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We are part of the SoundPound Family and everything you need to know about the SoundPound loan is here


What is the SoundPound Loan?

The SoundPound Loan is the latest addition to our product range. This loan has been made possible by the hard work of Credit Unions all over Greater Manchester as part of the SoundPound family.

 The SoundPound loan is designed for new account holders. You can apply to borrow between £200-£1000 and have the money paid into your account by the next day.

We will assess your finances and perform a credit check.

Since we are a credit union we understand real people and their finances. If you have a poor credit score or low disposable income, we won’t just turn you away. We’ll work with you to build your credit score as well as your savings.

This loan can be a helping hand to pay some unexpected bills or clear a financial hurdle.

The SoundPound loan has an interest rate of 42.6% APR, charged on the reducing balance. The loan has a maximum term of 12 months. 

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South Manchester
Credit Union

South Manchester
Credit Union

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Congratulations, you've opened an account!

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 SoundPound Loan

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

This means that you can apply for your first loan!

With a SoundPound Loan, you can apply for anywhere between £200 and £1000.

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 – often 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 the level of borrowing that suits your finances. 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 can add 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.  

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.

SoundPound Loan T&Cs

  • Minimum loan: £200 
  • Maximum loan: £1000 
  • Minimum term: 4 months
  • Maximum term: 1 years
  • Annual interest rate is 36% (APR 42.6%)
  • Interest is charged on the reducing balance
  • Can be refinanced after 4 months
  • No hidden fees or charges
This product is designed to offer a warm welcome to credit union borrowing. It is not linked to savings, although we encourage you to save as you borrow. Building your Locked Savings gives you the opportunity to apply for Saver Loans in the future. We work with all new members, one-to-one, over the first 12 months of membership. We want you to reap the full benefits of your local credit union and find your personal credit and savings level. 
  • You must be a member of South Manchester Credit Union to be eligible to apply for a SoundPound Loan.
  • You must be aged between 18 years and 69 years to apply for a SoundPound 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 SoundPound 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, after the 4 month minimum term, 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 £2 per week to build your savings with South Manchester Credit Union. The savings you accumulate in this way, whilst you are repaying a SoundPound 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.
  • A first SoundPound Loan may be refinanced after at least 16 weeks or 4 months of loan repayments as per the Loan Agreement.
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.

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