This product was awarded a Fairbanking Mark in 2019 and held the Mark until 31 October 2021 when the Fairbanking Mark accreditation scheme ceased operating. Further information about the Fairbanking Mark scheme can be found on

The easy way to borrow money


How a credit union can provide a loan

The money that is saved by the members of a credit union is in turn lent out to other members. A credit union will take a members savings record with the credit union and their ability to pay as its main information when deciding whether or not to grant a loan. We will also carry out a credit check to see how you are handling any other credit you may have. First Rate Credit Union reserves the right to carry out further financial checks where necessary.


Paying off the loan

For employees, you pay back the loan straight out of your wages by Payroll Deduction. Retired employees and immediate families pay the loan back by using a Bank Standing Order Mandate form,
which is also available from the same sources.

Loan Protection

A death in the family is a difficult time for remaining relatives. If a first Rate Credit Union member passes away then our own benevolent fund can consider paying the balance of any loan owed to the credit union by the deceased, giving peace of mind to the family.

Credit Reference Agency Information Notice

First Rate Credit Union exchanges data with Credit reference Agencies for the purpose of credit checking, loan application assessments, fraud prevention and reporting of how well your account is managed. Full details of how Credit Reference Agencies may process your data can be found by clicking here

5-Star Fairbanking Award

After rigorous assessment, our loans have been granted a 5-star award from the Fairbanking Foundation in recognition of how our lending supports members in improving their financial health.

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Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority 213241
© 2016 First Rate Credit Union

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