In order to apply for a loan, you must be a member of the Credit Union and have shown that you can save regularly for at least three months

The maximum amount you can borrow initially is twice the value of your savings (shares).

All loans are subject to approval by the Credit Committee.

How to Apply?

Loan applications must be made in writing – forms can be downloaded from the download section of this website, or collected from any of our collection points.

You will also need to complete an income and expenditure form to demonstrate that you will be able to repay your loan.

If I got a loan from GCU how much would I have to pay back at 26.8%APR?

Please use our loan calculator below to work out how much you would have to pay back at 26.8% APR.

Loan Calculator

The Loan Calculator is currently being updated to reflect the change in interest rate. The table below gives illustrative examples of loan repayments based on weekly repayments over a year.


Loan amount Interest Total due Weekly repayments
£100 £14.47 £114.47 £2.21
£300 £42.92 £342.92 £6.60
£500 £71.38 £571.38 £10.99


The APR is 26.8%.

Please note that the above figures are for guidance only and assume that the required number of payments will be made.

As you can see, the less payments you take to repay your loan, the less interest you pay. However, if you choose to pay off your loan earlier than planned you will not be penalised and you’ll also pay less interest.

*The amount you can borrow is subject to having saved for at least 13 weeks. There are rules about the amount you can borrow – currently (for your first loan) up to twice your shares and a maximum of £3000. So, if, for example, you have £750 in shares, you can apply for a loan of up to £1500 and choose to repay it over a maximum of 36 months.