HI-Scot Credit Union

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Need a Loan? Need a Loan?

There may be occasions when you need a little help with your cash flow; it could be to buy a new car, for home improvements or even to help finance your big day.

Borrowing from HI-Scot is simple and straightforward. There are no fees and the rates are competitive.

Interest on all HI-Scot loans is calculated daily and the rate advertised for the loan is the rate you will get, no matter your individual circumstances.

Every application for a loan will be carefully considered; all loan decisions are based on your income and expenditure and ability to repay.


Lending Criteria

  • You must be a member of HI-Scot Credit Union to apply for a loan with us.
  • The maximum loan limit is £15,000, depending on individual circumstances. 
  • Loyalty Loans require members to secure £250 of savings for the lifetime of the loan.  The interest rate charged is between 0.50%  - 1.75% per month depending on the value of the loan (see table below). 
  • Freedom Loans require no savings to be held as security.  In these circumstances, the interest rate charged is 2% per month.


Our Loan Products

Limits on what you can borrow

Borrowing Limits




£100 - £3,000


£3,001 - £15,000

NOTE: Normally, for members on benefits, the maximum initial loan is £250 and the limit on subsequent loans is £750.


The Cost of Borrowing

This requires members to secure £250 of savings for the life of the loan.

Loyalty Loan Monthly Cost




£3,001 - £5,000



£5,001 - £7,000



£7,001 - £10,000



£10,001 - £15,000






This requires no savings to be held as security.

Freedom Loan Monthly Cost
£100 - £3,000 2.00% 26.82%


What you need when applying for a loan

Applications for loans are made on a standard loan application form which is available from our office or can be downloaded from the link below.  To support your application, you will need to provide proof of income and recent bank statements .  Where an applicant is employed, we must see their last 3 pay slips. 

Our staff will give you any assistance required. Loans will then be considered by a Loan Officer, or will go to the weekly Credit Committee meeting.

Loan Application
  • The Loan Application form is a PDF document and Adobe Acrobat Reader is required to view it. Adobe Acrobat Reader can be downloaded for free by clicking on the Get Acrobat Reader icon.



In deciding whether or not to grant the loan the loan officer or credit committee will take into account the member's record of savings and loan repayments, as well as ability to repay. Once the loan is granted the member will be asked to sign a credit agreement, which is a legally binding document being a promise to repay the loan, and commit to regular repayments.

Remember - only members are eligible to receive loans from your credit union.


Planning and managing repayments

Credit unions are flexible with regard to repayment plans, though there are some legal limitations to length and amount of loans. The member will be advised on the best repayment plan to meet their own circumstances. Members are generally advised to repay a loan in as short a time as possible. 5 years is currently the maximum loan term. Should a member experience difficulties in meeting repayment commitments, they should immediately explain the situation to the credit union, which will treat the matter sympathetically and in total confidence. Depending on circumstances, the loan will be renegotiated if possible.

There are no penalties associated with clearing your loan quicker than agreed.


Interest on credit union loans

Credit unions do not charge their members transaction fees. Since the interest is charged only on the outstanding balance of the loan, you will pay even less if you repay in a shorter time than planned.

Find Us here:
  • HI-Scot Credit Union
  • Tel: 01851 701865
  • Fax: 01851 701542
  • Email: info@hi-scot.com
  • Web: http://www.hi-scot.com
Authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.