If you’re juggling multiple debts such as credit cards, personal loans and store cards, you might want to think about consolidating them into one monthly payment with a consolidation loan.
Enter the details of your existing debts into our calculator and see how much you could save with our award-winning consolidation loan. Loans are exclusive to members, who must save at least £10 per month together with their loan repayment.
Credit Card Minimum Repayment
Only making the minimum repayment to your credit card each month can have a huge impact on the length of time it will take to clear your balance.
Did you know that it would take you 21 years and 7 months to repay a balance of £1,500 on a credit card with a typical interest rate of 17.9% if you were only to make the minimum payment every month?
The faster you repay the balance, the less interest you will pay.
Glasgow Credit Union does not offer advice on debt consolidation loans. Free independent advice on consolidating debts can be found through the Money Advice Service.
You will receive a confirmation email on completion of your loan application. In some cases, we may need to ask you for more information to help us make a decision.
A consolidation loan isn’t for everyone. It may mean repaying the debt over a longer period. As a responsible lender, we encourage members consolidating their debts to close the accounts with existing lenders, to avoid building up debt again.
Please check first that you are eligible to apply:
You are aged 18 or over
You have a UK bank account in your own or joint names
You are a permanent UK resident
You have never been bankrupt or had a Court Decree
To complete your application you will need:
Your current employer's address details
Details of monthly income and outgoings
Bank or building society details (sort code and account number)
To enable us to make a decision on your loan application we will contact Credit Referencing & Fraud Prevention Agencies. This will register a search against your credit record and if your application is successful we will share the information we hold for you with these agencies. Further details are available in our Privacy Notice
It is important that you read the Privacy Notice document above. If there is anything that you do not understand, please contact us.
Please be aware that the longer you take to pay back a loan, the more you will pay back in interest. If you go for a shorter term your monthly repayment might go up, but you'll save in interest and pay back your loan faster.