


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Grampian Credit Union Tel: 01224 576990 Fax: 01224 210132 Email: Web:
Authorised by the Prudential Regulation Authority & regulated by the Financial Conduct Authority & the Prudential Regulation Authority. Firm Reference no. 213701