Essential Living Fund Loan
Want to spread the cost of purchasing white goods or essential furniture?
We have teamed up with Great Places Housing Group to offer a special loan and savings scheme, exclusively for Great Places tenants.
If you are new to Sheffield Credit Union, then Great Places will even cover your cost of joining.
So that's FREE joining and a great value loan!
These loans are initially available for up to £250 - however once you are eligible you can always apply for larger loans directly from Sheffield Credit Union.
How much can you apply for?
| Borrow | Weekly Repayments / Term | Interest Rate |
|---|---|---|
| £200 | £5.00 for 47 weeks | 42.6% APR |
| £300 | £7.50 for 47 weeks | 42.6% APR |
| £400 | £10.00 for 47 weeks | 42.6% APR |
| £500 | £12.50 for 47 weeks | 42.6% APR |
Key Features
- Apply straight away – suitable for poorer credit records
- Apply for up to £250
- Affordable repayments starting at £7.50 per week
- Spread your repayments over up to 12 months
- No loan arrangement fees, set-up costs or early repayment fees if you want to settle the loan early
Eligibility Criteria
You can apply for this loan if:
- You are a tenant of Great Places Housing Group
- You join as a member of Sheffield Credit Union
- You have income of at least £500 per month (excluding housing benefit)
- 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
Before You Apply...
Either make sure you have your last 3 months' bank statements ready to send
OR if you have mobile or online banking, you can give your bank consent to transfer your last 90 days of transaction data, using the secure link provided in the application
You will also need to send:
- Proof of any income not showing on your bank statements
- If you receive Universal Credits, a copy of your breakdown showing the elements you receive
- If you are self-employed, a copy of your latest Self Assessment tax return
What Are Your Chances?
- You are More Than a Score to us, so we won’t make a decision just based on your credit score
- You will have a better chance of being approved if you don't currently have a loan with us, or have a relatively low balance outstanding
- You will have a better chance of your loan being approved if you have a good recent credit record (e.g. not missing payments elsewhere, no recent defaults, no outstanding County Court Judgements etc.)
- If you have a poorer credit file and have built up savings with us, you may be more likely to be approved for a Savings Based Loan
Frequently Asked Questions
Yes - we accept employment income and benefit income. As long as you receive the minimum requirement of £500 per month, and can supply proof of all your income.
Yes. We offer a paper loan application. You can request one by calling our telephone helpline or emailing our admin team. We will then send your loan application in the post. Alternatively you can collect one from our office.
Alongside your application form, we will also need the following:
- Your most recent three months' bank statements.
- If you receive Universal Credit, a copy of your payment breakdown, showing the elements you receive and any deductions.
- If you are Self-Employed, a copy of your most recent self-assessment tax return, or a letter from your accountant confirming your income.
- If you have any other income not shown on your bank statements, proof of income - such as a wage slip if you are paid in cash, or letters for any benefits or pensions.
You will become eligible for a further / top-up loan, once you have made at least 16 weeks of repayments (or equivalent) on-time.
This product is exclusively for tenants of Great Places Housing Group. However we have other loans, like our Progress and Family loans which you could be eligible for without being a tenant of Great Places.
Calculator
APR 42.6%
I'd like to borrow (£200 - £750)
For loans of £750+ please contact the office for latest rates.
Over a period of:
Representative example
- The interest rate you pay, and the amount you are able to borrow may vary depending on your saving and loan record with Sheffield Credit Union.
- All figures given on this website are for your general information only, and give a rough guide to loan repayments. Any statements on this website do not purport to be authoritative or legally binding.
- All information contained on this web page is correct at time of publishing. Sheffield Credit Union accepts no responsibility for errors due to changes in rates or offers which have occurred after this date. You are advised to check with our offices for up-to-date rates and offers.
- All repayment values are inclusive of interest.
All loans are provided subject to status and affordability and in accordance with our Lending Policy and loan product Terms & Conditions. 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.