This is a flexible borrowing facility which runs alongside your standard accounts but caters for your everyday needs while you are still servicing your main loan.
Apply for your initial PBA and be granted a limit of £500, £1,000 or £1,500. Once your personal borrowing limit has been approved by the Credit Committee, you will then be able to access money in increments of £50 or £100, normally within the week – no need to wait for a decision.
A further benefit of a PBA is that you are able to access savings in your standard share account, as long as you retain a minimum amount (See below for details). This is different from a standard loan and provides a more flexible way of borrowing.
Example: If your PBA limit is £500 and your current owed balance is £350, then you have £150 available to take out.
Please do remember all lending is subject to Government regulations regarding responsible lending and affordability and in order to comply, periodic reviews of the account will be applied throughout the lifetime of the PBA account.
You need to have at least 1 year company service and 1 year Credit Union membership.
You require to keep a minimum of £100 in standard share account.
This is at a payment of £10 per week.
You need to have over 2 years company service and over 1 year Credit Union membership.
You require to keep a minimum of £200 in standard share account.
This is at a payment at £20 per week.
You need to have over 3 years company service and over 1 year Credit Union membership.
You require to keep a minimum of £300 in standard share account.
This is at a payment at £25 per week.
You can apply for top ups in amounts of £50 or £100, or the full limit if available.
How to apply
If you would like to apply for a PBA, you can download the application forms here. If you are unable to print this off please call the office and we can post one to you. If you are local, you can always pop into our office and complete there and then. If you would like any further information, please call us on 0141 221 7474.