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Loans

At Advance Credit Union, we provide a range of flexible loan options to suit your financial needs and any purpose, from personal and car loans to home improvement financing.

 

 

Our Loans:

First Choice Loans

APR 42.6%

Member or not, this is our first choice loan designed to be fair and affordable for all focusing on flexibility and ease. This is the perfect plan for anyone looking for their first loan or a flexible solution. We offer a comprehensive loan for those with a wide range of personal finance needs.

Apply here

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

Easy Plan Loans

APR 34.5%

Whether you need to make home improvements or tackle an emergency this loan is here allowing you to borrow hassle-free offering flexible terms, affordable repayments, and lower interest rates. This is the perfect plan for anyone employed or unemployed with an easy application..

Apply here

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

Credit Builder Loans

APR 34.5%

Are you employed with an adverse or low credit history, living or working in Birmingham? Used sensibly, this loan can help you improve your credit score over time and increase your chances of getting accepted for lower interest rates in the future. It does this by offering affordable loans with a competitive interest rate.

Apply here

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%)

Select Loans

APR 12.7%

A premium loan for established members seeking lower interest rates and to borrow a lot more. Making it the best choice for significant purchases. This loan is exclusive to those employed with a solid credit history or a good standing with the credit union.

Apply here

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:

Step 1

Open our mobile app and access the loan application form.

Step 2

Complete the application, using the loan calculator to see what works
best for you.

Step 3

Upload your required documents (Proof of Address, Photo ID, and your last 3 months’ bank statements).

Terms and Conditions

FAQ’s about loans:

When is my loan paid to me?
If we receive your signed loan agreement before 4.00 pm, your loan will be paid into your bank account the same day at 4.30 pm. Any signed loan agreements after 4.00 pm will be paid into your account the next day at 4.30 pm. Loans are paid Monday to Friday only.
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?
We do check credit history, but not on every loan. We understand that your score doesn’t tell the full story. Which why we assure you that our loans are affordable and can be repaid by yourself.
Are the loans insured?
Yes, Our loans are insured up to the age of 69, ensuring that the loan is fully covered in the event of death, leaving no debt for the surviving family. Terms and conditions apply.
What ID do I need to provide?
We require proof of identity and address for all members to verify legislation, this can include:
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

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