Credit Union Loan

About our loans

A credit union loan has the following benefits

  • Low rates
  • Weekly and monthly repayment options
  • No fees or penalty charges for paying off the loan early
  • Save while you repay the loan (Save as You Borrow)
  • Free Life and Loan Insurance
  • Easy budgeting with fixed repayments

A credit union loan can be granted to any member aged 18 years and over. You can join and apply for a loan at the same time.

How to apply for a credit union loan

Please read about the loan products below, choosing the one that suits your circumstances.

To apply you will need your national insurance number and bank account and sortcode details.

To get the fastest decision use the Open Banking service. If you provide this access, you do not need to send in your bank statements. You will need online access to your current account, so have your log in details to hand. This will result in a quicker decision.

If you do not submit your details by Open Banking, you can also upload your bank statement. Please have a .pdf version of your most recent statement to hand.

We have provided instructions, showing how the online application process works.

If you would prefer, you can fill in a paper Loan Application Form and bring it into the office with your most recent bank statement.

We will provide a decision as quickly as possible, but the response isn’t instant.

Do want to take out your first loan with us?

OPPORTUNITY loan

42.6% APR

  • For 1st-time borrowers
  • Borrow up to net monthly income including benefits (£3,000 max)
  • Over 1 to 36 months

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Do you want to top-up an existing loan?

OPPORTUNITY loan

42.6% APR

  • For topping-up an existing loan
  • Borrow up to £3,000 (including existing balance)
  • Over 1 to 36 months

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OPPORTUNITY PLUS loan

34.5% APR

  • For topping-up an existing loan
  • Borrow £3,001 TO £5,000 (including existing balance)
  • Over 1 to 36 months

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HELPING HAND loan

26.8% APR

  • For topping-up an existing loan
  • Borrow £5,001 TO £10,000 (including existing balance)
  • Over 1 to 36 months

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Are you an existing member and want to take out a new loan?

OPPORTUNITY loan

42.6% APR

  • For topping-up an existing loan
  • Borrow up to £3,000 (including existing balance)
  • Over 1 to 36 months

Get Started

OPPORTUNITY PLUS loan

34.5% APR

  • For topping-up an existing loan
  • Borrow £3,001 TO £5,000 (including existing balance)
  • Over 1 to 36 months

Get Started

HELPING HAND loan

26.8% APR

  • For topping-up an existing loan
  • Borrow £5,001 TO £10,000 (including existing balance)
  • Over 1 to 36 months

Get Started

Have you been a member for more than 2 years and have savings of more than £500?

Whether you want to take out a new loan or top-up an existing one the LOYALTY loan is the one for you.

LOYALTY loan

12.6% APR

  • For loyal members
  • Borrow up to 3x what you have in savings (£15,000 max)
  • Over 1 to 36 months

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Are you an existing member and a homeowner?

HOMEOWNER loan

6.2% APR

  • For homeowner members
  • Borrow £5,000 to £15,000
  • Over 1 to 60 months

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Are you an existing member and have more in savings than you want to borrow?

SECURED loan

6.2% APR

  • For members with more in savings than they want to borrow
  • Borrow £1 to £15,000
  • Over 1 to 60 months
  • No credit check!

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Are you an existing member and want to repay direct from your wages (payroll deduction)?

PAYROLL loan

19.6% APR

  • For members with an employer on our payroll deduction scheme
  • Borrow £500 to £5,000
  • Over 1 to 36 months

Get Started

Fequently asked questions about our loans

How long can I take to repay?

Most loans are repaid over 12 months or 52 weeks.

Loans have a maximum term of 36 months, but the term will be at the discretion of the Loan Officer, based on affordability.

You can repay a homeowner loan over a longer period.

How much can I apply for?

The maximum varies between £3,000 and £15,000. This will depend on the type of loan you apply for. If you are topping up an existing loan, you will normally be able to borrow to the amount you have already repaid.

Maximum amounts depend on affordability as agreed by a Loan Officer.

When will I get my decision?

We try to get a decision to you as soon as we possibly can. However, at busy times like Christmas, we receive thousands of applications. Consequently, decisions take a little longer.

To speed up your decision you should apply online and to allow access to your bank statement through Open Banking.

Delays are caused by answering telephone queries about whether a decision has been made. Please try not to ring, if you haven’t heard from us, your decision is not yet ready.

Can I get a quick decision?

All decisions are made as quickly as possible. However, allowing access to your bank statement through Open Banking when applying online will normally enable the quickest decision.

Can I repay my loan early?

Absolutely! And, where the banks will normally make you pay a penalty fee for doing so, we actually reward you because, the earlier you repay, the less interest you will be charged.

What happens if I miss a payment?

As soon as you realise you’ve missed a payment, you should pay as quickly as you can. If you are having difficulties in paying, we have a number of ways in which we can help you. We can only do so, however, if you contact us as soon as you know you may have problems.

Do I need my log-in details to apply for a loan online?

Absolutely not! You don’t need to be logged in, but you will need your bank details.

Can I apply before my 6 months is up?

No, you must have made 6 months’ worth of repayments before you can apply for another loan.

How do I upload my bank statement?

When you apply online you will be given a choice of using our Open Banking service (the quickest method) or uploading your bank statements.

If you choose to upload a statement it must be in .pdf format covering the last month. You will be prompted to do this from the device you are applying on. So if you are applying from your phone your bank statements need to be on that device.

Where is my loan application up to?

We are actively working on providing a facility for you to see at a glance what stage your loan application is at. We try to get loan decisions processed as quickly as possible. You will be notified just as soon as the decision is made.

Please resist the temptation to ring to ask where your application is up to as this causes delays to the whole process.

Working out what you can afford

Need to work out how much you can afford to repay each week or month? Try the budget calculator from the Money Advice Service:

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Money Advice Service


Business loans

For members who own businesses that need working capital or to make a larger purchase.

Our corporate loans help members grow their businesses by improving cash flow. Rates of interest for business loans varies between 6.2% to 12.7% APR depending on the following:

  • Secured loans attract a lower rate
  • Director Guarantees or charge on a personal asset will attract a lower rate
  • The level of risk attached to the loan
  • The amount borrowed – rates are better for larger loans

Contact us to find out more.