An alternative to payday loans

APR refers to the annual percentage rate (APR). The term is used to describe the overall cost of borrowing a loan, including the interest rate, as well as any related fees. APR’s make it easier for you to compare what options are available, so you can find the best deal to suit your needs.

We do recommend that you look beyond the headline interest rate advertised by other lenders and check out just how much you’ll actually pay per month for the amount you wish to borrow.

We offer Personal Loans from £500 to £25,000. The amount you can borrow is dependent on your personal circumstances. We assess your personal circumstances through a credit check as well as other affordability checks so we can make an informed decision.

If you do not qualify for our Personal Loan, you may be offered an Emergency Loan between £500-£1,000.

Repayments for this loan may be made by payroll deduction where the facility exists, otherwise by Direct Debit. To see if your employer has payroll deduction set up with ourselves, click here.

Yes, it is our policy to perform a credit search with every loan application. This is to help ensure we are lending responsibly and protecting the interests of the members who save with us, however, the approval decision does not rely solely upon your credit score. All our loan applications are assessed by considering income and expenditure, level of debt and ability to repay.

There are no set up fees or hidden costs for our Emergency Loan.

There are no charges or penalties for early (in full or part) repayment. If you wish, you can pay off part of your loan with a lump sum. Your monthly repayments will stay the same, but the term of the loan will be reduced and the total amount of interest paid reduced. You also have the option to overpay your loan. Either way, there are no penalties.

The APR of your loan is fixed for the duration of the term.

Our Emergency Loan has a fixed rate of 42.6% APR.

Our Emergency Loan is a referral product available to new or existing members who may not qualify for our standard personal loan product or where the option of payroll deduction is not currently available with your employer.

You can apply for a Personal Loan if :

• You’re aged 18 or over
• Are a member of the credit union, or are eligible to join
  • Full details about our field of membership can be found here.
• You’re resident in the UK. You’ll also need to provide proof of your identity and address.
• Loan repayments must be affordable.
• You must be able to provide evidence of your income if requested.
• You cannot be insolvent at the time of applying and a loan will only be considered 12 months after your discharge from insolvency.
• If you have credit in arrears, default or outstanding CCJs you are unlikely to be accepted for a loan or we may only be able to offer our non-standard products.
• Loans will only be issued to members who reside in the UK or who reside abroad and contribute to their credit union account via payroll.
• Members who have previously defaulted on a Credit Union Loan are not eligible to apply.

We’ll make a decision on whether to offer you a loan based on your personal circumstances.

To qualify for a Emergency Loan, you must be:

• Employed for a minimum of 6 months

Our Emergency Loan is a referral product available to new or existing members who may not qualify for our standard personal loan product or where the option of payroll deduction is not currently available with your employer.

This product is not available to apply for direct from our website.