Why choose a loan with Sheffield Credit Union?
Our Progress loans are available for a range of purposes, the application is simple and can be completed online.
All our loans are assessed on an individual basis as you are More Than a Score to us. This way we can try to provide a loan best suited to you and your needs. This includes flexible repayment terms, and repayments that fit the frequency of the income you receive.
How much can you apply for?
Borrow | Repay Over | Interest Rate |
---|---|---|
£200 - £1,499 | 6 to 24 months | 42.6% APR |
£1,500 - £2,999 | 6 to 36 months | 30.0% APR |
£3,000 - £7,500 | 12 to 60 months | 15.0% APR |
Key Features
- Apply straight away – no need to save first
- Affordable repayments over a term of up to 5 years
- Save alongside your loan repayments
- No loan arrangement fees or set-up costs
- No early repayment fees if you want to settle the loan early
Eligibility Criteria
You can apply for this loan if:
- You have a regular income of at least £500 per month, or equivalent
- You are not currently in an IVA
- You have not had a Debt Relief Order or Bankruptcy order in the last 2 years
You can apply for a further loan (top-up) when:
- You have repaid at least one third of your initial loan balance
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
- If applying for more than £1,000 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 receive child benefit, you may be more likely to be approved for a Family Loan
- 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
You can join and apply for a loan at the same time, by clicking on the 'Apply Now' button. You will need to complete your sign-up and pay your membership fee, before we can issue a loan to you, so look out for our emails and post and reply as soon as you can.
No. Our Progress Loan does not require you to build up savings before you apply.
You can still apply even if your credit history is poor. We consider all applications on an individual basis. Generally if you have poor credit, approval rates are higher on our savings based loans, so it may be worth building some savings with us. This helps show you can maintain regular payments as well as providing some security against the loan. Also just apply for what you need, as larger value applications are less likely to be successful.
Yes! We accept employment income and benefit income. As long as you receive a minimum of £500 per month in total, and can supply proof of all of your income.
Our Progress Loan allows you to top-up once a third of the balance has been repaid. For example if you have a loan of £300, you will need to repay at least £100 before applying for a top-up.
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.
Calculator
APR 42.6%
I'd like to borrow (£200 - £7500)
For loans of £7,500+ 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.