moneywise loans
We offer a range of loans to suit your needs, and depending on how long you have been a saver with us. Scroll down the page to find out more.
How to apply - you can call in to one of our offices, telephone us on 0191 276 7963 or complete an online application. -
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Starter Loans
If you have just joined moneywise, or haven't been saving for long, a Starter Loan may be right for you.
You can apply for a moneywise Starter Loan as soon as you join. Here are some of the ways you might qualify:
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Save with us by paying in cash for 6 weeks or more.
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Arrange for your benefits to be paid to us direct.
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Arrange for your payments to be made from your bank account by Standing Order.
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Arrange for your payments to be made direct from your wages.
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Make a purchase of goods through our Co-op Electrical and Shipcote Furniture schemes.
The amounts we can lend will vary depending on how much you have saved and your personal circumstances. All loans are made subject to status and we will apply credit scoring as part of your application. We release the loan amounts once we have confirmation that your repayment method is set up and we have received the first payment into your account.
NOTE: The maximum loan for a new member not employed by one of our payroll deduction providers is £300
The representative APR on our Starter Loans is 26.8%
Flexible Loans
Once you have been saving with us for over 12 weeks you will be able to apply for a higher amount and repay over a longer period of time.
The amounts we can lend will vary depending on how much you have saved and your personal circumstances. All loans are made subject to status and we will apply credit scoring as part of your application.
The representative APR on our Flexible Loans is 25.34%
Loyalty Loans
Our loyalty loans are available to members who have been saving with us on a regular basis for 12 months or more. You can lend a greater amount of up to £3,000 and get the benefit of a cheaper interest rate.
The representative APR on our level one loyalty loans ranges from 23% - 25%
We have recently introduced two new levels to our loyalty loans where members who have been with us for over two years and have an excellent record could apply for up to £5,000.
Members with more than 3 years loyalty to the credit union could apply for loans between £5,000 and £15,000 and we will even consider price matching any written quotation. Ask us for details
All loans are made subject to status and we will apply credit scoring as part of your application
Pay Day Loans
If you are in receipt of a regular wage and hold a bank account with a debit card you will be eligible to apply for a moneywise Pay Day Loan.
You need to provide your latest wage slip and bank statement at the time of your application. The bank statement must be for the same account as the debit card which you will be using to make your repayment. Your bank account must show you will have sufficient funds to meet the repayment.
We take your repayment the day after your salary reaches your bank account by using what is called a ‘customer not present’ debit card transaction.
The representative APR on our Pay Day Loans in 26.8%
