Notts and Lincs Credit Union

Affordable Loans

Many high street banks have a minimum loan of £2000 – and do not cater for people with a less than perfect credit history.

There are many lenders who spend a fortune on advertising but this is reflected in the interest rates and fees that they charge.  A Credit Union loan may save you money and give you more cash to spend on the things that matter.  You can grow your savings as you reduce your loan balance

Key features:

  • Easy to apply
  • No hidden costs
  • No application or early repayment charges
  • Affordable, flexible repayments
  • Competitive interest rates
  • Poor credit considered
  • You can grow your savings as you reduce your loan balance
  • The interest you pay stays in our local economy
  • You are borrowing from a not-for-profit organisation
Holiday Savings - Sunglasses on the Beach

Who can join our credit union?

  • Anyone who lives or works in Nottinghamshire or Lincolnshire
  • Those working for one of our Payroll Partners
  • Anyone living in Nottingham Community Housing Association Accommodation
  • Any new applicant must be able to provide valid ID in accordance with banking law
Cactus Piggy Bank

Can I Apply?

  • The credit union cannot lend for business purposes or mortgages, and we do not lend to individuals to allow them to lend on to a third party, but apart from that we will consider loans for almost any purpose.
  • We don’t currently lend to those who are self-employed 
  • When assessing a loan application, our main concern is understanding if the loan repayments are affordable.
  • We do review your credit file and will usually ask to see recent bank statements and wage slips.
  • Very recent credit file issues and/or unpaid items on your bank account may be a sign that you are struggling to afford existing commitments.
  • If you are currently subject to an Individual Voluntary Arrangement, Debt Relief Order, Bankruptcy Order, Debt Management Plan or similar, we will not be able to lend.
  • In some cases we will consider lending even where there is a very poor credit history.
  • Generally, we will not consider a new loan application if you have applied within the last 6 months.
  • If we approve a Credit Union Loan or a Personal Loan we will ask you to save alongside your loan repayments.
  • Before you borrow you may want to review this guidance from the Money Advice Service.

**Please note that loans are all subject to status and meeting these criteria does not guarantee acceptance.

Our lending products

Looking to Consolidate your Debts?

Please see our Debt Consolidation Page for more information.

We also have a useful Debt Calculator so that you can check and see how much we can help before you apply.

£100 to £3000 @ 42.6% indicative APR 
Repayment terms up to 4 years

For people with poor credit history who are looking to build their credit rating.  Also available to families in receipt of Child Benefit, who agree to ask that their Child Benefits to be paid direct to the Credit Union.  

New and existing members can apply.

Ideal for help with buying electrical goods, furniture, holidays, decorating etc.

Poor credit history considered

£3000 to £4999 @ 28.8% indicative APR
£5000 to £7499 @ 21.9% indicative APR
£7500 to £10000 @ 16.9% indicative APR
Repayment terms up to 5 years

Loans to help with your higher value needs.  New and existing members can apply.

Ideal for larger purchases e.g. car purchase, home improvements, weddings etc.

Moderate credit history considered

£1000 to £4999 @ 19.9% indicative APR
£5000 to £7499 @ 15.9% indicative APR
£7500 to £15000 @ 11.9% indicative APR
Repayment terms up to 5 years

These loans are only available for members who are homeowners or members who work for one of our Payroll Partners and agree to make loan repayments direct from their pay.  New and existing members can apply.

Ideal for any purpose.

Good credit history required