Frequently Asked Questions

The Medway Credit Union is a financial co-operative where members are expected to save regularly in order to build a pool of money which is used to provide them with low interest loans.


Like all financial institutions that take people’s savings, we are authorised and regulated by the PRA. Your money is also protected by the Financial Services Compensation Scheme which ensures that depositors are refunded in full (currently up to £75,000) if the Credit Union is unable to meet its obligations.

Further information is available on the FSCS website.


All credit unions must have a Common Bond – something that the members share. This is a community credit union so you must live or work in Medway or Swale.

Anyone over the age of 16 who meets the above requirements can join with an adult account, though young people under 18 may not borrow until their 18th birthday.
Any child from the date of birth till their 16th birthday may open a junior account by their parent/guardian (Enquire about joining requirements for under 18s.)


Please ask us for a joining pack by phone, email, website or by coming to the office. There is a £4 joining fee and you must put at least £1 into your Share (Savings) account.


The Credit Union expects you to establish some savings before you apply to borrow. The only money available to us for lending is the pool of savings that members are ‘growing’ together. A Loan Application has to be completed and we must satisfy ourselves that members are able to repay loans.

We will lend as little as £50 and up to a maximum of £5,000 though we would expect substantial savings for the latter. Generally, for a first loan we would not lend more than one-and-a-half times the amount saved.


The majority of our loans go out at an interest rate of 1.75% per month on the diminishing monthly balance - 23.14% APR


This will not necessarily prevent you from getting a loan but you must give a true picture of your finances when you make an application.


We are authorised to take up credit references with Equifax. If a search shows up something not declared on your application, we may decline to grant the loan.

Remember, the money you are borrowing belongs to all the members and we have a duty to protect it.


We offer a standard savings and loan account for all members. We have recently introduced a Christmas Savings account but this is additional to the standard account and can not be held alone. Contact us for the terms and conditions.


By standing order through your bank to ours; online to our account; by cheque or by cash at our Chatham Office.

Withdrawals or loans will be paid by BACS or engage card if you have one.



If you have any other questions, please contact us by telephone, email or walk into our office.