Loan FAQs

Can anyone get a loan?

Portadown Credit Union offer loans to all their members. Not a member? If you work or live within our common bond area, you can become one here. Its quick and easy.


What age can I take a loan out?

We offer loans to our members from 18 years old.


What is the maximum I can borrow?

We offer loans up to £60,000.


I already have a loan out. Can I take a second one?

Portadown Credit Union don’t issue two loans separately. We can however add onto your current loan which just means it’s one repayment instead of two.


What is a secured loan?

A secured loan allows you to apply for a loan up to 90% of your savings. Portadown Credit Union will freeze the amount you owe in your savings until the loan is paid off.


How can I get a loan?

You can come into our office (26 Market Street, Portadown) or phone us on 028 3833 5104 and book a loan appointment with one of our dedicated loan officers at a time that suits you. You can also apply via our app (downloaded here) and upload all supporting documentation required.


Can I repay my loan early?

Yes, you can repay your loan in full or make additional payments at any time without penalty.  The interest on your loan is calculated daily on your reducing loan balance and so, as your loan balance decreases, the amount of interest due also decreases.


What methods can I repay my loan?

You can pay off your loan in a number of ways such as call into the office (26 Market Street, Portadown), cash, cheque or debit card, ring us on  028 3833 5104 or simply set up a standing order.


Do I need savings to borrow?

Here at Portadown Credit Union, we actively encourage our members to save however the amount of loan granted isn’t determined on your savings balance.


What documents do I need to bring to my loan appointment?

When you make your loan appointment, the loan officer will inform you on everything you need. We typically need the following supporting information to process your application:

  • Valid Photographic ID
    • Current EU or UK Photo Card Driving License (full or provisional)

    • EU Member State Identity Card

    • Current valid signed Passport

    • Provisional valid UK Driving License (photograph version only)

    • Northern Ireland Electoral Identity Card

    • DRD Senior Citizen Smart Pass

    • 60+ Smart Pass

  • Address verification (dated within past 3 months)
    • Utility Bill less than 3 months old including Gas / Electricity / Telephone (not mobile) / Water

    • Rates Bill / Payment

    • Bank or Building Society statement

    • Mortgage statement

    • Local Council / Housing Association rent card or tenancy agreement

    • State Benefit Book (pension / disability / child benefit)

    • Letter confirming eligibility to State benefit which is paid into a bank,

    • Valid UK firearms Certificate including photograph

  • 3 months bank statements
  • Any further documentation you think may support your application

In some circumstances, we may need to ask you for additional supporting information to help us to assess your individual loan.


When will I know if my loan has been approved?

Portadown Credit Union aim to approve in person loan applications same day and aim to access online loan applications next working day.


How can I receive my loan?

After your loan has been approved, you will need to sign a Loan Agreement.  You can receive the money in a number of ways:

  • By faster payment transfer to your bank or building society.
  • By cheque- can be collected from the office.
  • By cash- limited to £500.


How much will it cost to borrow?

Members can use our loan calculator to find out how much interest they will pay alongside their loan.