<img src="images/layout/bkgd_flash.gif" width="374" height="70">
Thursday 28 January 2021
<img src="images/essentials/news_alt.gif" width="150" height="145">

First Scottish University Credit Union - How to Borrow with FSUCUL

"Regular Saving - Responsible Lending"


Borrowing with First Scottish University Credit Union
The Easy Alternative

Simple, straightforward lending with no hidden costs makes First Scottish University Credit Union a real alternative to banks and other lenders.

The Credit Union Advantage

Competitive Interest Rate - With effect from March 2019

  • Introductory Loans &
  • Loans under £1500           1.75% per month (23.1%APR)
  • Loans £1501-£4999          1.00% per month  (12.68% APR)
  • Loans £5000 and above    0.50% per month ( 6.17% APR)
  • Secure Loans -                  0.50% per month (6.17% APR)

  • No Hidden Costs
  • No hidden charges
  • No penalty for early repayment
  • No arrangement or set-up fees.

Monthly Repayments tailored to your needs

  • Payroll deduction at no cost to you – the painless way to repay!
  • Flexible – you can increase your monthly repayments to pay the loan off early
  • Affordable – where possible, your loan repayments will be tailored so that each monthly payment is covered by your existing monthly deposit.
  • Predictable – you know exactly what you are going to pay each month and for how long – no surprises, no unexpected extras.

Save as you Pay!
Each month, 95% of your regular payment is applied to your loan, while the remaining 5% is credited to your savings. So, while your loan reduces, your savings continue to increase!

Free Life Insurance
Your loan is covered, at no cost to you, by our Insurance Policy
In the event of a member’s death, the outstanding loan will be paid off.

How to apply for a Loan
Complete the Loan Application Form and return it to the Credit Union Office.

Please enclose two payslips (including your most recent) and a bank statement dated within the last three months. No ID is required for a SECURE Loan.
Each application is treated in confidence and on its own merits
Once approved, a Loan Agreement Form will be issued for your signature.
Once the Loan Agreement has been signed and returned, a BACS transfer will be processed. 

Updated: Thursday 28 March 2019