Tay Valley Credit Union

   11 Castle Street, 3rd Floor, Dundee, DD1 3AA

   (01382) 434103


Member's Area

Secured Loan Terms & Conditions

A credit union secured loan is a loan whose value does not exceed the balance of a members share account at the time the loan is issued.  Shares are pledged against the outstanding loan balance until the loan is repaid in full.

Non Payment/Default

You agree that should you fail to make all repayments due under this agreement the total amount outstanding will immediately become repayable and will be repaid in full, plus any accrued interest, from your credit union savings account.

Attached Shares Whilst Repaying a Loan

I understand that I may not make a Share Withdrawal while I have a loan balance in excess of my share balance.

In signing this agreement you agree that all current and future shares deposited with us up to the value of the outstanding loan are held as security towards payment of the principal sum, interest and expenses which may be due or become due.

Data Protection

In accordance with the principles of the Data Protection Act 1998, we will use your personal details for the purposes of managing your accounts with the Credit Union. Your personal details will be treated confidentially and will only be shared with other agencies for the purposes of credit referencing and debt recovery, for which purpose we hold a Category F Consumer Credit Licence.


We may terminate the Loan Agreement and demand immediate repayment of all sums due if: 

Should you have any questions as to the meaning of any part of this Personal Loan Agreement, you should consider seeking independent advice from a Solicitor, the Citizens Advice Bureau or other organisation.

Cancellation Rights

You have the right to cancel your loan agreement with the Credit Union, without penalty, within 14 days of your loan funds being received by you. To cancel your loan agreement within this period, please contact the Credit Union office. The loan plus accrued interest must be repaid in full. Interest runs from the day the loan is issued until the date of cancellation.