Savings and loans • Fair and square


Loan process explained

What happens when you apply for a loan with us

When you apply or a loan with castle community bank, you will receive one of three decisions;


✔ Accepted

If your loan application is accepted, you will automatically receive your pre-contract information (i.e. Loan Agreement and Terms & Conditions) for you to read and sign online.

Once you’ve signed your Loan Agreement we will send you a welcome email and a copy of your signed Loan Agreement.

We will then send you a link to create your Direct Debit.

You will then get a call from our membership team to let you know when we will transfer the money.

We may also ask you for copies of payslips and bank statements to verify the information you have provided.

Please give the team a business day to call you once you have signed the agreement. Once any follow up documentation is satisfactorily processed. We will then transfer the funds direct to your bank account within 1 working day and send you an email confirming when this has been done.


☐ Referred

If your loan application is referred, this means that you will have passed the minimum threshold we set on credit checks but we will need additional information to complete our review of your loan application.

The additional information we require will depend on your individual circumstances.

We may ask for proof of Identity, monthly income & expenditure details; proof of income or a copy bank statements from the last 3 months.

One of our team will send an email to confirm and request the additional information needed to complete our review.

When our review has been completed we will advise you if your loan application has been accepted or declined.


✘ Declined

If your loan application is automatically declined, this means that you didn’t pass the minimum threshold we set on credit checks.

This could be due to a technical reason, an error on your loan application or an error on your credit report. The credit reference agency we use is Callcredit, one of the UK’s three major credit reference agencies.

One of our team will get in touch with you, as we may still consider your application if the rejection was due to a technicality.

We would recommend that you check your credit report for any possible errors. A free copy of your credit report can be obtained by clicking on the following the link to CallCredit's service, Noddle, below.