Frequently Asked Questions

Here you’ll find some of the questions we’re regularly asked, if you can’t find the answer you’re looking for in our FAQs please contact us.


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What is a Credit Union?
A credit union is a “Mutual Society” which means owned by its members not by outside shareholders like banks. We are regulated differently to banks and are not focused on profit but on providing ethical and fair financial products for you, our members. We aim to support, and be a part of, the community we serve.
Who can join Enterprise Credit Union?

Enterprise Credit Union is open to those who live and/or work in the Knowsley, Liverpool, Sefton, St. Helens, Wirral, Halton and Warrington Boroughs of Merseyside.

How do I join?

If you live and/or work in the Knowsley, Liverpool, Sefton, St. Helens, Wirral, Halton and Warrington Boroughs of Merseyside, you can apply to open an account by completing the online application you can find by clicking here.  If you don’t wish to join online, you can also join in branch. Just pop in with 2 forms of identification. You can find your nearest branch by clicking here.

What are the benefits of joining?
By joining Enterprise Credit Union, you will have access to safe and secure savings, ethical and affordable lending, free life insurance on your savings and loans at no extra cost (subject to terms & conditions), access to your account 24/7, friendly and helpful staff and many more benefits.
What ID do I need to provide to join the Credit Union?
We are required by legislation to verify the identity and proof of address for all our members. The simplest way we can do this is electronically, it doesn’t leave a ‘footprint’ or affect your credit file in any way. Alternatively, you can come to one of our branches with two original documents – one is used to prove your identity, the other proves your address. The following are acceptable forms of identification:

  • A valid UK passport
  • Recent evidence of entitlement to a state or local authority funded benefit (including housing benefit and council tax benefit, tax credit, pension, educational or other grant)
  • Full UK Photocard Driving Licence or Blue Badge disabled driver’s pass

You can use the following to prove your address:

  • Recent bill (less than 3 months old) such as council tax demand or gas, electricity or water rates bill
  • Recent bank, building society or credit card statement (less than 3 months old)
  • Tenancy agreement
  • Letters from a UK solicitor or Benefits Agency (or Pensions Service, JobCentre Plus, Child Benefit)

If you do not have any of these documents, please let us know. There are many more documents that can be used. We will do our utmost to help you open a credit union account.

Will my details be kept confidential?
Credit Unions are covered by the Data Protection Act 2018 and surrounding regulation. All member data is held securely and remains confidential. Every employee and volunteer in the Credit Union signs a Code of Conduct, to ensure all members’ information is kept confidential at all times.


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How do I apply for a loan?

If you’re not yet a member of Enterprise Credit Union and are looking to apply for a loan, please complete our loan application online. If you’re an existing member looking for a new loan or a top up to an existing loan, you can log in to your online account or use our mobile app, you can also contact us direct to discuss your options. Please click here to see how you can apply using our mobile app.  

How much can I borrow?
We have a number of loans for our members, each with different criteria. Please select the loan product more suitable for you. Each loan product has its own loan calculator, so you can see how much you may be able to borrow and what your repayments could be. 
How do you assess my loan?

We take a holistic approach to all loan applications, using our common sense approach and making sure you are not lending more than you can afford and are not over-stretching your budget. 

Do you perform a credit check?
At Enterprise Credit Union we take each person and their application on its own merit and we will always try our utmost to help, wherever possible. We may use credit reference and fraud prevention agencies to help us make decisions.
Do you use open banking?

Yes when considering a loan, we assess how you are managing your finances and ensure you will be able to afford repayments. 

I don’t have online banking, how will you assess my loan?

Although we strongly advise you to activate this, we do understand not all of our members are ‘tech-savvy’ and will accept a 3 month bank statement which you can email or drop into us along with your loan application. 

Is open banking safe?

Yes, using our preferred supplier Credit Kudos, we only view and assess data from within a totally secure environment. Credit Kudos do not share your data with anyone other than ECU. 

How long does it take for the credit union to approve a loan?
Most loan decisions are made within just 3 working days. However the decision can take up to 7 days when we are busy or your application is more complex. The funds will usually be released to you the same day you formally agree to accept the loan.
How long does it take to receive the funds?
If you’ve e-signed your loan agreement before 3pm on a normal working day, your loan will be paid to your bank account after 4.30pm that day. Paper loan agreements signed before 3.30pm on a normal working day will be paid to your bank account after 4.30pm that day.  Any loans signed for after this time will be paid to your bank account the following working day. 
How do I repay my loan?

You can pay into your account via Standing Order, Debit Card, Bank Transfer, Direct Benefit payment, and at any of our branches. We also accept cash and cheques at any of our branches and work with a number of local businesses offering payroll deductions.

For more info on how to make a payment, please visit our How To Pay page.

