Lewisham Plus Credit Union

Personal Loan

Personal loans up to £15,000 are offered to members: with sufficient income to afford the loan (see table below for minimum monthly income) including disposable income which is at least 2.5x the monthly repayment amount; who meet our minimum age requirement, which is 18 for loans up to £3,499 and 21 for loans of £3.500 or more; and who meet our credit record requirements.

Interest rates are between 0.4% per month (4.9% APR) and 2% per month (26.8% APR) depending on the size of loan agreed. Loan term may be up to five years.
For loans up to £3,499, if you receive benefit income you must have your benefit paid into your Credit Union account. For earned income, loan repayments must be made by electronic credit of salary or standing order.
You may be asked to deposit an agreed amount of savings into a Credit Union secure savings (S2) account while the loan is outstanding.
Your loan can be credited to an Engage Premium 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:

Loan	Term (months)	Monthly payment	Total cost of credit	Total repaid	Interest rate (APR)	Minimum monthly net income *
£500	12	£47.28	£68	£568	26.8%	£1,100
£1,000	12	£94.56	£135	£1,135	26.8%	£1,100
£1,000	24	£52.88	£269	£1,269	26.8%	£1,100
£1,500	24	£79.31	£404	£1,904	26.8%	£1,100
£2,000	24	£99.85	£397	£2,397	19.6%	£1,300
£3,000	36	£108.46	£905	£3,905	19.6%	£1,300
£4,000	36	£132.86	£783	£4,783	12.7%	£1,300
£5,000	36	£151.57	£457	£5,457	5.9%	£1,600
£7.500	48	£175.32	£916	£8,416	5.9%	£1,600
£10,000	60	£187.80	£1,268	£11,268	4.9%	£1,950
£15,000	60	£281.70	£1,902	£16,902	4.9%	£1,950

* 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 and complete a Loan Application Form

You may also make a Fast Track application for a Top-up of up to £500 to an existing Personal Loan by downloading and completing this form.

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.

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Personal Loan