We offer flexible a wide range of personal loans to our members, these can be used for specific purposes/events such as financing your dream wedding, to making sure you can cover the cost of Christmas. We do also offer simple personal loans for all purposes, as well as debt consolidation.

Discover all of your options below.

We are committed to helping you achieve your financial goals affordably and responsibly. If you have any questions or need assistance at any step of the process, our friendly and knowledgeable customer service team is here to help.

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Back to school help with NLCUBack to School

We understand that Back to School supplies can end up costing a lot every year, and at a time when families are already facing pressure from the increasing cost of living it’s important to know where to turn for help.

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Holiday loan

Holiday

Our Holiday Loans are the perfect solution for everyone. Holidays are such an amazing way to spend time with your family or visit overseas loved ones, or to travel the world and see new, exciting places.

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christmas loans

Christmas

With lots to organise, presents to choose and relatives from all sides to accommodate, Christmas is certainly one of the most stressful times of the year, we can help to relieve some of that stress.

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affordable wedding loans

Wedding

Our Wedding Loans are the perfect solution for couples who want to have the wedding of their dreams without the stress of paying for it all at once! With our fast and easy loan solutions, you can make the event of a lifetime come to life without going into your overdrafts.

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home improvementsHome Improvement

If you’re looking to add lasting value to your home, a home improvement loan is your smartest option. This loan is designed to make your dream renovations become a reality.

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Affordable Car Loans

Car

If you’re looking for a loan that will get you on the road to financial freedom, whether it’s a run-around or your dream car, then look no further than our Car Loans.

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Debt Consosolidation

Debt Consolidation

With our debt consolidation loan, you can simplify your repayments into a single amount, combining the balances in just one personal loan account.

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personal loans

Personal

With a personal loan from Notts and Lincs Credit Union, you can borrow from £1,000 up to £15,000, depending on your credit history and status.

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Credit Union

This is the ideal loan for people with a poor credit history who are looking to build their credit rating. It’s affordable and it’s flexible enough to meet your requirements.

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available easter loans

Easter

We understand that Easter is a time to cherish and share moments with loved ones, whether you’re planning to travel, host gatherings, buy gifts, or simply create cherished memories, our loan is here to assist you in making your Easter festivities everything you envision.

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Calculate your monthly cost

I get paid:
How much would you like to borrow?
Over how long?

Representative example*

Please be aware that this is not a loan offer and the figures quoted in this document are based on the Representative APR which may differ from the actual APR you qualify for after we have conducted a credit search. As a result, this should only be used as an indicative illustration.

The calculator is for illustration purposes only. Rates may be withdrawn at any time. We reserve the right to refuse any application.

Your repayment:

Total amount repayable:

Representative APR:

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Why choose us for your loan?

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We’re a local, not-for-profit organisation run for benefit of our members

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We provide loans with fair and affordable interest rates

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We look at more than just your credit score

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We offer flexible repayment terms with no penalties or hidden costs

Helpful tools

Loan
Calculator

Just enter how much you’d like to borrow, and for how long, to get an idea of your monthly payments and the total you’ll have to repay.

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Our Loans

See which of our loans is best for you, depending on how much you can afford to borrow and your recent credit history.

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Eligibility
Checker

Save time by making sure you meet our conditions before you apply for a loan from us.

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Loans

Can I apply?

Whether employed or in receipt of benefits, you can apply with us.  As a responsible lenders we have to check that you can afford the repayments and have a good history of repaying your debts.  However, we are more understanding about financial problems and poor credit than most lenders.

We look at all circumstances and consider more than just your credit score.  We promote responsible lending and all loans are based on your ability to repay.  The maximum loan we currently offer is £15,000.

We offer Personal Loans for a variety of purposes – whether that be a loan for your dream holiday, wedding, a new car, home improvements or electrical goods.  However, we cannot currently offer business or property loans.

There are some other occasions where we cannot lend, for instance where someone is in an active Debt Relief Order, Individual Voluntary Arrangement or Bankruptcy.  Borrowers must be over 18 and be able to demonstrate that they can afford repayments.

We don’t currently offer loans to anyone with an income lower than £130 per week altogether.

When can I apply?

If you’ve never applied with our credit union before then you can apply straight away!

If you have applied with us before then we ask that you wait at least 6 months before applying again.

How long does it take to get a decision?

When assessing our loans we perform some checks first of all to help us get an idea of your circumstances.  We start off with checking affordability and we credit score all of our applications.  As soon as these checks are made, a member of our loans team will review this during working hours and, if we feel we require them, we may ask that you provide some documents in support of your application.

While we do credit score our applications, this isn’t the only thing we consider when making our decisions.  When looking at loans we consider a number of factors including:

  • Affordability – Income / Expenditure
  • Credit history (existing defaults, CCJs, DROs, IVAs and also debts you’re paying off well)
  • Length at current address and addresses in the last 3 years
  • Length of time served in current employment (if applicable)
  • Existing and outstanding debts, their APR, value and length of time you have had the debt and over-the-limit balances
  • Any history with us (both Savings and Loans)

 

This process on average takes us around 1-2 working days (usually dependant on how soon we receive supporting documents), at which time we will get back to you with our decision and how to proceed going forward.

How much interest will I pay?

We will always offer you the best loan rate that we can. Our rates are capped which makes them considerably cheaper than some lending options, but we offer lower rates for people who pay us through Payroll or who are Homeowners.  For more info on our typical APRs, see our Loans page.

We charge interest only on your reducing balance. That means the sooner you repay the less interest you will pay.   There are no charges or additional fees for early repayment of loans, either through making larger monthly payments or one off lump sums.  We only charge you for the outstanding balance, which is better for your pocket.

Can I repay my loan early?

You can make extra repayments towards your loan or settle your loan early if you want to – this will save on the total interest that you will pay back and we charge no fees for this.

If you require a settlement figure for your loan then please get in touch with NLCU directly and we will be able to provide you with this – our interest is calculated daily, so you will require the figure on the day you are due to pay.

For the bank details to make a payment toward your loan balance, please get in touch with the credit union.

How do I apply?

To apply, you need to complete our loan application form – online, by mobile app or on paper (in branch or by post). We usually ask that you provide 3 months bank statements and proof of your income in order to get the best idea of your current situation as part of this.

If applying on paper, we ask that you always provide these documents with your application, to make sure there are no delays in getting a decision back to you.

Having difficulty repaying your loan?

Some of our members experience difficulty repaying their loans due to unforeseen circumstances. Please contact us as soon as possible, and we will do all we can to try to help. We will review your income and expenditure and may restructure your loan if necessary.

We have many members who we support in this way and, once you are back on your feet, you can borrow again from us if you want.

If you need to speak to us about making payments to your loan, please contact us on:

Telephone: 0330 004 0842 opt. 2 (weekdays 10am-3pm)

Email: arrears@nottsandlincscu.co.uk

If there has been a change in circumstances that could affect your repayments then let us know.  Remember, missed payments can affect your credit score and your standing with the credit union.  The sooner you let us know of any problems, the better.