How Loan Repayments Work

Whether you pay by Direct Debit, Standing Order, Salary Deduction, or directly from your benefits, our loan repayments all work in exactly the same way.

Where Your Repayment Comes From

Your repayment funds are collected from your chosen source — your CUCA account, an external bank account, your benefits, or your salary — and are first credited to your Membership Share.

How the Repayment Is Applied

Once a month, your loan repayment is taken from your Membership Share and applied to your loan balance.

The date this happens each month is based on the date your loan was originally issued.

Example: If your loan was issued on the 10th of the month, your repayment will be collected on the 10th of every month until the loan is fully settled.

When Your First Payment Will Show

The timing of your first repayment depends on the type of agreement you signed:

• 30-day agreements: First payment shows one month after the loan was issued.
• Revolving agreements: First payment shows one month after the loan was issued.
• 60-day agreements: First payment shows two months after the loan was issued.

Example: If your loan was issued in December:

• Under a 30-day or revolving agreement, your first payment will show in January.
• Under a 60-day agreement, your first payment will show in February.

Making Extra Repayments

If you'd like to pay off your loan faster, you can make additional repayments at any time using the link below:

👉 Make an extra repayment

Need Help?

If you have any questions about your repayments, our team is happy to help. Call us on 020 3773 1751 (option 2) or email help@creditunion.co.uk.