FREQUENTLY ASKED QUESTIONS
WHAT IS A CREDIT UNION?
ARE YOU A BANK?
No. We are a regulated Financial Co-operative.
CroydonPlus Credit Union is a Savings and Loans Co-operative. We are authorised to take saving deposits and to administer loans
IS MY MONEY SAFE?
Yes. We are authorised by the Prudential Regulation Authority (PRA – Firm Reference Number 213603) and regulated by the PRA and the Financial Conduct Authority. We are covered by the Financial Services Compensation Scheme (FSCS), meaning savings of up to £85,000 are protected, just like any other bank. Our staff and board of directors are approved as ‘authorised persons’, which means that they undergo a range of checks to protect you and your shares held by CroydonPlus Credit Union.
WHAT RATE OF INTEREST DO YOU CHARGE ON LOANS?
Interest charged varies from between 5% to 26.82% Annual Percentage Rate (APR), depending on the type of loan. There are no hidden fees and we do not penalise you for repaying a loan early. Please see our Loans page for more information.
DOES CROYDONPLUS PAY INTEREST ON SAVINGS?
WHAT IDENTIFICATION DO I NEED TO BECOME A MEMBER?
DOES IT COST MONEY JOIN?
To become a Member you must either Live, Work or Study within the borough of Croydon, Merton or Sutton.
Like any Financial Institution, we require proof of who you are (identity) and proof of where you live (residency).
As co-operatives, Credit Unions do not pay interest on savings, CroydonPlus can make a dividend payment to members once the Annual Accounts are approved, and if there is sufficient profit after setting aside the required reserves.
Yes, there is a one-off charge of £5 to cover our administration costs. You then need to make a minimum deposit of £5 and maintain a balance of at least £5 to keep your account active.
HOW DO I JOIN?
Joining is simple. If you are eligible to become a Member, joining online is the quickest way.
You can also download the application form and send it to the office with photocopies of identification – see FAQ on identification. Once we have processed the form, we will contact you to arrange an appointment so we can see the original identification documents.
DO I HAVE TO GIVE NOTICE TO WITHDRAW MONEY?
No. CroydonPlus offer savings accounts which do not require notice to be given before making a withdrawal. However, we do need time to process any withdrawal request within our usual opening hours.
All withdrawal requests made before 3pm will be processed the same working day.
Any requests made after this time or at the weekend, will be processed on the next working day. You can request withdrawals by using your online account, by phone or in person (subject to Covid-19 Restrictions) – see Contact Us Page.
CAN I SET UP BANK PAYMENTS MYSELF?
Yes. You can do this by using Soon you will be able to do this online. But for now, continue using our Standing Order form. All you need are our account details from the standing order form and your membership reference number. The reference number is ESSENTIAL and is formed by your account number and name, followed by the share account you would like your money paid into. For example: 1234.J.Smith S1
WHEN CAN I BORROW?
There is a minimum period of saving for most of our loans, which varies on each loan product and on the chosen repayment method.
Our most common loan (Saver Loan) requires 3x monthly or 8x weekly deposits before an application would be considered.
See our Loans Page for more information.
DO YOU USE CREDIT SCORING?
Yes. As an Ethical Lender, we must ensure that we only lend what you can afford to repay and we owe it to our members to do our best to ensure that their savings are repaid in full.
We have our own loan assessment process when considering loans. This takes account of the Member’s Savings and Repayment History, Disclosed and Undisclosed Loans and any Debts with other Lenders.
WHAT IF I CANNOT REPAY MY LOAN?
We understand that sometimes an individual’s circumstances can change unexpectedly and an agreed loan repayment plan may become unrealistic. We are sympathetic and encourage members to talk to us about their change in circumstances. We will consider ways to help and can often reschedule loan repayments. However, we do operate a strict Credit Control Policy and all non-authorised defaults will be taken seriously and pursued. Members must be aware that missed payments on a loan may be taken into account in the consideration of any future loan application and will be reported as part of our agreement with Credit Reference Agencies. It is always best to speak to our Credit Control Officer if you are having difficulty repaying your loan.
