BAG is committed to access to low cost Loans
Interest on all Loans is set at a maximum of 1% per month. We do not discriminate, you do not have to be employed or own your home ro apply for a Loan.
How Can I Apply for a Loan?
If you are not yet a member with us, you must first join by completing the application form provided by the credit union and providing us with 2 forms of identity i.e. a passport or driving license with photo ID and a utility bill with your home address on. If you cannot provide these please call the office on 01443 838605 for further information. Or you can apply online
Once you have been a member saving regularly for 13 weeks or 3 months then you can apply for up to double your shares i.e. if you have saved £100 then you could apply for a loan of up to £200
Your first loan must be repaid within 52 weeks or 12 months
What Can I Apply For?
We welcome loan applications for any purpose, which will be assessed on an individual basis, subject to ability to repay. Loan applicants must be aged 18 or over. If you already have a loan with us, you will need to repay at least 50% of your current loan before you can apply for a top-up loan
Do I Need to Save Before Applying?
Yes BAG Credit Union is a capacity based credit union, you must save for at least 13 weeks before applying for a loan with us.
How Much Can I Borrow?
We offer loans of up to £10,000 if you have £5,000 savings with us. We are a responsible lender, and we always advise that you apply for an amount that you are confident you are able to repay. For loans we routinely carry out credit checks to help us in our decisions, although we do not base our decisions on a credit score.
What Supporting Information Do I Need to Provide?
Whether you apply online or submit an application by post, we will need the following supporting information to process your application:
In some circumstances, we may need to ask you for additional supporting information to help us to assess your individual loan.
How Long Will It Take to Assess My Loan?
Our target is to make loan decisions within 10 working days of receiving loan applications. During non-peak times, we usually make a decision within a week of receiving a loan application and all supporting information needed.
How Can I Receive My Loan?
After your loan has been approved, you will need to sign a Loan Agreement and a payment will then be scheduled. You can receive the money in a number of ways:
Please indicate your preferred choice on the loan application.
How Can I Repay My Loan?
You can repay your loan in the same way as you make deposits into your savings. This can be through payroll deduction or standing order. If you do not have a bank account, you can pay at any Paypoint outlet using a payment card, or at any of our local collection points, or at any of the Caerphilly County Borough Cash Offices..
What About Repayment Periods?
Loans can be repaid over a period of up to 3 years (36 months), depending on circumstances and the value of the loan. When applying for a loan, you have the option to choose either weekly or monthly loan repayments.
Remember you first loan must be repaid within 12 months.
What About My Savings?
We ask that all our members save along with their loan repayment. We also require that you maintain your savings (up to the value of your outstanding loan) in your account until your loan is repaid.
How Much Will it Cost to Borrow?
Members can use our loans calculator in the Members' Area of our website to find out how much it will cost to borrow a loan with us. Please note that this calculator is based on our standard loan rates.
Anything Else I Need to Know?
For more information, and iIf you have any other queries, please contact us directly and we will be happy to help.