Progress Loan: Money to Help You When You Need It
Sheffield Credit Union wants to help people in Sheffield. We lend money to people who need it. We are not trying to make lots of money from you. We want to help you and your family.
Our most popular loan is called a Progress Loan. This loan can help you when you need money for important things.
What is a Progress Loan?
A Progress Loan is money we lend to you. You pay it back bit by bit each month. You can borrow between £200 and £7,500. That means you could borrow a small amount like £200 or a big amount like £7,500.
You don't need to save money with us first. New members can ask for a loan straight away.
Why Might You Need a Loan?
People use Progress Loans for many things:
- Fixing their house
- Buying things for school or college
- Paying off other debts
- Buying important things they need
- Paying for unexpected bills
How Much Does It Cost?
The cost depends on how much you borrow:
- If you borrow £200 to £1,499: You pay back extra money at 42.6% APR. You have 6 months to 2 years to pay it back.
- If you borrow £1,500 to £2,999: You pay back extra money at 30.0% APR. You have 6 months to 3 years to pay it back.
- If you borrow £3,000 to £7,500: You pay back extra money at 15.0% APR. You have 1 year to 5 years to pay it back.
Good Things About Our Loans
No Hidden Costs We don't charge you extra fees. If you want to pay back your loan early, you can. This will save you money.
Top-Up Your Loan If you have paid back one third of your loan, you can ask to borrow more money.
We Look at Your Whole Situation We don't just look at your credit score. We look at:
- How much money you earn
- What you spend money on
- If you can afford to pay back the loan
We want to make sure the loan is right for you.
Who Can Get a Progress Loan?
You can apply if:
- You live or work in Sheffield
- You earn at least £500 each month (not counting housing benefit)
- You are not in debt trouble right now
- You haven't been bankrupt in the last 2 years
If you get Universal Credit or work for yourself, that's fine. Just show us proof of your income.
How to Apply
Getting a loan is easy:
- Fill in our form online (takes about 10 minutes) or ask for a paper form
- Send us your bank statements using our safe website
- We will look at your application and tell you yes or no within 2 working days
- If we say yes, we put the money in your bank account quickly
We Want You to Save Too
When you have a Progress Loan, we ask you to save a little money each month too. This helps you:
- Have money for emergencies
- Get better at managing money
- Get cheaper loans in the future
Why Choose Sheffield Credit Union?
We Are Fair We are not like payday loan companies that charge lots of money. We are run by our members. We want to help you, not make lots of money from you.
We Help Sheffield When you borrow from us, you help other people in Sheffield too. We use our money to help more people get fair loans.
We Are Here to Help Our staff are friendly and helpful. They can answer your questions and help you understand everything. We want you to feel comfortable and safe.
Progress Loans Help You Move Forward
Sometimes life is hard and you need help. A Progress Loan is more than just borrowing money. It's a way to solve problems and make your life better.
If you think a Progress Loan might help you, talk to us. You can:
- Visit our website
- Call us on the phone
- Come to our office in Sheffield
We are here to help you make progress.
Important Things to Remember
- We have to check if you can afford the loan
- You must pay back the loan each month
- If you pay back your loan well, it can help your credit score
- If you need help, just ask us - we are always happy to help