How do NESCU rates compare to others?

Compared to home credit companies, our interest rate (12.68% APR) is much, much lower.

Don’t just take our word for it. This independent website compares companies offering loans in your area, showing the big difference between the costs of others’ loans and ours.

How do I qualify for a NESCU loan?

You need to save with us for a while first. We normally ask you to make eight weekly (or three monthly) payments, so we can see a regular saving pattern.

Once you’ve done this, you may qualify.

How much can I borrow?

Up to three times your savings.

Plus, no amount is too small – we never encourage you take a bigger loan than you want or can afford.

How do I apply?

Please fill in a loan application form (you can download this, or get it from any of our offices). Include two current pay slips and your updated NESCU budget planner.

You can either email or post this to our main office, or hand it in at a NESCU Service Point.

How much do NESCU loans cost?

Our interest rate is a competitive 12.68% APR (1%) on most loans.

And importantly, there’s NO arrangement fee.

What if I want to repay my loan early?

Fantastic!

We won’t charge you anything extra for this, unlike some companies. There’s NO early repayment charge.

Can I withdraw savings when I still have a loan?

Only if you’ve saved more than the amount you need to repay on your loan.

However, we’re a responsible lender, always willing to discuss your needs. If there are special reasons, we may let you withdraw some money – to a level where your savings and loan balance are equal.

The reason behind this? Your savings are ‘security’ for the loan. (Including savings made after the loan begins.) You agree to this when you sign a loan agreement. Without that security, the basis on which we run our business for all our members is weakened.

How does NESCU work out the interest?

Unlike other financial service providers, we calculate interest on the amount you owe daily. In the long-term, this means you pay less interest and your savings continue to grow.

Does NESCU offer mortgages?

Sorry, not at the moment.