Community Fund Loan

Community Fund Loans

Low cost loans at affordable rates

Here at Just Credit Union we know that sometimes the unexpected can happen, so whether it's a replacement washing machine, car repairs or a broken boiler, we can help. You can apply to borrow up to £1,200 (£600 maximum for a first loan) with repayments over 52 weeks. Top up loans are also available after 3 months and when you take out a loan from Just you also benefit from FREE loan protection insurance to pay off the loan in the event of your death. You can also have peace of mind with our personal loans which have gained a 5 Star rating awarded by the Fairbanking Foundation.

  • Borrow between £100 and £1,200 (subject to status)
  • 42.6% APR
  • Weekly, fortnightly, 4 weekly or monthly repayments
  • Loan period 3-12 months
  • No hidden charges, arrangement fees or early repayment penalties
  • FREE loan protection insurance (conditions may apply)
  • Top up loans after 3 months
  • Quick decision available

5-Star Fairbanking Mark

The Fairbanking Foundation® is a charity (not-for-profit) organisation that encourages banking products that help customers to improve their financial health and well-being.

Find out more about the 5-Star Fairbanking Mark and what you can expect with a Community Loan from Just Credit Union.

Just is a responsible lender who will only lend you what you can afford to repay so all our loans are subject to status and based on an applicant's ability to afford the repayments. 

To apply for a loan you will need to:

  • Be aged 18-65
  • Be eligible to join Just Credit Union if you are not already a member
  • Have a minimum income of £125 per week

Step 1: Complete the online application form or alternatively download, complete and return a printed copy of the application form to our office.

Step 2: Provide your address details for the last 3 years, employment information and details of your income and outgoings.

Important Information:

  • If this is your first loan from Just Credit Union, the maximum you will be able to borrow from us will be £600.
  • Just Credit Union encourages members to save as they borrow.  If you want to take out a loan we will agree an affordable repayment plan and add a small sum which will be saved, so as you repay your loan you continue to save.

Community Fund Loans

  • You must be aged 18 years or more and a member of Just to borrow from the credit union.
  • Members may apply for a loan at the same time that they join. The minimum amount they can borrow is £100 for a Community Fund Loan. The maximum amount is £600 for a first loan and up to £1,200 for subsequent lending subject to status. The amount members are able to borrow is assessed on their ability to afford the repayments based on their income and expenditure.
  • Just Credit Union does not guarantee to grant the loan amount requested. All loans are assessed on their own merits and subject to affordability.
    The maximum repayment period for Community Fund loans is 52 weeks. The actual maximum repayment period will vary according to the type and size of loan applied for.
  • Loans are covered by FREE loan protection insurance up to the age of 70 and will be repaid in full. Loans made by members over the age of 70 are not covered by FREE loan protection insurance.
  • Top ups to an existing loan will only be considered 3 months after any previous loan has been approved.
  • Under the Distance Marketing Directive members have the right to cancel a loan agreement within 14 days by informing the credit union and returning the money borrowed in full.
  • Members who have taken out a loan with Just Credit Union must, as a measure of security, keep a minimum of 4 weeks or 1 month’s loan repayment in their savings account. Members who have taken out a loan and do not have sufficient security in their accounts will not be permitted to withdraw funds from their account until the relevant level of savings is reached.
  • Loan repayments can be increased if requested without any penalty. It may also be possible to reduce loan repayments under certain circumstances.
  • Before a member can close their account and end their membership of Just Credit Union all outstanding loans must be repaid in full.

Interest charges

  • The maximum rate that Just Credit Union may charge on your loan account is 3% per calendar month on the reducing balance of the loan (42.6% APR).
  • Interest is calculated daily on the reducing balance of your loan.

Defaults

  • We may use any balances held in a member’s savings account to reduce or repay any loan held by them that falls into default. We will notify members that this may happen and give them the opportunity to make the necessary repayments.
  • We may share details of how members manage their borrowing from us with Credit Reference Agencies (CRAs). We may register the default of members who fail to respond to default notices sent by Just Credit Union with CRAs. The registration of a default notice may affect their ability to obtain further credit.
  • Just Credit Union will take all necessary steps, including legal action, to recover loans in default. If members fail to respond to default notices sent by Just Credit Union we will pass the debt to a debt recovery agency.
  • Failure to respond to the debt collection agency may result in court action being taken to recover the money owed.