Personal loan

For all the big and little things in life, we can help…

The Personal Loan is right for you if you are new to Salford Credit Union. Enjoy our most competitive rates to date and see what you could save in repayments:

  • Borrow up to £7,500
  • With interest rates from 7.5% to 38.5% APR
  • To be repaid over a period of up to five years

Why borrow with us?

  • No set up fees
  • No admin charges
  • No early repayment penalties

Apply online now… Loan application

Salford Credit Union Personal Loan Interest rates from June 2017

  • Loans secured against savings: 12.68% Representative APR
  • £100- £1000: 38.5% Representative APR
  • £1001- £2000: 26.8% Representative APR
  • £2001- £5000: 19.56% Representative APR
  • £7001-£7500: 7.5% Representative APR
Why borrow with Salford Credit Union?

Salford Credit Union aims to be a responsible lender- our focus is your financial well being.

All loan decisions are made on an individual basis and we look at factors including your income and expenditure, ability to repay, previous savings history and your history of managing credit. This may include credit scoring but we are regularly able to help members with poorer credit scores.

You can usually apply to ‘Top Up’ your loan once you have paid at least half of it back in line with the loan agreement.

From time to time we are able to offer loans to new members without savings. These offers will be highlighted in the News section on the website.

Check you can afford loan repayments by using our Budget Planner SCU Budget planner

IT IS VITAL TO REPAY LOANS IN LINE WITH YOUR AGREEMENT- use the SCU budget planner to check your income and outgoings and assess whether you can afford the loan repayments. Failing to repay loans meansother credit union members who suffer, not faceless shareholders. You should contact us as soon as you think there may be problems so we can see if we can help- don’t put it off!

How we use credit referencing information

Credit Reference and Fraud Prevention Agencies

We may make searches about you at credit reference agencies who will supply us with credit information as well as information from the Electoral Register.  The agencies will record details of any search whether or not this application proceeds.  We may use credit scoring methods to assist the application and to verify your identity.  Credit searches and other information which is provided to us and/or the credit reference agencies about you and anyone with whom you are linked financially or other members of your household.

This information may also be used for debt tracing and the prevention of money laundering as well as the management of your account.  In addition, we may ask you to provide physical forms of identification and/or we may telephone you to confirm you identity.

To prevent or detect fraud or to assist in verifying your identify we may make searches of group records and at fraud prevention agencies who will supply us with information.  We may also pass information to financial and other organisation involved in fraud prevention to protect ourselves and our customers from theft and fraud.  If you give us false or inaccurate information, details will be passed to fraud protection agencies.

This information may also be used for tracing and claims assessments and verifying identify.  Information held about you by the credit reference agencies may already be linked to records relating to anyone with whom you have a financial relationship such as a joint account.

 

Our loans

Check with us what protection the Financial Services Compensation Scheme offers you. www.fscs.org.uk