Frequently asked questions
We’ve compiled a list of our most commonly asked questions. If you have any queries, you may find the answer below.
Membership is available to anyone employed within the Scottish Charity Sector and SCVO Credit Union.
Family members living at the same address as a member are also eligible. Online applications are welcome, but we may require proof of address and bank details before transactions occur.
Acceptable forms of ID include a current UK driving license, passport, work photo ID, or utility bill. Unsure if you're eligible? Ask your employer or email us at credit.union@scvo.scot.
Credit unions are non-profit organisations that exist solely to serve their members. Like banks, credit unions accept deposits and provide loans, but as member-owned cooperatives, they focus on their members' financial and social well-being.
We are regulated by the Prudential Regulation Authority and the Financial Conduct Authority (Registration No: 2138) (CU No: 135(S)). Your deposits with SCVO Credit Union are protected up to £85,000 by the Financial Services Compensation Scheme (FSCS). Deposits exceeding this limit are not covered.
Members’ savings, called shares, are valued at £1 each. These shares are then loaned to other members. Currently, we have nearly £1.2 million in loans and over £ 1.8 million in savings. After covering administration costs and increasing reserves as required by law, any surplus is returned to members as dividends.
You can access your account by registering online. Members may also request account statements by calling 0131 474 8003 or emailing credit.union@scvo.scot.
New members must pay a one-time membership fee of £5, which will be deducted from their first payment.
You can access your savings anytime (subject to any outstanding loan balance) by emailing credit.union@scvo.scot with the amount you wish to withdraw or requesting a withdrawal online. Be sure to include your eight-digit membership.
To change your savings amount, email us, contact your payroll department or download a payroll amendment form.
Members can contribute to their credit union account via:
- Direct Debit
- Payroll Deduction
- Standing Order
- BACS Transfer
We will coordinate with your payroll department once your payroll deduction is set up. Loans are paid directly into your nominated bank account.
Yes, we consider member loan applications for various needs, from household goods to debt consolidation. All applications are handled confidentially and considered individually. Note that the pre-existing medical condition clause applies to all loans.
We offer loans ranging from £100 to £15,000, depending on your needs - whether for a holiday, home improvements, a new car, or a house deposit. There are no application fees or early repayment charges. For specific information on loan rates and terms, please contact us.
Personal loans: are available after three months of regular savings, with a maximum of £5,000 during the first year.
Welcome Loan: Available for new members on request.
Here are sample repayment terms for our loan products:
| Loans Products | Amount | Interest | APR | Repayment Period |
|---|---|---|---|---|
| Personal Loan 2% | £100 to £2,499 | 2% | 26.82% APR | Maximum of 5 Years |
| Personal Loan 1.5% | £2,500 to £4,999 | 1.50% | 19.56% APR | Maximum of 5 Years |
| Personal Loan 1.25% | £5,000 to £7,499 | 1.25 | 16.08% APR | Maximum of 5 Years |
| Personal Loan 0.75% | £7,500 to £9,999 | 0.75% | 9.38% APR | Maximum of 5 Years |
| Personal Loan 0.5% | £10,000 to £20,000 | 0.50% | 6.16% APR | Maximum of 10 Years |
| Green Loans 1% | £5,000 to £15,000 | 1% | 12.68% APR | Maximum 10 Years |
| Consolidated Loans 1.5% | £3,000 to £10,000 | 1.5 | 19.56% APR | Maximum 5 Years |
| Savings Secured Loan 0.5% | Amount less or equal to savings | 0.50% | 6.15% APR | Maximum 5 Years |
| Welcome Loan 2% | £100 to £2,000 | 2% | 26.82% APR | Maximum of 3 Years |
SCVO Credit Union has a Fidelity Bond insurance policy to protect members' savings against fraud or dishonesty. The FSCS also protects your savings up to £85,000. Visit FSCS for more information.
The credit union is managed by a volunteer board of directors elected by members at the annual meeting. A credit committee oversees loan applications and the Internal Audit operations. Each member has one vote in the election process.
If the credit union generates a surplus after expenses, a portion will be allocated to reserves, and the remainder will be paid as dividends to members. The amount is decided at the AGM.
Yes, members can manage their accounts online. You can apply for loans and request transfers through this platform. For all other documents please visit our useful guides and reports page.
We comply with the General Data Protection Regulation (GDPR) to ensure your data is processed lawfully, fairly, and securely. We follow six fundamental principles for data processing: lawfulness, purpose limitation, data minimisation, accuracy, storage limitation, and security.
CU registered no. 135CU(S) | FSA registered no. 213888 | Category ‘F’ Consumer Credit Licence held
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority (Registration No: 2138) CU No: 135(S). Your eligible deposits with SCVO CU are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit protection scheme. Any deposits you hold above the £85,000 limit are not covered.
