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Loans - FAQ

Frequently asked questions

Who can apply for a loan?

To apply for a loan, you must live or work within our common bond and be aged 18 or over and be a member of Kent Savers. To borrow, your income must be more than £125 per week. We assess each application on an individual basis, and will consider applicants on low incomes and those who are unemployed.  We will take into account a variety of factors when assessing your application including income, expenditure, a credit check, and whether we think the loan is affordable for you.

Do you use credit reference agencies?

We will assess people’s application for credit using Experian. If a search reveals something that you have not declared on your application, we will decline your application. 

Can I apply for a loan if I have a poor credit history?

Your credit history is essentially information about the past.  The important thing to consider is what is happening NOW.  Do you have sufficient income to cover your current commitments?  Have you put in place a repayment plan and started to make repayments to the people you owe money to?  If you can say YES to both these questions then you may be able to get a loan.

How much can I borrow?

This will depend on how much the credit union thinks you can afford. If your income is between £125 and £250 per week, the maximum first loan is usually £500. If your income is more than £250 per week then a loan could be up to £5,000. If you wanted to apply for the maximum loan then your income must be more than £25,000 per year. If you are approved for a loan and you make your payments on time, in certain circumstances a “top-up” will be granted i.e. the credit union will lend you more money. Our loans officer will be pleased to discuss this with you.

How much interest do you charge?

Representative examples are shown on our loans page. Visit for a quote.

Why have I been turned down for a loan?

If you have been turned down for a loan it is likely to be for one or more of the following reasons:

  • You already owe a lot of money to other lenders
  • You cannot afford the repayments for the loan you have applied for
  • You are not taking responsibility for previous bad debt

If you are financially over stretched, getting another loan might not be the best course of action as it will add to the pressure.  The Money Advice Service gives good advice on what you can do next.  The local Citizens Advice Bureau may be able to help you look through your finances to see if there are any additional benefits available to you or expenses you can reduce or eliminate.

What is ‘free loan protection insurance’?

In the event of your death, your credit union loan balance is paid off by this insurance. Loans in arrears are not covered by this insurance. Click here for full terms and conditions.

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Kent Savers Credit Union Tel: 0333 321 9050 Email: Web:
Kent Savers Credit Union is authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation and Financial Conduct Authorities - Firm No. 503258