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It's a no for now, not a no forever...

A no for now? Where can you go from here?

Firstly, we are sorry that on this occasion we have been unable to offer you a loan. There are several reasons why we may be unable to approve an application, but there is always something you can do to improve your chances next time.

Increasing your chance of approval

The good news is that there are usually some pretty simple actions which you can take to improve your chances of being approved next time you apply for a loan from us.

We would recommend that you contact us to find out the reason your loan application was unsuccessful on this occasion.

Your credit record

We may suggest you obtain a copy of your credit report. Nearly all lenders will look at your credit record when making a decision about a loan. It is therefore important that you minimise the negative information shown. Making payment arrangements if you have defaulted on an account or have an outstanding County Court Judgement (CCJ) is a good place to start. Also try your best to catch up with any missing or late payments which you owe to other lenders, utility providers or communications suppliers, so that the information they report is more positive.

Starting saving with us

Saving with us has two benefits. Firstly it may demonstrate that you are able to maintain regular payments. If you are not sure you can make regular payments by standing order without missing a payment, why not consider transferring a benefit into your Credit Union account instead. Many members find that transferring their Child Benefit is a useful way to make regular repayments. In the long run this helps them improve their credit record if they progress to reliably repaying a loan this way.

Secondly, you will become eligible to apply for our Savings Based Loans if you save regularly for a minimum of 12 weeks, without withdrawing (subject to minimum loan sizes).

Our savings based loans have a higher approval rate than our other loan products. Once eligible, you will be able to apply for a multiple of what you have saved. If you have a poor credit record we will usually consider a loan of between 2 and 3 times the value of your savings, but in the long term we may be able to consider larger multiples.

Check you receive all the income you should

Do you know if you are receiving all the benefits you are entitled to? If the reason you received a no this time was due to affordability, maximising your income may be crucial. Visit our Money Support pages and use our eligibility tools to see if there is any other income you could be receiving.

What else can you do with your account?

As a member of Sheffield Credit Union you are also able to access our other services.  Putting a little away on a regular basis in your savings account can make a big difference and give you a pot of money when you most need it.  Saving in your credit union account can also help when applying for future loans (see above).

Savings for when you need them

You can choose to save in one or more of several savings accounts.  There are various advantages and rewards with each of the different savings accounts.  You can follow this link to find out more, or ask us to explain them to you.


We also offer bill payment (SCUBA and SCUBAlite) accounts.  SCUBAlite accounts are used to pay one regular bill reliably through your account.  Many of these are paid for by the housing provider.  They welcome a regular payment account to keep rent up to date and avoid evictions.  You can set up your SCUBA account to regularly pay up to 5 bills per month.  There is a charge for these accounts, but members may find that this is less than the bank charges for a returned direct debit  or an overdrawn account.  Credit Union accounts cannot go overdrawn.  The bill payments can also be convenient, reducing the stress and worry of ensuring bills are up to date.  Up to date bills also help to build and maintain a good credit record.

Helpful, fair and ethical

We would recommend you talk to us further if you are not sure about how to use your account.  By having a credit union account and using it, you will be benefiting from fair-priced, ethical and helpful financial services - here when you need them.