Can I top up my loan?
Top-ups on loans will only be considered after 20 weeks or five months of regular loan repayments. Top-ups are not available on Starter, Uniform or Season Ticket Loans.
Are there any penalties if I want to pay off my loan early?
No, unlike some lenders you can pay off your credit union loan early at any time with no financial penalties.
Do I need Insurance to cover my loan?
Loan Protection Insurance is built into your loan when you borrow from Enterprise Credit Union. This offers you the security of knowing that in the event of your death, your loan will be cleared. Subject to terms and conditions. Borrowers must be under the age of 80 and you will be asked to complete a declaration of health when taking out the loan. Some exemptions to the insurance do apply, please ask for more information when applying for your loan.
I am struggling with loan repayments, what should I do?

During these challenging times, we understand that your personal circumstances may often change. We are committed to helping our members manage if they are struggling to meet loan repayments. If you do find yourself in this situation, please contact us immediately to discuss your individual circumstances and we can help find the right, affordable solution for you.

You can also visit the Money Helper, for free and impartial advice on all money matters.


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How do I withdraw my savings?

You can withdraw money from your Share Account at any time unless secured against a loan. If you have a loan, savings in your Share 1 account are locked in and provide security for your loan. Only balances in excess of the loan amount can be withdrawn from this account. If your funds are in a term deposit account it will have its own terms & conditions. Money withdrawn is paid either direct into your bank account or cash withdrawals are available at any ECU branch (limits apply). Withdrawals can be requested from your online account or through the mobile app, just select your bank account number and sort-code from the list.

For fraud prevention purposes we can only pay to an account in your name. If your preferred bank account is not shown please contact us to verify your account details. Payments are processed the same working day (Monday to Friday, excluding public holidays) if requested before 3pm. Withdrawals after these cut-off times will be processed the following working day. The transfer to your account is usually complete after 4.30pm.

Can I withdraw my Attached Savings?
If your attached savings are more than your loan balance, you will be able to withdraw those shares. Attached Savings are a condition of our loans and enable our Members to build up savings easily, giving financial options and flexibility.
Do I earn interest on my savings?

All members are part-owners of the credit union and share in its success. Instead of interest being paid, when the credit union is doing well a dividend is proposed by the Board of Directors and voted upon by the members at the AGM. Once agreed, it is normally paid into your account the following day. The dividend you receive depends upon how much you have saved during the financial year (1st October to 30th September) but is calculated in a similar way to interest. The more savings that you have, the more dividend you earn.  Interest is paid on some special term accounts such as the Gold Account which have their own terms and conditions. 

Is the dividend taxable?
Credit union dividends are treated by HMRC in the same way as interest on savings accounts. It should be declared in your tax returns but can be part of your non-taxable Personal Savings Allowance. Tax on savings interest – GOV.UK (
Is there a maximum for savings?
The maximum one member can hold can be no greater than 1.5% of the total non-deferred shares in the credit union across all savings accounts and we would discourage members to hold more than the FSCS maximum cover of £85,000.
Can I open a Junior Savings Account?
At Enterprise Credit Union we offer a Young Savers Account which is open to the family of our members, up to the age of 18. The account can be opened by adult members on behalf of the young person they choose. This is a great way to encourage good saving and spending habits in young people and to prepare for their future. For more info click here.
What happens to a Junior Savings Account when they reach 18?
The account will automatically transfer to an adult members account.
Do we offer joint accounts?
No, we only offer single membership accounts.
What is meant by a Nominee?
Credit union members can nominate a person that they want their savings paid to should they die. This nomination allows us to release up to £5,000 without reference to probate or letters of administration and speeds up the release of funds when they are needed. We encourage members to complete a Nominee Form but would also urge all members to keep it up to date should you wish to change the beneficiary.


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Are Credit Unions safe?
We are part of the Financial Services Compensation Scheme which is a statutory Deposit Guarantee Scheme that protects eligible deposits up at a maximum of £85,000 per member should the credit union fail. Full details of the scheme can be found at:
Who runs the Credit Union?
Enterprise is governed by a volunteer board of directors who bring their experience and skills to the business. They are elected by the members at the Annual General Meeting of the credit union. The day-to-day operations are provided by a team of paid employees, headed up by the Chief Executive Officer.  A qualified auditor prepares the Annual Audit Report that is approved by the members at the Annual General Meeting.
If I leave the area do I have to close my account?

No, once you are a member you can remain a member even if you move outside the Field of Membership.

Are there any hidden costs?

There are NO hidden fees or costs involved in transactions with the Credit Union. Interest on loans will be paid in line with the terms for that particular product.

Do you have a branch near me?
We have branches in a range of locations across Merseyside including; Huyton and St Helens. We also offer our service all over Merseyside via telephone and online. If you would prefer to come and see us, you can find your nearest branch by clicking here.
How do I contact you?
Please see our contact page, where you will find all the information you require to get in touch with us here at Enterprise Credit Union.
How do I start using the mobile app?
The Enterprise Credit Union mobile app makes it even easier for you to securely access and manage your account 24/7, in the comfort of your own home or when you’re on the move. You can start using the ECU app today by downloading to your iOS or Android device, for more info click here.
How do I find my membership number?
If you have forgotten your membership number, we can help. You can contact us by telephone or email and you will be asked to confirm a number of security questions to verify your identity. You can find our contact info by clicking here.