Loans
Affordable loans that work for you
Affordable loans for those living or working in the ‘B’ Birmingham postcode.
Advance Credit Union provides a range of flexible loan options with all circumstances considered. Before applying for a loan, take time to consider the repayments and the term of the loan.
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
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