Credit Union for Savings and Affordable Loans

Trinity Centre volunteers (wo)man a branch of Lincolnshire Credit Union  every Wednesday morning.  The Credit Union is a financial cooperative owned and controlled by our members - everyone who saves or borrows.

Lincolnshire Credit Union Ltd.is:

• Authorised and regulated by The Financial Services Authority (FSA).
• Protected by The Financial Services Compensation Scheme (FSCS)
• A member of The Financial Ombudsmans Scheme, and
• A member of The Association of British Credit Unions Ltd (ABCUL)

By encouraging the savings habit we hope to provide individuals with some degree of financial security for the future. As a member you can open up to three Share Accounts - possibly one for regular savings and 'pots' for, say, a special occasion or for annual bills such as income tax for someone who is self-employed.

Save what you want (subject to a maximum of £10,000), when you want, make withdrawals whenever you want, and the majority of savers will qualify for free life assurance. You will receive a dividend on your savings once a year which currently compares favourably with interest rates on instant access bank or building society accounts. 

Regular savers may be eligible for an Equity loan at lower interest rates.  Saving with a Credit Union helps the local community.

We provide affordable personal loans to our members. Unlike most other lenders, our lending criteria are based on your ability to repay rather than your past credit history. All loans are subject to status and approval and are only available to members of the credit union who are over 18 years of age.

There are no arrangement fees or penalties for early repayment. One of these loans can help to repair a poor credit history.

You should only apply for a loan if you are confident you will be able to afford the repayments. You will need to demonstrate that the the budget you provide with your application is accurate and realistic. 

We offer 3 types of loan:

Equity Loan

Interest rate: 1% per month (12.68% APR)

Amount: £100 - £5,000

You may be eligible for an Equity Loan if you have been a regular saver for 12 weeks. The loan can be for up to twice the value of your shares (savings). The amount of the regular savings for new members must be euqal to or more than the amount of the loan repayment. The repayment period may be up to 5 years, depending on the purpose and amount of the loan.

Freedom Loan

Interest rate: 2% per month (26.8% APR)

Amount: £100 - £2999

Available to all members. Repayable over up to 3 years subject to the purpose and amount of the loan.

Ethical Loan

Interest rate: 1.5% per month (19.6% APR)

Amount: £3,000 - £5,000

Available to all members. Repayable over up to 5 years subject to the purpose of the loan.