Loans
Affordable loans that work for you
If you live or work in Birmingham (B) postcode and need help with an unexpected expense, we’re here to offer a safe and affordable option.
We are a local, not-for-profit credit union. We exist to support our members — not to make profits for shareholders.
We lend responsibly and only when repayments are affordable for you.
Representative Example
Borrow £400.00 over 40 weeks.
Weekly repayments of £11.49.
Total amount repayable £459.27.
Representative APR 42.6%.
Credit subject to status and affordability. Applicants must be over the age of 18 and meet our common bond requirements. Terms and conditions apply. Missing payments may negatively affect your credit file.
(APR from 12.8-42.6%.)
A Safer Alternative to High-Cost Lenders
If you are receiving Universal Credit, Child Benefit, or other benefits, you may still apply.
We understand that many families experience financial pressure. An unexpected cost — such as car repairs, school uniforms or replacing a household appliance — can be difficult to manage.
Our loans offer:
- A clear repayment plan
- Save as you borrow. Build your savings while repaying your loan.
- No hidden charges
- Interest calculated on the reducing balance
- No early repayment penalties
- Support from a local team
We will always check that repayments are manageable before agreeing to any loan.
If we believe a loan is not affordable, we will explain why.
We Assess Applications Responsibly
We do not make decisions based on credit score alone.
When you apply, we consider:
- Your income (including benefits)
- Your essential household expenses
- Your overall financial situation
- Your ability to repay without hardship
If we cannot approve a loan, we will explain the reason clearly and may suggest other support options where appropriate.
Borrowing is not suitable for everyone, and we will never encourage you to take credit that could cause financial difficulty.
Supporting You Beyond Borrowing
As a member-owned organisation, we also offer:
- Savings accounts
- Budgeting support
- Help building your credit profile
- Christmas savings options
Our aim is to support long-term financial wellbeing — not short-term borrowing cycles.
Important Things to Consider Before Applying
Before applying for any loan, please think about:
- Whether you can comfortably afford the repayments
- Whether the loan is for a necessary expense
- Whether you have explored other options available to you
Missing payments can lead to additional costs and may affect your credit rating.
If you are struggling with existing debts, free independent advice is available from organisations such as StepChange or Citizens Advice.
How to Apply
- Complete our loan application form online or in branch.
- We will assess your application and contact you with a decision.
You are welcome to contact us before applying if you would like to discuss your situation. There is no pressure to proceed.
We’re Here to Help — Without Judgement
We understand that speaking about money can feel difficult.
Our Birmingham-based team treats every application confidentially and respectfully.
If you are unsure whether a loan is right for you, please get in touch. We are happy to talk through your options.
Our Loans:
Repayment example
- £200.00 loan paid over 40 weeks
- £5.75 per week
- Total Paid Back: £229.61 (42.6% APR, fixed)
- Estimated Interest: £29.61
Repayment example
- £500.00 loan paid over 40 weeks
- £14.04 per week
- Total Paid Back: £561.31 (34.5% APR, fixed)
- Estimated Interest: £61.31
Repayment example
- £2,000 loan paid over 18 months
- £139.35 per month (34.5% APR, fixed)
- Total Paid Back: £2,508.08
- Estimated Interest £508.08
The above are representative examples and the APR charged on our Select and Credit Builder Loans is variable depending on the value of the loan.
Credit Builder loan APR (21.9%-42.6%)
Repayment example
- £8000.00 loan paid over 36 months
- £265.72 per month
- Total Paid Back: £9,565.68 (12.7%, fixed)
- Estimated Interest: £1,565.68
The above are representative examples and the APR charged on our Select and Credit Builder Loans is variable depending on the value of the loan.
Select loan APR (12.7%-21.9%)
Why Borrow With Us?
Member-Owned:
As a member-owned cooperative, our focus is on serving you, not making a profit.
Easy Applicable:
An easy and simple-to-follow application form.
Flexible Terms:
Our loan terms are designed to fit your financial situation, with options for various repayment periods.
No Hidden Fees:
We believe in transparency, so there are no surprise fees associated with our loans.
Affordability:
Unlike high-interest lenders, we prioritise offering loans that align with your budget.
Protected:
Our loans are insured up to age 64, relieving debt for family in case of death. Terms and conditions apply.
3 Easy Steps to Apply for a Loan:
Use Our Loans Calculator
Frequently Asked Questions
When is my loan paid to me?
Once your loan is approved, you will be required to sign a loan agreement. If we receive the signed agreement before 4:00 PM, the loan will be deposited into your bank account by 4:30 PM on the same day. Signed agreements received after 4:00 PM will result in the loan being deposited into your account by 4:30 PM on the following business day. Please note that loans are processed and paid out only on weekdays, Monday through Friday.
Can I top up my loan?
- You can’t apply for a top-up loan if you’re paying back your First Choice loan with us. The balance has to be repaid in full before applying for a new loan.
- You can apply for an Easy Plan top-up loan when your outstanding balance is at £300.00 or less.
- You can apply for a Select top-up loan when you have paid 50% of your loan balance.
- With a Credit Builder Loan, you will not be able to top up your loan while repaying.
Do we do credit checks for loans?
Are the loans insured?
What ID do I need to provide?
1. Valid Passport
2. Valid Driving licence (full or provisional)
3. National Insurance
4. Identity Card issued (by the Electoral Office or Northern Ireland)
If you do not hold any of the documents listed then two documents (from the last 3 months and current billing year) are required from the following list:
1. Benefits Letters (first proof)
2. Council Tax Letters (first proof)
3. Utility Bill (second proof)
Need Assistance?
If you have any questions or need help during the application process, feel free to contact our customer service team or visit our in-store branch: info@advancecu.org.uk
Loans
Savings
Suits me
