Our Everyday Loan is available to everyone eligible for membership of Norwich Credit Union, and successful applicants will become members of the credit union. Anyone who lives or works in the county of Norfolk, or within an NR postcode area, is eligible for membership. Interest on the Everyday Loan is charged at 3% per month (42.6% APR) on the reducing balance. One of the conditions of the Everyday Loan is that borrowers must save as they repay their loan. You can apply to borrow any amount between £300 and £1000 and we grant loans for provident and productive purposes. Our full loan policy can be found within our Policy Manual.

Please note, we are unable to offer our Everday Loan to anyone who is currently bankrupt, in a DRO, IVA or Debt Management Plan. We are also unable to lend if you have unaddressed CCJs or have defaulted on current credit in the last 12 months.

If you have lived at the above address less than 12 months, please complete the below:-

Value: £

Beneficiary Details- As a member of Norwich Credit Union, you can designate a person or people as your beneficiary, to receive any money due under the Life Insurance and Savings Plan of Norwich Credit Union, providing you have fulfilled the agreement of any outstanding loan. You have the right to change your beneficiary. Enter their details below.

Note in particular that you are agreeing to save as part of the loan repayment plan and are permitting Norwich Credit Union to search information supplied by credit reference agencies and fraud agencies prior to granting the loan. Note also, that Norwich Credit Union makes every effort to recover loans if the borrower defaults and this can include passing information to the DWP for their consideration of deduction from benefits, the use of a Debt Recovery Agency or Court Action.


Saving as you borrow

We always encourage members to save whilst they borrow and believe this is particularly important for people taking out one of our Everyday Loans. As such, the terms and conditions of this loan product insist on the borrower making a deposit into their savings with every loan repayment. Not only does this ensure members build up what could be a vital nest egg, it may make them eligible for a cheaper APR with subsequent loans taken out with us. The interest rate for the Everyday Loan is 3% per month (42.6% APR), making it our most expensive loan product. If you build up savings whilst you repay the loan, once the debt is clear if you wish to borrow again you may be eligible for our Standard Loan, which is charged at only 1.5% interest per month (19.6% APR).

The promotion of thrift among members through the accumulation of savings is a key objective of credit unions in the UK and we believe this policy helps members financial health and guides them towards cheaper borrowing in future.