Personal Loan

Personal loans up to £10,000 are offered to members with sufficient income to afford the loan and a fair to good credit record.

• Interest rates are between 0.75% per month (9.4% APR) and 2% per month (26.8% APR) depending on the size of loan agreed.
• Loan repayments must be made by electronic credit of salary/benefit or standing order. 
• You may be asked to deposit an agreed amount of savings in a secure savings (S2) account while the loan is outstanding.
• Your loan can be credited to an Engage Current Account or Engage Pre-Paid Card Classic Card, and then cashed using an ATM, or can be transferred by BACS to your bank account. Loans are not normally issued in cash.
• You can make additional repayments to reduce the loan more quickly if desired, but must make your minimum payments on time. There is no charge from the credit union for early repayment of the loan.

Personal Loan representative examples:

* Net Income is the amount of pay you receive each month, after tax and any other deductions. Salary / wages is counted as income. For loans under £1,000 most state benefits may also be counted. However, Housing Benefit / Local Housing Allowance is not counted as income for loan purposes.

Apply on-line or Download Loan Application Form 

Fast Track Application (max £500) Top-up to existing Personal Loan

When you apply for a loan in person, you will need to provide proof of your income, ID, and current address . You will also need to bring proof of ID and address again when collecting the loan. If necessary, we may also ask for bank statements, evidence of debts or other information to inform our loan decision. Before your loan is issued we will ask you to provide evidence that you have made arrangements for regular electronic loan repayments.