GMB Credit Union
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Tel: 0161 486 1777 Email:

Loans Loan Terms and Conditions

Our Personal Loans... Terms and Conditions

  • If you are a GMB member you can apply for a loan you do not need to save before you borrow
  • Members must be 18 years of age or over to apply for a loan. Loan applications must be in writing on the agreed loan application form
  • Members are expected to save during a loan agreement with the minimum savings being £2.50 weekly or £5.00 monthly
  • We have the discretion to introduce a lending ceiling for households which have multiple individual Credit Union memberships
  • We reserve the right to set off any household member or junior savings accounts against any outstanding loan for a member of that household
  • We reserve the right to restrict all savings withdrawals during the repayment period of a member loan.
  • We have the right to request additional information to support loan applications. This information can include copies of payslips and bank statements etc.
  • We will make searches about you at credit reference agency
  • Members can deposit additional funds at any time to support a loan. However these funds will be secured against the loan until it is repaid
  • Members who wish to top up their loan must have complied with the terms of their previous loan. We reserve the right to restrict the number of top up loans in any one year to a maximum of four
  • Loans for annual events such as holidays, season tickets should normally be repaid over 12 months
  • Should a member experience difficulties in making their regular loan repayments they should immediately notify the Credit Union who will treat the situation sympathetically and in strict confidence
  • Life cover has an upper limit of 70. For clarification members who are 70 or over when they apply for a loan will not be eligible for life cover on their loans
  • We reserve the right to offer members promotional loans. Terms and conditions will apply to these promotions
  • Members have the right to appeal in writing against a loan decision to the Credit Union Board who's decision is final
  • By law credit unions cannot charge more that 3% per month (42.6%) on the reducing loan balance. Our loan policy is subject to change by the Credit Union Board. Members will be advised of any changes
  • The interest rate applicable will depend on individual circumstances and the loan amount.
Contact Us
  • Tel: 0161 486 1777
  • Fax: 0161 486 9909
  • Email:
  • Web:
  • Address: Sinclair House, 11 Station Road, Cheadle Hulme, Cheshire, SK8 5AF
GMB Credit Union is the trading name of Thorne Credit Union Ltd which is authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Firm reference number 213550