Personal Loan

No savings, no problem!
Save as you borrow

For all members

Borrow up to £10,000
(no savings required)

Maximum loan term – 6 years

Interest rates
Loans <£1,999 – 23.3% p.a. (25.9% APR)
Loans £2,000 – £4,999 – 20% p.a. (21.9% APR)
Loans £5,000 – £10,000 – 18.3% p.a. (19.9% APR)

No savings with Retail CU? No problem! Borrow up to £10,000 with our flexible Personal loan at competitive interest rates, and save as you borrow, you’ll have a lump sum when you’ve repaid your loan.

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 may be able to help!

Personal Loan at a glance
  • Borrow up to £10,000, subject to affordability
  • Competitive interest rates, that reduce for larger loans, and are cheaper than most credit cards
  • Save as you borrow, so you’ll have a lump sum when you’ve repaid your loan
  • Easy to apply, with options for everyone – apply online, apply on our Nivo App on your mobile, or complete a paper form if preferred, although this takes a bit longer!
  • Apply to Top Up when repaid 20% of your first Personal loan, and 10% for future top ups

Please Note: If applying to Top Up, please apply for the amount you are topping up by, when completing the application. If approved, this amount will be the extra amount you receive.

Benefits of a Personal Loan
  • No application fees or hidden charges
  • No penalties for early repayments, so repay early & you’ll save interest
  • Affordable loan repayments through payroll deduction, or alternatively by direct debit
  • Apply to Top Up when repaid 20% of your first Personal loan, and 10% for future top ups
  • Convenient weekly, 2-weekly, 4-weekly or monthly repayment, tailored to suit your budget
  • Save as you borrow, so you’ll have a lump sum when you’ve repaid your loan
  • Savings continue to attract dividend payments* whilst repaying your loan

*Dividends are not guaranteed. The rate payable is dependent on financial performance and voted on by members at the Annual General Meeting.

Things you should know
  • You must save a minimum of £2/week or £10/month as you borrow, so you’ll have a lump sum saved when you’ve repaid your loan. This minimum saving amount will be held in your ‘Membership Account’ and cannot be withdrawn until your loan is cleared.
  • After repaying 20% of their first Personal loan, members can apply to top up the loan. Further Top Ups after repaying 10%.
  • Members may only hold 1 Retail CU loan at any time
  • 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.
Speeding up your loan application with 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 the easy way to allow us to view your last 3 months income and expenditure. It’s an alternative to asking for copies of bank statements. 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 £21.60 a week. The total amount repayable is £1,123.25 which includes interest at 25.9% APR.

Monthly repayments

Borrowing £5,500 over 48 months will cost £162.43 a month. The total amount repayable is £7,796.45 which includes interest at 19.9% APR.

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