We will always ask you to provide your Unique Membership Number and other Account Information to verify your identity and we will only discuss the account information with the Named Account Holder. You may be asked to provide identification when withdrawing money or receiving a loan payment.
HOW SECURE IS MY ACCOUNT?
CAN MY FAMILY ALSO JOIN?
Yes. We are always happy to welcome New Members. So long as they Live, Work or Study within the borough of Croydon, Merton or Sutton OR if they live at the same address as you do.
HOW DO I RESET MY WITHDRAWAL PASSWORD OR PIN FOR WHEN I AM USING ONLINE SERVICES?
This can be done via your Members Area on our website or you can contact us by email or phone.
HOW LONG DOES IT TAKE TO PROCESS A LOAN APPLICATION?
At peak times, a loan application may take up to 10 working days to process however, we are normally able to process this with 5-7 working days.
CAN I MAKE WITHDRAWALS IN CASH?
No. For security reasons this is not possible.
We can transfer funds to a nominated account or issue cheques. Cheques can be paid to you, a third party or, if for less than £500 can be made payable for cash to be used at The Co-Operative Bank, East Croydon.
HOW DO I PAY MONEY INTO MY ACCOUNT?
You can pay in by bank card (credit card or visa debit card) over the phone, Standing Order or Bank Transfer. If you are working for a local employer that is enrolled with our Payroll Deduction Scheme, you can save directly from your salary.
We are also able to receive payment directly from Child Benefit and Universal Credit. If you would like to this, please contact us and we can help you.
In addition, you can also make payment via the ‘Just Borrow’ website by clicking here:
WHAT IS MY 'SHARE' ACCOUNT?
A Share Account is another name for your Savings Account. Each share is £1.
You can have up to four Savings Accounts. By default, your payments are posted to your Share Account 1.
You can open separate accounts to help you designate your savings. For example, you could use Share Account 2 to save for School Uniform or Share Account 3 to save for a holiday.
HOW MUCH CAN I BORROW?
You can borrow as little as much as you need, within the limits of our loan products. All loan applications will be reviewed based upon your individual circumstances, how long you have been a member and your ability to repay. As an Ethical Lender, we would never loan more than you could afford to repay. See our Loans Page for more information.
CAN I WITHDRAW MONEY FROM MY SAVER ACCOUNT?
The savings in every member’s account with us belongs to them.
Members can request to withdraw their savings at any time subject to not having an outstanding loan balance. All withdrawals will be subject to a processing time.
DO YOU USE CREDIT REFERENCING AGENCIES?
Yes. However, previously having difficulty repaying a loan or credit card will not necessarily prevent you from borrowing from us. We use a Credit Reference Agency to verify your identification and exposure to other debts. We also report on repayments of our loans. If you repay according to the agreement, this will help your Credit Rating in the long term.
CroydonPlus is a ‘member-led’ Organisation. The Board of Directors is accountable to the members. All Directors must be members as are all other members of the team.
WHO RUNS CROYDONPLUS?
CAN I HOLD A JOINT ACCOUNT WITH A FRIEND OR RELATIVE?
Sadly, we do not currently operate joint accounts.
HOW CAN I CHECK MY ACCOUNT BALANCE?
We are required to send all members a written statement once a year. You can also request a written statement at any time or ask for a current balance request by using our online services, via Email, or by phone.
HOW CAN I HELP SUPPORT CROYDONPLUS CREDIT UNION?
Everyone who becomes a Member of CroydonPlus and sets up a Monthly Savings Arrangement, is helping our Credit Union to grow and in turn, helping local people to get out of debt. If you want to do more, you can also help us by becoming a volunteer.
Spread the word so that more people find out about our ethical savings and loans options, so that we can help more families take control of their finances and keep more money in their pocket.