Personal Loan

For all Retail CU members

Borrow up to £20,000
(no savings required)

Interest rate from 9.4% (9.9% APR) to 26.5% (30% APR)

Our Personal Loan is available to all members with a Membership Account. New members must have made at least 1 regular payment through payroll deduction, or 1 months direct debit payments, before any loan can be considered.

Members can apply for a Personal Loan for almost any purpose. So, if you’re planning home improvements, upgrading the car or have a special occasion to celebrate, talk to us, and we might be able to help!

Personal Loan at a glance
  • Borrow up to £20,000
  • Great competitive rate that reduces with larger loan amounts – from 9.4% (9.9% APR) to 26.5% (30% APR)
  • Interest is charged on your outstanding loan amount so will reduce with your decreasing balance
  • Continue to build your savings and earn a dividend whilst you repay your loan
  • No set up charges, early settlement charges or hidden fees
  • You must continue to save a minimum of £2/week or £10/month into your Membership Account, meaning you will have some savings once your loan is cleared.
  • Quick & easy online application – apply in minutes with Nivo or apply by completing our online application form
Benefits of a Personal Loan
  • No application fees or hidden charges
  • No penalties for early repayments, & you’ll save interest too
  • Affordable loan repayments through payroll deduction, or alternatively by direct debit
  • Convenient weekly or monthly repayment, tailored to suit your budget
Things you should know
  • You must continue to save a minimum of £2/week or £10/month into your Membership Account, meaning you will have some savings once your loan is cleared.
  • Savings in your Membership Account will be secured against your loan and cannot be withdrawn until the loan is cleared.
  • The Personal Loan is not available to members who are bankrupt or have an Individual Voluntary Arrangement (IVA) that shows on their credit report.
  • Other terms and conditions may apply.
Open Banking

With your consent, we use Open Banking to review your income and expenditure, speeding up the assessment process and saving you time. Open Banking is safe and secure, quick and easy. For more information on Open Banking, click here.

If we cannot use Open Banking, you will need to supply us with copies of your last 3 months bank statements, before we can consider your application. The bank statements must cover the 3 months up to the date of your application, and must include your name and address*. Poor quality or incomplete copies cannot be accepted, and will delay your application. Open Banking is therefore the quickest, easiest and most secure way to provide us with the required income and expenditure information.

* If your address (or name) is different to the one on our system, we will need to see a recent, official proof of address document like a bank statement or utility bill before considering your loan application.

Loan Calculator

Use our loan calculator to see how much you could borrow and how much you would pay back.

Loan FAQs

For help and guidance on applying for a Retail CU loan and everything you need to know to guide you through the application process.

Representative Examples

Weekly repayments

Borrowing £1,000 over 52 weeks will cost £21.94 a week. Total amount repayable is £1140.99 which includes interest at 30% APR.

Monthly repayments

Borrowing £5,500 over 48 months will cost £151.76 a month. Total amount repayable is £7,284.57 which includes interest at 15.6% APR.

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