Borrow up to £700 for the holiday you’ve been waiting for

This loan is for new members only

Mana Fara
Mana Fara
22/03/2022
Verified
They are so helpful and very polite and I’m so satisfied with them 😃
sinead duffy
sinead duffy
22/03/2022
Verified
Very helpful, polite and professional Aimee really made me feel comfortable and answered all my questions I am very happy with the service I received☺️
Neil Martin
Neil Martin
18/03/2022
Verified
Great service from SMCU and Harry in particular: really felt treated like a person rather than just a number on a computer screen. It feels like the sort of service you used to get in banks years ago. 10/10 would recommend and look forward to dealing with them again.
ERROL TUCKER
ERROL TUCKER
18/03/2022
Verified
Very satisfied with the service i received an would recommend to my friends an family 😊
claire east
claire east
14/03/2022
Verified
SMC are amazing and have helped me out so many times. They really care about their customers and I always know that they are there when times are hard. SMC are always so easy to deal with, they are fab communicators and really make you feel like your valued. Thank you for all your help over the last 6 years 🙂
Sepiso Akafekwa
Sepiso Akafekwa
08/03/2022
Verified
Needed a car loan.They were thorough with their assessments and quick and efficient. Happy with service and they processed everything ahead of the guided timeliness.
Fidelma Clerkin
Fidelma Clerkin
08/03/2022
Verified
Amazing staff!!! Nothing is to much for them they r so helpful all the time.
Neil Highley
Neil Highley
04/03/2022
Verified
A very efficient service. Staff professional and friendly. I would certainly recommend South Manchester Credit Union

Work out the cost of your loan up to £700

The annual interest on our Welcome Loan is 36% (APR 42.6%) on the reducing balance. This means with each repayment you pay less interest. Try our calculator to see for your self! 

FAQs

We can only answer that once we get all the information in. What we can say is that we take a human approach to our lending and will work with you to build your savings as well as your credit score. 

Yes, all first applications need a credit check. Be assured, we do not define you by your credit score. Instead, we’ll speak with you to get a stronger understanding of your position. If you think this will affect you, speak to one of the team through our mobile app Nivo.

The annual interest is 36% (42.6%APR). This is charged on the reducing balance, so with each repayment you pay less interest! Here’s an example:

If you borrow £300 and pay £10 per week. You’ll repay your loan over 34 weeks and pay £37.44 interest – repaying a total of £337.44.

Yes, yes and yes! We encourage all of our members to save whilst they’re borrowing from us. Also, once the loan is repaid, there is a nice nest egg waiting for you.

Once we have received all of your loan information, we aim to assess your application within 24 working hours.  

Not at all. Our loans are designed to meet the demands of our members. Whether that be for a trip abroad or an unexpected bill – we’re here to serve our community.

Join thousands of people in South Manchester who choose to better their finances with their local credit union

It’s been too long since we’ve been able to freely travel abroad. Many of us have been stuck between the same four walls for two years.

While it’s easy to get comfortable with our surroundings, days can become repetitive and we all deserve a refresh from time to time.

That’s why we have our communities’ best interests at heart. We offer a service that allows you to unwind.

This is your chance to have a holiday and spread out the cost. If you’re considering finance, we’d love for you to try your local credit union.

Let's have a look at how simple it is to open an account

Download the app

Click get started

Click get started

Create a secure and memorable pin

Our Joiner Bot will guide you through the process

Make sure your postcode is on the map

Get your ID ready to verify your identity

Congratulations, you've opened an account!

This is how it works...

Join the credit union

First things first, let’s open your account. 

We complete an ID check to verify who you are and where you live. 

Apply for your Welcome Loan

Once your account is open, your credit union membership starts. 

This means that you can apply for your first loan!

With a Welcome Loan, you can apply for anywhere between £150 and £700.

We’ll make sure the repayments are right for you so you can have financial peace of mind. 

Sit back and relax

Your first loan will be completed within 2 working days – usually on the same day.

Whilst you’re relaxing, we’ll assess your income, spending and what you’ve got leftover. 

This helps us work towards finding your right level of borrowing. It’s important that we know how much you can repay and save so that you can get the most out of your credit union account. 

Repayments are simple

We want to make your loan repayments as easy as possible.

Most of our members decide to repay their loan with a standing order. This gives the flexibility of paying weekly, fortnightly or monthly. 

Some of our account holders who have children find it really handy to pay through their child benefit. The child benefit is paid into us for your loan repayments and savings and the rest is paid back to you. 

This is the same for all other benefits as well as payroll deduction. If you’re undecided, you can have a chat with us so we can work out what may be best for you.

We're good to go

Once our assessment is complete and if your loan is approved – we’ll send over the terms of the loan that we are offering to you.

If you are happy to accept, then go ahead and sign. 

We have an agreement. 

Start to build your savings

Whilst you’re repaying your loan, you’ll be adding to your savings.

You will have two savings accounts:

  • Open Savings – savings available to withdraw up to once per month
  • Locked Savings – savings that are pledged to support your borrowing.  

Topping up your loan

After 4 months, you could apply to refinance your loan.

The process is near enough the same except there’s no credit check – instead, we just look at your recent bank transactions, loan repayments as well as your level of savings.

Be rewarded for loyalty

After a year of active membership, you can apply for a Saver Loan.

A Saver Loan rewards your membership with a lower annual interest rate of 24% (APR 26.8%) and is annually reviewed for a bespoke Credit Level.

We give our members value every step of the way.