Borrowing with us                                                                                                     

Most people need to borrow at some time in their lives. We provide a way for people, who might not be able to get credit from high street banks and building societies, to borrow from £50 up to £7500 at an affordable rate. The current rate of interest on our Saver Loans is between 0.5% and 2% per month on the decreasing balance (6.2% to 26.8% APR). For non-saver loans the interest rate is between 2% and 3% per month on the reducing balance (26.8% APR to 42.6% APR).

Any member can apply for a loan. You may need to replace a washing machine or get the car repaired, buy new clothes for the children or take a holiday.

Your loan application will be handled swiftly and sympathetically, and we will discuss repayment arrangements with you at the same time. If you take out a loan you will have to sign an agreement saying how you intend to repay and over what period - two years is the maximum repayment term for first loans. There are no charges for clearing your loan early. You can also continue saving as you are repaying your loan so that at the same time as your loan is decreasing, your savings are increasing.


Our loans are affordable. Here is a comparison between First Dorset Credit Union rates and a well known doorstep lender, for a loan of £500 over 52 weeks:

Loan repayment comparison

LenderWeekly Repayment APR*Total repaid Cost of Loan
Typical Personal Credit Lender
First Dorset CU Non-Saver loan £11.4842.6%£596.90£96.90
First Dorset CU Saver loan (typical)
*APR - Annual percentage rate of interest

Download the loan application form                                          

Click on the link below  or use the contact us form to send us your name and address and we will send you a copy. You must be a member of the Credit Union to apply.

Loan application form

Simply fill in the form, including the budget planner, and send it to us at the Dorchester office. We may later require evidence of your financial affairs, proof of benefits or wage slips, copies of recent bank statements and details of any ountstanding loans.

We will then contact you to discuss the loan. Confidentiality is absolute.

The loan application process usually takes three to five working days.

This is the data protection guidance form for loan applications.

What do I do if I can't make a payment?                                   

Tell us immediately, call into a service point or ring the office. You will be treated sympathetically and in confidence. We will help you make arrangements so that you can weather your crisis.

What about bad debts?                                                              

As people are borrowing from others that they may know, there is very little defaulting on debts. Because loans are made using other people's savings, we come down hard on anyone planning to defraud the Credit Union.