Credit Union News

Christmas Loans

Plan ahead this year!  If you are not in the Christmas Savings Club you can still apply for a Christmas loan (subject to eligibility and availability). 

Apply for a Christmas loan now and it will be considered and processed during the course of the next couple of months.  If you will be eligible for a top up loan after your November repayment on a current loan you can still apply now.  Early applications will enable credit union staff to complete the administration process in advance to avoid any delay in depositing funds at your bank early in December.

The final closing date for Christmas loan applications will be Monday 6 December.  Christmas loans will not be considered a priority after that date.

You will then have 17 shopping days to Christmas from 7 December.

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ONLINE LOAN APPLICATION FORM

For your convenience you are now able to complete a loan application form online.  An acknowledgement will be sent to you with a request to provide a full month’s bank statement (most recent) and a copy of your most recent payslip.

The Muslim League supports credit unions.

It has been quoted that because credit unions pay dividends that are not a fixed interest payment, but depends on performance, that payment is acceptable.  Hillingdon Credit Union says credit union loans are not granted to make a profit but to service the operating costs and pay the excess back as a return to members.  ’Most’ Muslims are able to participate in the product.

LOAN APPLICATIONS from Green up to Platinum.  See table below for your level of membership.

New Members only

How money will be paid into HCU	Platinum	Gold	Silver	Bronze	Green
Payroll deduction			C
Other inc. cash					C

Existing members

Time with HCU	Platinum	Gold	Silver	Bronze	Green
4 years or more	C
2 years or more		C
At least 1 year			C
3 months				C
New member					C

Shares	Platinum	Gold	Silver	Bronze	Green
£3,000 +	C
£2,000 +		C
£1,000 +			C
£500+				C
New member					C