Starter loans
If you are new to Moneywise we offer a range of starter loans to kick start your account with us.
- If you are employed you could apply for up to £2,000 repayable within 2 years.
- If you are unemployed you could apply for up to £500
Whether employed or not, our loans are subject to ensuring you can afford the repayments and have demonstrated elsewhere you are committed to repaying your debts. We do not ignore applicants with CCJ’s but we do expect you to be repaying them.
All loans are made subject to status and we will apply credit scoring as part of your application.
The APR on our Starter Loans is 42.6%. (3% per month)
Flexi loans
Once you have demonstrated an ability to repay and have settled your first ‘Starter loan’ you will be able to apply for a higher amount and repay over a longer period of time. The amounts you can borrow 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 APR on our Flexible Loans is 26.8%. (2% per month)
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 borrow a greater amount of up to £3,000 and get the benefit of a cheaper interest rate. We apply a variable rate based on your ability to repay, how you repay, and your credit score.
- All loans are made subject to status and we will apply credit scoring as part of your application.
- The APR on our level one loyalty loans ranges from 12% – 25%. (1% – 2% per month)
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.
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Membership is open to all who live and work in the Tyne and Wear, County Durham, Teesside or Northumberland region.
Joining Moneywise is free and all we ask is you save regularly to support our funds for lending. We only lend to members so you can be confident your savings are being used to support like-minded individuals.