Forres Area Credit Union Loans


Loan Applications

The Credit Union will consider loan applications from members for any worthwhile purpose.

Applications for loans are made on a loan application form. A promissory note also needs to be completed.  (See below) Loans can be applied for by calling to our office or by telephone request or by downloading and completing the loan application form and taking it to the office. Our staff and volunteers will give you any assistance required. Loans will either be granted by the Loans officer or will be considered at the weekly Credit Committee meetings.

What you need when applying for a loan.

In deciding whether or not to give out a loan the Loan Officer or Credit Committee will take into account the member’s record of saving as well as the ability to repay. For first time loans, evidence of income and expenditure will be required. This may also be asked for in the case of top up loans. Once the loan is granted the member will be asked to complete a promissory form which is a legally binding document being a promise to repay the loan and to commit to regular repayments.

Remember only members may borrow from the Credit Union


Planning and managing repayments

The member will be advised on the best repayment plan to meet their own circumstances. Should a member experience difficulties in meeting repayment commitments they should immediately contact the Credit Union office and explain their difficulties and every effort will be made to assist the member.

Interest on Credit Union loans

Credit Unions do not charge fees or transaction charges. Visit our loan calculator to see how reasonable a Credit Union loan could be. Since the interest is charged only on the outstanding balance of the loan, you will pay even less if the loan is repaid in a shorter period of time.

Loan Protection Insurance

fscs_banner_500x300Loan Protection Insurance is the insurance cover that the Credit Union provides on the loans of its borrowing members. Should an insured borrower die the insurance cover provides that the loan is repaid in full


From June 2017 Forres Area Credit Union has agreed to implement new rates of interest on loans.

The new interest rates are on the reducing balance as follows:

For the total loan of 
Monthly interest on reducing balance
Annual Percentage
Rate (APR)
Up to £750
£750 – £1500
Over £1500
Secure Loan

Payroll deduction loans will be charged at 1% on the reducing balance at 12.68%APR

Loan Calculator