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Personal Loan

Personal Loan

 

Personal loans up to £15,000 are offered to members who: have 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; meet our minimum age requirement, which is 18 for loans up to £3,499 and 21 for loans of £3,500 or more; and meet our credit record requirements.

Members who wish to consolidate existing expensive debts, in order to make them more affordable, should apply for our Consolidation 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

£138.66

£992

£4,992

16.1%

£1,500

£5,000

36

£166.07

£979

£5,979

12.7%

£1,750

£7,500

48

£197.50

£1,981

£9,480

12.7%

£1,750

£10,000

60

£207.58

£2,456

£12,456

9.4%

£2,075

£15,000

60

£311.38

£3,683

£18,683

9.4%

£2,075

* Net Income is the amount of pay you receive each month, after tax and any other deductions. Salary / wages is counted as income. Certain state benefits may also be counted, at the discretion of the Credit Union. 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 

Subject to the conditions below, if you have an existing Personal Loan and are up to date with your payments, you may top-up your loan to the amount that we originally approved, by making a Fast Track application here, or by downloading and completing this form which is also available in our branches. Top-ups are subject to:

When you apply for a loan in person, you will need to provide proof of your income, ID, and current address. If necessary, we may also ask for bank statements, evidence of debts or other information to inform our loan decision. When we issue your loan agreement we can provide a paper copy for you to sign physically or we can send it to you by email for you to sign electronically using our e-Sign service. Before your loan is issued we will ask you to provide evidence that you have made arrangements for regular electronic loan repayments.

The form of our Personal Loan agreement, including its terms and conditions, can be accessed here.

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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