Loans Loans

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.

Loan Calculator

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.

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.

Loans will then be considered by a Loan Officer, or will go to the weekly Credit Committee meeting.

Applications for loans can be made online here or on a standard loan application form, which is available to download below, or from our office.


Click to DownloadDownload Loan Application Form (1354.2kb)

Click to DownloadDownload Lending Policy (1478.5kb)

Click to DownloadDownload Guide to the Use of Your Personal Information (82.6kb)

Click to DownloadDownload Guide to the Use of Your Personal Information (condensed version) (23.4kb)


Our Loans Products

Freedom Loan

£100 - £3,000

  • Monthly Rate - 2%
  • 26.8% APR
  • This requires no savings to be held as security.

Loyalty Loan

£3,001 - £15,000

  • £3,001 - £5,000 --- 23.1% APR
  • £5,001 - £7,000 --- 16.1% APR
  • £7,001 - £10,000 --- 9.4% APR
  • £10,001 - £15,000 --- 6.2% APR
  • This requires members to secure £250 of savings for the life of the loan.

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.

Our loans won’t break the bank! Fill out the Loan Application Form.

Apply Now
We have a professional team managing your credit union and our staff are on hand to assist with applying for a loan.

Get a loyalty loan of £5,000 for 3 years for as little as £43 weekly. Find out how our loans can work for you.

Loan Calculator
Contact Us
  • HI-Scot Credit Union
  • Tel: 01851 701865
  • Email:
  • Web: www.hi-scot.com
  • Address: 7 James Street, Stornoway, Isle of Lewis, HS1 2QN

Contact

  • Tel:
  • Email:
  • Address:
  • 01851 701865
  • info@hi-scot.com
  • HI-Scot Credit Union, 7 James Street,
    Stornoway,
    Isle of Lewis,
    HS1 2QN

Opening Hours

  • Mon
  • Tue
  • Wed
  • Thu
  • Fri
  • 9.30am - 12.30pm & 1.30pm - 4.30pm
  • 9.30am - 12.30pm & 1.30pm - 4.30pm
  • Closed
  • 9.30am - 12.30pm & 1.30pm - 4.30pm
  • 9.30am - 12.30pm & 1.30pm - 4.30pm
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HI-Scot Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our FRN is 452610