Affordable credit union loans

Great Western Credit Union loans are designed for anyone in the South West who wants a fair, affordable alternative to high-cost borrowing, traditional lenders and payday lenders. If you're fed up with high interest rates, struggling to get accepted elsewhere, or just want a lender that treats you like a person rather than a number, GWCU could be the answer.

Unlike traditional highstreet banks and lenders, it’s possible to get credit union loans with low or bad credit. At GWCU, we understand life can sometimes get a little hard so we also consider your personal situation, too. This way, we’re able to support as many people in the local community as possible, helping people regain control of their money and build financial resilience. 

Your credit union loan options may be limited, but it’s possible for a credit union to lend money if you’re unemployed or on benefits as long as you have a stable, regular income. 

At GWCU, we’re proud to help members of our local communities who come from a range of financial backgrounds with fair interest rates, manageable repayment plans and complete transparent pricing. 

Simply become a member and start your application to find out how much you can borrow.

If you're approved for a loan, you'll become a Great Western Credit Union member automatically. We're a member-owned financial co-operative, which means we're run by and for the benefit of our members. Any surplus we make is reinvested into our services, helping us support more people with fair, affordable finance.

Become a member today by applying for a credit union loan in just 15 minutes.

Yes. Our Personal Loans can be a great option for people receiving benefits such as Universal Credit, Pension Credit or disability benefits. We also offer a Family Loan for parents and guardians who receive Child Benefit.

At Great Western Credit Union, we're proud to support people from a wide range of financial backgrounds. Our Personal Loans are designed to be fair, affordable and flexible, with repayments made by Direct Debit rather than directly from your benefits.

When you set up your loan, you can choose a repayment date that works for you, making sure payments are only taken once your benefits or other income have been paid into your account.

We're committed to helping more people access fair finance with affordable repayments that fit around their circumstances.

At Great Western Credit Union, you can borrow from £100 to £15,000, depending on the loan you’re applying for. The exact amount you can borrow depends on your circumstances, including your income, spending habits and ability to make repayments. We review each application individually to make sure the loan is right for you and your situation.

Fill out our quick 15 minute application form to see how much you can borrow today.

Depending on your circumstances, you may still be able to access other products alongside your existing loan. For example, if you work for one of our employer partners, you may be eligible for one of our salary deduction products.

You can only have one Personal Loan with us at a time. This helps us make sure any borrowing stays affordable and manageable for you. If you already have a loan with us and need a little extra support, you may be able to apply for a top-up instead.

The easiest way to check what's available to you is through the Member Portal, or you can get in touch and we'll be happy to help.

For advice on how to effectively manage, budget and save your money, check out our helpful blogs and guides.

Yes, it’s possible to get a top-up loan on a credit union loan you already have, depending on what your existing loan is. For example, it’s not possible to top-up a Family Loan but it is for Personal Loans.

Before you apply for a top-up, please check you meet all of the following criteria:

• Made at least one repayment on your current loan 

• Made regular payments for at least three months

• Waited three months since your first loan application

• Do not have any overdue payments

To apply for a top-up on your existing loan, log into the Member Portal and start your application.

APR stands for Annual Percentage Rate. It’s a percentage showing your total cost of borrowing over a year. It also includes the interest you’ll pay and any compulsory fees or charges. This helps you compare different loans as it tells you exactly how much you’ll need to pay.

Generally speaking, lower monthly repayments do cost more in the long term. This is due to interest. The longer the borrowing period, the more time interest has to add up. 

The comparison table below shows an example of a £1000 personal loan paid over 12 months vs 24 months in monthly installments.

*This example is only an estimate. The total amount you pay will vary depending on your personal APR, which depends on your credit profile and how much you’re borrowing.

While the overall cost is higher, spreading the costs out with the lower monthly repayments may be more suitable for some people’s lifestyles and budgets. We’ll always help you figure out an affordable plan that’s reasonable, realistic and doesn’t cause any unnecessary stress for you.

The time it takes to get a loan from a credit union varies, depending on several factors, such as when you made your application, and how long it takes to review your supporting documents and credit history. 

At GWCU, we aim to review most loan applications within one working day. Sometimes it can take a little longer if we need to review additional information or during particularly busy periods. In these cases, it may take up to three working days for a decision.

We'll keep you updated by email and let you know whether your application has been approved, declined, or if we need any further information from you.

If you've been waiting more than five working days and haven't heard from us, please get in touch via the Member Portal or email and we'll be happy to help.

Need your loan quickly? Providing all requested information and supporting documents when you apply can help avoid delays.

After your loan is approved, you’ll typically receive your funds into your Easy Saver the same day. If you don’t receive your credit union loan, please get in touch through the Member Portal or email and our member engagement team will be happy to help. 

Absolutely, you can repay your credit union loan with us early. We also don't charge any extra fees for early or extra repayments so you can pay back your loan as soon as you like.

We offer a variety of loan repayment schedules to help make your repayments more affordable and manageable. You can spread the costs in a way that works for you with weekly, fortnightly or monthly repayments, depending on the loan you have.

If you’re having difficulties with your repayments, you are not alone. At GWCCWU, we understand there are some things in life you can’t control that may make repayments tougher, such as changes to your income or your mental health. 

Please get in touch with our Member Engagement team through email or the Member Portal for assistance as soon as you can. We can discuss support options to help ease the burden and get you back on track, such as a reduced payment plan.

How much your monthly loan repayments are will depend on: 

• The type of loan you have

• The amount you’ve borrowed 

• The APR

• How long your repayment period is 

For a better understanding of family loans, see our representative example on the main page.

If you have a personal loan, we’ve made it easy to calculate what your monthly loan repayments could be with our Personal Loan Calculator. The calculator uses typical rates and terms to give you an idea of the costs involved before you go ahead with your decision. It’s important to note that the actual cost may be higher or lower after your application is reviewed.

There are several reasons why a credit union may refuse a loan, such as having too much debt or not having enough disposable income to make repayments after paying for your essentials. But, if you’ve been turned away from other lenders before, that doesn’t mean it’s impossible to get a loan. 

At GWCU, we carefully consider each and every loan application to do our best to help. If we don’t think a loan is the right choice for you at this moment in time, we will send you an email explaining why. We’ll also do our best to point you in the right direction for extra support and resources where we can.

Learn more about why a loan application may be declined as well as what you can do in advance to boost your chances of getting an approval.

While we try to help as many people as possible, there are certain reasons why we may decline a loan, such as if you don’t meet our lending criteria or your total debt is high. This makes sure we’re only ever providing responsible support, not unneeded extra stress. We’ll let you know the exact reason why in your decision email or you can email our Lending team for more information.

If your loan application has been declined, here are some things you can do next:

• Check your credit score with a credit reference agency

• Take a look at your outgoings and plan a budget to help manage your finances

• Seek free confidential debt advice, such as from StepChange

• Check what financial support or benefits you could be entitled to

We also have several helpful guides and resources to help you build a more secure financial future, such as how to improve your credit score and tips to get you saving.