Frequently Asked Questions

Who can join?

To qualify to be a member you must be 16 years old to save and over 18 years old to borrow, you must live or work within the Chesterfield Borough Council or North East Derbyshire District Council boundaries.

What do I need to do to join ?

You will need to complete an application form which can either be posted out to you by calling 01246 278833 or can be collected / completed in our office during opening times. We will also need to see three separate forms of identification, for instance a driving licence, passport, utility bill. There is a registration fee of £5.

How much do I have to save and how often?

You should aim to save on a regular basis, this can be as little or as much as you like, we have members who save from £1 a week upwards .

How and where do I pay money in? How can I draw it out?

Many of our savers find it more convenient to set up a standing order from their Bank accounts, others prefer to call into our main office in Chesterfield town centre. If at anytime you need to draw out your savings,you just need to call in and sign a form and your cheque will be ready within 7 to 10 days. Amounts under £500 can be cashed at the main Chesterfield Post Office.

How do I apply for a loan? How much can I borrow? Do I have to pay interest?

To qualify for a loan you must save regular amounts for 8 weeks, after which you can apply for a loan which could total 3 times your savings (A limit on the first loan of £500 above your shares) The maximum loan offered by us is £4000. The interest rate on all loans is 26.8% APR e.g. If you borrow £500 over a year you will pay £567.36.

Do I have to come into the office to fill in the forms?

Our forms are downloadable from this website (on the relevant Services pages), so it is not always necessary to come into the office.

Why should I use Chesterfield & NE Derbyshire Credit Union and not any other financial services?

We have been operating successfully since 1998 and offer a friendly and experienced service. With the support of people like you within our community we will continue to grow to a point when profits made will be shared equally between all our members.

With the availability of low interest loans, you will gain from a competitive financial product.

CNEDCU is not a faceless service. You can come in and speak to us, our aim is to benefit our local community, not share holders in far away places.

How do I pay back money I have borrowed? How quickly do I have to pay my loan back?

Most people pay their loans back by setting up standing orders, or you can call into our main office and pay in cash. The loan repayments can be paid weekly, fortnightly or monthly. Payments can be made from 6 months up to 3 years depending on the loan amount and your budget.

Must I have a bank account?

No.

How do I know that my money is safe?

Just like any bank CNEDCU is regulated and authorised by the Financial Services Authority and are members of the Financial Services Compensation Scheme, so your money is completely safe.

Where do I find out more details?

You can call in at the Chesterfield office or call us on 01246 278833 to find out more information.