Smart Loan

Low Interest

Average APR of 14%

5 Days

We aim to complete applications in 5 days

Higher Value Loans

You can apply for a loan up to £15,000

Get Smart

Need help towards the deposit for your new home? Is there a car you have wanted but struggled to raise the funds? Apply for our Smart Loan to help afford the more expensive milestones in life.

The Smart Loan is tailored towards you. The process of the application may be more involved but we hope the final outcome is worth it. 

With a competitive interest rate of APR 14%, free loan insurance, no hidden fees and flexible terms over a maximum of 5 years, why look anywhere else?

Our Smart Loan is designed for members with a higher disposable income. Applications are accepted from £3,000 and are individually assessed by our experienced loans team - we aim to process these within 5 working days (T&C's apply).

This loan cannot be refinanced. 

If this loan is not for you, have a look at our Welcome Loan if you are a new member or our Saver Loan if you have been a member with us for more than a year.

Apply through our mobile app

Nivo is a fast and secured messaging service. All conversations through the app are encrypted- keeping your information safe and protecting your privacy

Don't want the app?

Not to worry, you can join online too! click open account and fill out the application:

Click to read the small print

Smart Loan product description

Minimum loan £3,000

Maximum loan £15,000

This loan product is designed for new and existing members and is not linked to savings. However, members are encouraged to continue to save whilst repaying their loan. This loan is offered to cover the expense of larger items such as a car, special holiday or home improvements. It may not be refinanced. The maximum loan term is 5 years.  Bespoke interest rates are offered between 4.9% – 13.2% (APR 14%)


Terms and conditions:

  • You must be a member of South Manchester Credit Union to be eligible to apply for a Smart Loan.
  • You must be aged between 18 years and 69 years to apply for a Smart Loan.
  • You must complete the loan application process and provide all information requested for a full loan assessment. An external credit check will be undertaken.
  • Once a Smart Loan offer is made, you will sign the Loan Agreement if you accept the offer and agree with the loan terms.
  • You agree to repay the loan to South Manchester Credit Union and pay interest on the unpaid balance at the agreed rate. Interest will be charged on the outstanding balances on a daily basis.
  • You agree to make payments at the agreed frequency and will continue to do so until the loan and interest have been repaid in full. If you miss a repayment, you will incur additional interest on the loan. The first payment will be due on the date agreed in the Loan Agreement.
  • If you don’t make a repayment on time we will contact you to find out why. The interest on your agreement is based on you paying on time. If you miss payments, you may end up paying more interest than on the agreement. If you stop paying your loan we can ask you to repay the whole loan at once. If you stop repaying your loan and we have to take steps to contact you for repayments, we may add the cost of chasing you to the amount owed to us.
  • If your loan is in arrears we have the right to apply any savings held in your Locked Savings account towards the arrears due.
  • You have the right to settle the Loan Agreement early at any time by paying in full the balance of the loan plus any unpaid interest outstanding. South Manchester Credit Union will, on request, provide you with a written statement of the sums which have been paid and which remain outstanding under the Loan Agreement.
  • You agree to save at least £20 per month to build your savings with South Manchester Credit Union. The savings you accumulate in this way, whilst you are repaying a Smart Loan, will be held in your Locked Savings account. Any additional savings will be placed in your Open Savings account from which a monthly savings withdrawal is permitted. Once your Locked Savings balance exceeds your loan balance, the difference may be withdrawn.
  • During the term of the loan, you agree that you will inform us immediately if you give or receive notice of termination of employment, change of address or any other personal circumstance which will affect your ability to make the agreed loan repayments, so that alternative methods of payment may be arranged.


Credit reference and fraud protection agencies

We may use credit reference and fraud prevention agencies to help us make decisions. What we do and how both we and credit reference and fraud prevention agencies will use your information is explained on our privacy policy page.