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Frequently Asked Questions

Some of the questions our members frequently ask:


What is a Credit Union?


A Credit Union is a democratic, financial co-operative owned and controlled by its members. Each Credit Union is run only to benefit its members, all of whom share the common bond.



What is a common bond?


The common bond is the factor that unites every Credit Union member. It is what every member of a particular Credit Union has in common. Your credit union is based upon a community bond, where all members live or work within a defined locality.  Carlisle and District Credit Union's common bond covers everyone who lives or works in Cumbria.



How is a Credit Union different?


A Credit Union is different because it is not owned by any one person, organisation or group of shareholders. Instead, each Credit Union is owned by its members, and each member has an equal say in the running of their Credit Union. As a Ďnot-for-profití organisation, membersí savings are used to fund loans to members at reasonable rates of interest. Similarly, the interest charged on loans is used to fund a return (or dividend) on membersí savings.



How do I become a member?


Simply visit our main office and complete a membership application form or if you prefer join online in our membership section .  You'll need to bring six pounds £1.00 to join and £5.00 to open your account and  two pieces of identification with you such as:
One form for identification:
  • Photographic ID such as a valid passport or driving licence.
  • Recent benefit letter (DWP,HMRC)
  • P2 Tax notification
  • Original birth certificate (within first year of birth)

One form for Residency:

  • Bank / building society / Post Office statement or utility bill dated within the last three months.
  • Letter from DWP, Carlisle Council, other Government body, etc, dated with the last three months.

We recognise that not everybody will have these so don't hesitate to call us on 01228 594007 so we can advise you on alternative documentation if necessary.



What services are available to members?


The services offered may vary from one Credit Union to another, depending on the needs of members. Carlisle and District Credit Union offers Savings, Save and Borrow and  Instant loan facilities (Borrow and Save). 


I am a new member, when can I start borrowing?


New members are required to build up a record of savings before applying for a loan. Though each memberís circumstances are unique, it is recommended that members save regularly for approximately 8 weeks before borrowing. A first loan is usually for a maximum amount of twice the amount you have in your shares, capped at £750 .Our save and borrow loan is charged at 12.68%apr.



I've had an emergency and need a loan now, is that possible?


If you require an instant loan, pop in or give us a call on 01228 594007 for an appointment. Our instant loans up to £2500 are charged at 26.82% APR ,  7.9% APR on loans from £2500-£5000 and 5.9% APR on loans from £5000-£10,000. 


How much am I entitled to borrow?


There are no hard and fast rules about how much a member is entitled to borrow, subject to terms and conditions. Every loan application is treated strictly on its own merits as each memberís circumstances are unique. It is advisable to have a good record of savings and previous repayments, if applicable, and the ability to repay, before making a loan application.  



Who can open a Junior Account for a child?


The child's parent, guardian, grandparent or other family member can open an account for a child.  They must present the childís birth certificate and/or passport.  They must also produce two forms of ID for themselves (as above).  Where a withdrawal is requested from a junior account, the sponsor must sign the withdrawal form. 



May I withdraw my savings after taking a loan?


This depends on the amount of the loan balance. Shares in excess of the loan balance are payable on demand. However, if the loan balance is in excess of shares, then the borrower is pledging all paid shares which he/she may now or hereafter may have in the Credit Union as security for repayment of the loan.



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  Address:  95 Lowther Street, Carlisle, Cumbria CA3 8ED   Tel:  01228 594007   Email:   Web: