Frequently Asked Questions

Please click on the links below to access the information that you require.

About Credit Union’s and Solent Credit Union

Joining and being a saver

About Loans

Junior Accounts

Miscellaneous Questions

Solent ABCUL Pre Payment Card

About This Credit Union

What is a credit union?                                                                

How does it work?                                                                         

Is my information safe?                                                                       

Is my money safe?                                                                                

Who runs it?                                                                                   

Why is this different from a bank?                                                     

Joining and being a saver         

Who Can Join?

How do I join?

Proof of Identity and Address. Why does SCU need this?

How much do I have to save?

Can I continue to save while I repay my loan?

What happens to the money that I have saved if I die?

Will I receive any interest on my Savings?

How do I withdraw my savings?

Closing my account. How would I do it?

If I move or change address?

What happens if I leave the area?

How do I change the level of savings I make to SCU?

Can I deal with my account over the telephone?

Can I check my balance or carry out transactions online?

What is a Credit Union member?   

All about loans

How do I apply for a loan, and how long will it take?

What do I need to send to you?

Why do you want to see all this?

When do I get my money?

Do you perform a credit check?

Why is a Credit Union Loan better for me?

Who can get a loan?

1. First Loan

2. Subsequent Loans

Foreign Nationals and people in the UK on a visa?

Can I take out my savings while I have a loan?             

Advantages of a loan from Solent Credit Union?

What is the interest rate on Loans?               

I think I have seen lower rates on the high street, why?

How do I repay my loan?

Can I pay off my loan early?

Can I pay extra amounts off my loan if I have the money?

Can I top up my loan?

Is there Loan insurance?                                                                     

What if I have difficulty repaying?

Junior Accounts

Opening a Junior Account?

Is Interest paid to Junior Savers? 

When I reach 16 as a Junior Saver, what happens then?

Miscellaneous Questions

Want To Complain?

How can I Volunteer and get involved?

Is SCU Run Properly?

Is There a National Credit Union Movement?       

Is there an International Credit Unions Movement?

What is a Financial Health Check?