The loan for loyal members

John Thomson
John Thomson
30/03/2021
Verified
Very good and great customer service 👍
Sharon Davies
Sharon Davies
29/03/2021
Verified
I’ve been with South Manchester Credit Union for just over a year. The staff are amazing, very helpful and professional. They are always happy to help. The Nivo app is very good and any messages are answered swiftly. I would happily recommend them to anyone.
miss mcmillan
miss mcmillan
26/03/2021
Verified
Absolutely fantastic!! communication is brilliant get your money exactly when you need it! I couldn’t do Xmas now without it. Been a member for years and it’s honestly the best thing Iv ever done! Peace of mind takes the stress off Xmas and other unexpected financial problems!
Alison Kilbride
Alison Kilbride
26/03/2021
Verified
These guys are great they go above and beyond for customers keep up the great work guys 👍
Lena Brookes
Lena Brookes
24/03/2021
Verified
Always helpful and response is great and fast

Be rewarded with a Saver Loan

Now that you’re a top saver, we want to reward you.

That reward comes with a bespoke Credit Level and we drop the annual interest right down to 24% (APR 26.8%). 

The interest continues to only be charged on the reducing balance – just Like the Welcome Loan.

Let’s have a quick look at an example:

If you borrow £500 from 1st July and pay £20 per week, it will be fully repaid by 6th January. You’ll pay £32.51 in interest – repaying a total of £532.51.

You can apply to refinance your loan up to 4 times a year between 1st October and 30st September. The minimum refinance is £150. 

From a sneaky bill to the fun stuff, the Saver Loan is there to help with your expenses.

This is how it works...

Enjoy the fruits of loyalty

Since you’ve continued to better your finances with us, we want to give back to you. 

Our Saver Loan gives you a lower interest rate and a bespoke Credit Level up to £3,000.

Build your Locked Savings

Your Locked Savings are a pledge against your loan. 

What you’ve built up makes a difference to how much you can apply to borrow. 

To work out how much you can apply for, we multiply your Locked Saving by 3.

Borrow within a Credit Level

A Credit Level is the maximum amount of credit that you can have with a Saver Loan. 

It is a bespoke amount designed around your finances.  

If you have a third of your Credit Level in your Locked Savings – you can top-up your loan balance to your Credit Level.

If you are still growing your Locked Savings you can top-up your loan balance to 3x your Locked Savings.

 

Apply to borrow from £150

The minimum loan you can apply for is £150.

Members have let us know that this is a handy amount to cover the cost of a broken fridge or help with the stress of unexpected bills.

Apply up to 4x a year

We found that 4 loans between 1st October and 30th September is the perfect amount. 

It’s useful for members to plan the the big things as well as  overcome any unwanted surprises.