Our loans

Fair, flexible, and affordable loans designed for our members.

Borrow with confidence

At Central Credit Union, we offer loans that are built around your needs. Unlike some high-street lenders, we keep things simple: no hidden fees, no penalties for early repayment, and a fair interest rate that won’t change unexpectedly.

Whether you need to cover an unexpected expense or fund something special, our loans are accessible, ethical, and designed to help you stay in control of your finances.

Who can apply?

To apply for a loan with Central Credit Union, you must:

  • Be over 18 years old.

  • Live, work, or study within our common bond areas of: the Liverpool City Region, West Lancashire, Wigan, Warrington, Chester and Cheshire West.

  • Be able to afford repayments based on our fair and responsible assessment.

  • Not be subject to a Debt Management Plan (DMP), Debt Relief Order (DRO), Individual Voluntary Arrangement (IVA), or bankruptcy.

Explore our loans

Why borrow from us?

  • Competitive interest rates

    Legally capped at a maximum of 3% per month (42.6% APR). That means you could save money over the life of your loan compared to many other lenders.

  • No representative rates

    We don’t base your rate on your credit score. The rate you see is the rate you get. No hidden surprises.

  • Interest on the remaining balance

    We only charge interest on what you still owe. As your balance goes down, so does the interest you pay.

  • Fair assessment

    We do check your credit score as part of the process, but our focus is on what you can afford. We know people can have a low score through no fault of their own.

  • Responsible lending

    Each application is reviewed individually by our loan officers, making sure repayments are manageable.

  • No early repayment fees

    You can clear your loan early without penalties, so you’re free to save money on interest.

  • People over profit

    As a credit union, we work for our members, not shareholders. Our priority is to offer loans that genuinely help our community.

  • Save as you borrow

    With this scheme, you agree to save a set amount each week alongside your loan repayments. Those savings stay locked until you’ve cleared your loan, helping you build a financial safety net.

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 MoneyHelper.

Budget Planner

 

Loan protection insurance.

When you take out a loan with us, you also get Loan Protection at no extra cost. If you were to die before your loan is repaid, this protection can help towards settling the debt, so that it isn’t passed on to your loved ones, providing peace of mind.

Learn more

Missing payments

If you miss a loan repayment, it may be reported to a Credit Reference Agency, which could impact your credit score. If you miss six or more consecutive payments, this is considered a default, which can significantly reduce your credit score and affect your ability to access credit in the future.

If you’re struggling to make a payment on your loan with us, please contact us as soon as possible. We may be able to offer support or discuss alternative options to help you manage your repayments.

Your loan application may be declined if our assessment determines that lending to you poses too high a financial risk. Common reasons include:

  • Irregular income or an unmanageable level of expenditure
  • Having a Debt Management Plan (DMP), Debt Relief Order (DRO), Individual Voluntary Arrangement (IVA), or bankruptcy

Struggling to pay?