Starter Loans

Need a loan for a holiday, a birthday or to decorate your house?

Sheffield Credit Union are here to help. Our Starter Loans are easy to apply for, flexible and can be used for hundreds of purposes.

You can apply for a Starter Loan as soon as you become a member of Sheffield Credit Union and our Starter Loans are not based on your level of savings with us.


  • Apply for £100 to £1,000
  • Apply as soon as you join Sheffield Credit Union
  • Repayments from as little as £2.50 per week
  • Spread your repayments over up to 11 months
  • 42.6% APR (3% interest per month)
  • Interest payable on declining balance – meaning you pay less if you make your repayments on time
  • No loan arrangement fees or set-up costs
  • No early repayment fees if you want to settle the loan early
  • Minimum 16 weeks / 4 months of repayments before applying for a top-up
  • Help building savings to progress to an even cheaper Savings-Based Loan


You can apply for this loan if:

  • You have joined as a member of Sheffield Credit Union (or were a Rothersave member)
  • You have income of at least £500 per month (excluding housing benefit)
  • You don’t have sufficient eligible savings with us to apply for a Gold or Loyalty loan
  • You are not currently in an IVA (Individual Voluntary Agreement)
  • You have not had a Debt Relief Order or Bankruptcy Order within the last 2 years

Starter Loan Calculator Apply for a loan

Are you a Homeowner or do you work for one of our Payroll Employers?

You may be able to apply for a loan of up to £10,000 – see our Homeowner Loans or Payroll Loans pages.

Sample rates for our Homeowner or Payroll Loans are given in the table below. These great rates are only available when you apply directly to Sheffield Credit Union in branch or via our website.

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All loans are provided subject to status and affordability. Please be aware that you may pay more interest and be subject to additional charges if your loan repayments are not received on time. Repayments are reported to Credit Reference Agencies including Experian which could affect your credit record if you do not keep up to date with your repayments.