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Lending Criteria & Affordability

 

We assess each loan application based on its own merits, and we reserve the right to decline loan applications or restrict the amount lent based on any factor we consider relevant.

Loans are granted mainly based on a member's ability to repay the loan.

As a guide for members, affordable loans typically require net income as below:

SAVE AS YOU BORROW (SAYB) LOAN

Net Income(1)

Product

Minimum Initial Loan

Maximum Initial Loan

Maximum with Top-Up Loan

Interest Rate

Fixed Term

Up to £800
per month

SAYB
Level 1

£50

£750

£1,200*

3% per month

42.6% APR

24 months

Over £800
per month

SAYB
Level 2

£800

£1,000

£2,000

2% per month

26.8% APR

26 months

*becomes SAYB Level 2 if Top-Up takes the loan balance to £800 or more

 

PERSONAL LOAN

Net Income(1)

Product

Maximum
Loan

Interest Rate

Over £1,100
per month

Personal Loan
Level 1

£1,999

2% per month

26.8% APR

Over £1,300
per month

Personal Loan
Level 2

£3,499

1.5% per month

19.6% APR

Over £1,500
per month

Personal Loan
Level 3

£4,999

1.25% per month

16.1% APR

Over £1,750
per month

Personal Loan
Level 4

£9,999

1.00% per month

12.7% APR

Over £2,075
per month

Personal Loan
Level 5

£15,000

0.75% per month

9.4% APR

(1) Net Income is the amount of pay you receive each month, after tax and any other deductions. Salary / wages is counted as income. Some state benefits may also be taken into account. However, Housing Benefit / Local Housing Allowance is not counted as income for loan purposes.

You can find our branches in Bromley, Sydenham, Lewisham, Catford and New Cross. We're here to help, with Savings, Loans and Current Accounts for you

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Lewisham + Bromley Credit Union

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Lewisham + Bromley Credit Union Limited is a member of the Financial Services Compensation Scheme (FSCS), complies with the Data Protection Act 1998 and is Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Firm reference number 213588. Credit Union Registration Number 295C (IP00295C at Companies House).

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