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Eden & South Lakeland loans

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Eden & South Lakeland credit union offers low cost, unsecured personal loans which are available for just about any purpose - a new car, a holiday, Christmas or home improvements.  If you are considering applying for a Pay-day Loan, you might want to talk to us first.  You must live or work in Eden District or South Lakeland District (Cumbria) to be eligible for a loan from us.

You must be an individual member of the credit union aged 18 or over to apply for a loan.  Non members can apply must join the credit union before they can draw down a loan.  To become a member you must fill in a membership application form together with £5.  (£2 of this is a non-refundable one-off membership fee.)

All applications for loans will be assessed on your ability to repay.

There are no hidden charges and no penalties for early repayment. Life insurance is built in at no extra cost to the borrower - so if you were to die before you repaid the loan, the insurance would repay the remainder of the loan for you. The insurance only covers people under 70 years of age and only applies if the outstanding loan amount is £5,000 or less.

Application process

  • Work out how much you can afford using our Income and Expenditure assessment form.
  • Fill in an online loan application form.  Or download the loan application form and fill it in - also available at our branches.
    This form requires details of your income and expenditure.

  • If you are not already a member, please get a membership application form and join - you will need documents to prove your identity and address.
  • Eden & South Lakeland credit union will do credit and employment status checks and make a decision within 15 working days.

  • You must sign the loan agreement and acknowledge receipt of the funds.

  • You will receive the loan by bank transfer, cheque or cash from the Penrith office.

The decision is made by the Eden & South Lakeland credit committee or loans officer. If you disagree with a decision you may appeal to the credit committee whose decision is final.

Loans can only be made if there are sufficient credit union funds available.

Repaying your loan

All loans must be repaid in accordance with the Loan Agreement.

Repayment of loans can be by cash, cheque, standing order or bank transfer.

The easiest repayment method is to set up a standing order form. Either send it to us or take it directly to your bank. Make sure you put your Eden & South Lakeland Credit Union membership number as the reference number.

Members who fail to keep to their Loan Agreement will be subject to the Credit Union’s Arrears Policy. This may include court action.

14-day cooling off period

Where a loan application is received and issued without any face to face contact with the applicant, members have the right to a 14-day cooling off period. Members can cancel their Loan Agreement without any penalty within 14 days of signing the Loan Agreement. If a member exercises this right to cancel, then any money paid to the member must be returned to the credit union within 30 days.

Evidence required

You must provide acceptable proof of income such as three months of bank statements and, if employed, up to three payslips or, if self-employed, a set of business accounts.  Details will also be required to establish your ability to repay a loan.

About our loans