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Advantage Loan

Looking for a better way to fund bigger goals? Our Advantage Loan gives you one of the lowest rates we offer.

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Larger loans to finance your dreams

As a community focused co-operative, we exist to support local neighbourhoods to access financial services in a fair, affordable way.

With our rate of 8.9% APR representative for loans of Ā£7,500 to Ā£15,000, we're making it more affordable than ever to finance your dreams while supporting community finance.

Why choose a Great Western Credit Union advantage loan?

There are many different GWCU loan options, but they all have ethical, responsible features.

  • The online application only takes 15 minutes

  • Start your application and save it if you need more time

  • Decisions on your application will be made by qualified lenders

  • Our team makes sure the repayments are affordable for your lifestyle

  • Our interest rates are fixed with no surprises

  • There are no hidden charges, no late fees, and no early repayment penalties

  • Choose your repayment plan with weekly, fortnightly, or monthly repayments

  • Take up to 5 years/ 60 months to repay your loan

Please keep in mind

You need to meet certain criteria to qualify for an Advantage Loan. If you do not meet the criteria for this loan, you may be eligible for a Personal Loan with us.

Qualifying criteria for advantage loan:

1. You must have the disposable income to meet the loan repayment

2. You must be a homeowner for at least three years or have an excellent credit score (eligibility is based on our lending standards and criteria).

3. You must be employed for at least three years

4. You must have no adverse credit (for example CCJs or payment defaults) in the last 36 months

5. You must be up to date on any current borrowing with GWCU

Key details

Loan amount

Ā£7,500 - Ā£15,000

Interest rate

8.9% APR

Loans are subject to status. 

Representative example

If you borrow Ā£8500 over 12 months you will repay Ā£741.77 per month. By the end of the 12 months, you will have paid back a total amount of Ā£8901.14. This includes the interest of Ā£401.14. This equals 8.9% APR.

Repayment period

6 months - 5 years

Ready to finance your goals?

To apply for a loan, you need to meet the following four criteria:

  • You have to be aged 18 or over

  • You have to live or work in Bristol, Bath, Gloucestershire, Wiltshire, Somerset, and Dorset

  • You have to have a regular income over Ā£450 per month

  • You have to have enough disposable income to meet the loan repayments

Here’s what you need to apply

Personal mobile phone number

We need this so we can contact you easily.

Personal email address

This is important so we can send your loan documents to you.

Your national insurance number

This is to prove your identity. 

How to find your national insurance number.

Evidence of your income

We use Open Banking to securely confirm your income, so thereā€™s no need to provide bank statements or payslips.

Your bank details

We need these so we can set up your loan repayment. 

Not sure if you have this information?
Get in touch

Keeping your money safe

When you save or borrow with GWCU, your money is:

✔ Governed by GWCU members and board
✔ Protected by the Financial Services Compensation Scheme
✔ Regulated by the Financial Conduct Authority
✔ Regulated by the Prudential Regulation Authority

Helpful information

How long does it take to get my loan?

The online application takes around 15 minutes to complete.

After it has been submitted, it takes between 2 - 5 working days for our onboarding team to look over your application and make a decision.

You can help to speed up your application by making sure you provide all the required information as soon as possible and by responding promptly to any questions from our team.

What can I use an Advantage Loan for?

You can use an Advantage Loan in several ways. Whether it is making home improvements, buying a car, taking care of an unexpected bill, or paying for a wedding.Ā 

The only things you cannot use a Advantage Loan for is gambling, investments, house deposits, or anything illegal.

Does my credit score affect my application?

In short, yes, but itā€™s not the only factor we consider. A good credit score suggests youā€™ve managed money and credit responsibly in the past and are likely to do so in the future.

When you apply, we carry out a credit check. This shows us the information on your credit report, which we look at alongside other details like your income and expenses. This helps us decide if we can offer you a loan, how much weā€™re able to offer, and the rate we can offer.

You can check your credit report for free through agencies like Experian, Equifax or TransUnion.

Want to improve your credit score? Use this free guide from MoneyHelper

I applied for an Advantage Loan but was offered a different loan? 

If you applied for an Advantage Loan but were offered a consolidation loan instead, itā€™s because your application indicated that the loan would be used for debt consolidation.

If you applied for an Advantage Loan but were offered a Personal Loan, you may not have met the criteria for the original loan but instead qualified for a Personal Loan.

I applied for a larger amount but received a lower offer

We may offer you a smaller loan if you didnā€™t meet the criteria for the full amount you applied for. 

When we assess your application, we look at: 

  • Your income 

  • Your outgoings 

  • Whether the loan would be affordable for you 

As a responsible lender, weā€™ll only offer what we believe you can safely repay. 

This helps protect you from financial difficulty and makes sure our loans stay fair and affordable for all of our members. 

Why does the Advantage Loan have a better interest rate than the Personal Loan?

Rates of interest are worked out based on risk.Ā 

The Advantage Loan is only available for people with a good- excellent credit rating. If someone has a good- excellent credit rating there is a lot of evidence the person is likely to repay their debt fully and on time. There is less risk on this debt. Because of this, we can offer a lower interest rate.Ā 

If someone has a poor credit rating it suggests they have had past financial difficulties. This is not the only reason for having a poor credit rating. Members with a lower credit score may still be eligible for our Personal loan.

The Personal Loan interest rate is still very affordable and as low as we can make it.Ā 

We do not judge our members. We take every applicantā€™s personal circumstances into account when we make our decision.

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Working for our members

Our friendly Member Engagement Team live and work in our communities. They're specially trained and ready to help you.

Speak to the Member Engagement Team