Loans

Benefits of borrowing from Central Liverpool Credit Union:

  • Low rates.
  • Weekly and monthly repayment options.
  • No set-up fees.
  • Overpay as much as you want each week or month.
  • No penalty charges for paying off the loan early
  • Opportunities to save while you repay the loan.
  • Free Life and Loan Insurance
  • Easy budgeting with fixed loan repayments.

Loans can be granted to members over 18 years old. You can join and apply for a loan at the same time.

How to apply

Please read about the two 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 we offer an Open Banking service. If you choose to provide this access, you no longer need to send in your bank statements to the Credit Union. To do this you will need online access to your current account, so have your log in details to hand. This will result in a much 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.

Opportunity Loans

For members who need to borrow, but haven’t built up their savings yet.

If you are tired of paying too much when you’re only borrowing a little, we charge less than PayDay loans or Home Credit. A poor credit history does not prevent you from applying to borrow.

As a rule of thumb you can apply to borrow up to one month’s income.

For example, if your income is £1,000 you can apply to borrow up to £1,000. If you take-home £2,500 each month you can apply to borrow up to £2,500.

To apply for more than £5,000 you must be a homeowner.

You do not have to use a homeowner loan for home improvements. However, if you want to undertake expensive renovations in your home – perhaps to cater for a growing family – then a homeowner loan can help fund this work. Improving your flat or house can also make the property more attractive to potential buyers as well as increasing its value.

If you have an existing loan with us, the total amount you apply for should include your current loan balance.

For example, if you already owe £1,000 and want to borrow £500, you should apply for £1,500.

If you have registered for online account access you can check your loan balance.

Please note. The repayment value and total amount repaid are illustrative and rounded to the nearest £. The final amounts can vary, depending on the actual date you take our your loan.

If you are applying as a new member, we undertake a identity check using a Credit Reference Agency. If you do not pass this check you will need to upload two indentity documents. These could be a passport, driving licence or recent bank statement to prove your identity. A utility bill can be used to prove your address. This can be uploaded in any format.

How much do you want to borrow?
How long do you want to repay?
Your estimated repayments will be every months at
The estimated total you will repay would be:
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Member loans

For people who have been members of the Credit Union for at least two years and have at least £500 in savings.

It seems as if savers are being punished these days.  Rate for savers have fallen dramatically, yet at the same time the cost of borrowing has risen. At Central Liverpool Credit Union we believe that savers should be rewarded not punished. If you have saved with the Credit Union you can enjoy a lower rate of interest.

A member loan is based on your shares/savings blance at the Credit Union. You can borrow up to three times your savings, subject to affordability.

If you have registered for online account access you can check your balance to see how much you could borrow.

Interest is charged at 1% per month on the reducing balance of the loan (12.7% APR).

How much do you want to borrow?
How long do you want to repay?
Your estimated repayments will be every months at
The estimated total you will repay would be:
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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:

You have javascript turned off. Please turn javascript on to see the tools in action.

Budget Planner


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.