Consolidation Loans

Our consolidation loans offer:

  • Fixed repayments for the life of your loan paid back over 12 to 84 months with no early repayment charges.
  • The ability to check your loan using online, Mobile App and Telephone banking or by visiting our office, with a loan statement available anytime on request.
  • Members with CCJ's or defaulted accounts the ability to apply, providing that they are managed as part of the consolidation process - That's the Credit Union difference!

Consolidation Loans

If you've got balances on store cards and credit cards or even overdrafts and loans, you might be making a number of repayments throughout the month at a number of different rates. A Commsave consolidation loan could help you consolidate your debts into one repayment at a fixed rate.

Available to new and existing members, the benefits of our consolidation loans include:

  • Simplifying your repayments with one amount.
  • Saving you money if your new loan is a lower rate than your existing rates.
  • No limit to the number of debts you can consolidate, however if you are consolidating one of your other Commsave Loans, you must also be consolidating at least one other debt.
  • Once approved, the loan will be paid directly to the people you owe on your behalf, and a statement will be sent to you confirming the repayments made.
  • No requirement to have any current savings with us, however all members are required to continue saving with us at a minimum of £2 per week or £10 per month.
  • Clear and transparent rates of 9.4% APR on loans paid via payroll deduction and 10.5% APR for those using other payment methods, from £1,000 to £25,000 over a maximum of 7 years.
  • Cover from our Free Bereavement Fund, ensuring complete peace of mind without the added expense.

When considering debt consolidation, it's important to consider which one of the following is the most important to you:

  • Reducing the overall cost of borrowing
  • Lowering your monthly repayments
  • Putting all of your existing debts into one monthly or weekly payment for convenience

Commsave can't guarantee that these options will reduce your overall cost of borrowing. You need to consider the interest rates you're currently paying and compare these with a Commsave Consolidation loan, taking into consideration any other product benefits you may have.

It is not possible to apply for top-up consolidation loans.

* Loans are allocated at the discretion of the loans officers and are subject to terms and conditions set out in our loans policy.

Before you apply

You will need:

  • Your last full one month's bank statement
  • Your last four week's/one month's payslips or proof of income
  • A statement detailing the settlement figure of each of your debts
  • An official document including the sort code and account number in order to pay each of your debts
Apply now
Consolidation Loan Calculator
Who you owe
Remaining Balance (£)
APR (%)
Monthly Repayment (£)
Total repayable
---
---
and pay it off over ---
Our Monthly Repayment:---
Total Amount Repayable:---
Representative APR:---

You may pay £500 more per month

It may cost you £2000 more interest over the loan

At the Credit Union members' savings are pooled to provide the funds to pay out loans. In order to ensure that there is always enough funds members are asked to continue saving whilst repaying a loan, and they must keep one third of the outstanding loan balance in savings at all times. This also ensures that your savings grow throughout your loan repayment term - and remember you get the added benefit that at the Credit Union members receive inclusive bereavement again on all savings and loans.

* Loans are allocated at the discretion of the loans officers and are subject to terms and conditions set out in our loans policy.