Loans and borrowing
Borrowing from friends and family
It is very common to borrow from friends and family, particularly the bank of mum and dad! Since the withdrawal of payday lenders, Brighthouse, Provident and other lenders, options to borrow have been reduced. Lenders have also been required to ...
Gambling
Gambling is ok as a leisure activity; it isn't illegal, it's your money, why should a credit union be interested in gambling? We work to support our Members and support them to flourish in life. We do a money healthcheck on all our loan applications. ...
What can I borrow for?
Our Members borrow for many reasons, our ethos is to support our Members and help them improve their life; less stressful, able to plan for the future, maybe make life cheaper. The principle is to borrow with a purpose. Sometimes that can be simply ...
Reasons why your loan application may be declined
Introduction It is always disappointing if your loan application isn't accepted, but there is always a reason and we will do our best to explain why and help you take some action so that your next application will be successful. Firstly, we work for ...
Can I topup my loan?
Most of our Members can top up their loan. If you have an EasyPlan loan, your outstanding loan balance must be £200 or less. Select loans must be 50% or less of the loan value. If this is your first loan with us then you will need to settle your ...
Are there any penalties if I want to pay off my loan early?
Unlike some lenders, you can pay off your credit union loan early at any time with no financial penalties.
Does Advance Credit Union operate in South Africa?
Simple answer, no we don’t. Sadly some fraudsters did attempt to use our name, logo and documentation to offer loans based out of Cape Town, South Africa. They attempt to charge a fee for insurance before the ‘loan’ is granted. This is an advance ...
When do I make my first loan payment?
If paying by Child Benefit or other benefits then your first loan payment will be taken from the next benefit payment paid to the credit union. Standing Order and Payroll Deduction payers will be taken from the next due payment. However, if your ...
Can I continue to save while I repay my loan?
Yes! In fact all our borrowers save at least £3 weekly or £12 monthly while they pay off their loan. We know it can be hard to save and this is a simple way to build up some savings for when you need it. Savings mean you have choices and might not ...
How do I sign for my loan electronically?
For most of our Members there’s no need to visit our customer counter to sign for your loan. We will email a link to your loan agreement, tick the box to accept and we complete the rest. Here’s our helpful video on how to sign for your loan ...
How do I upload bank statements?
We do need to assess income and expenditure as part of a loan application which is why we ask for three months' bank statements. Want a faster loan decision? Members can share their bank statements with us using OpenBanking-just follow the link ...