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

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 £7,500 to £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.
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The online application only takes 15 minutes
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Start your application and save it if you need more time
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Decisions on your application will be made by qualified lenders
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Our team makes sure the repayments are affordable for your lifestyle
- Our interest rates are fixed with no surprises
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There are no hidden charges, no late fees, and no early repayment penalties
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Choose your repayment plan with weekly, fortnightly, or monthly repayments
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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
£7,500 - £15,000
8.9% APR
Loans are subject to status.
If you borrow £8500 over 12 months you will repay £741.77 per month. By the end of the 12 months, you will have paid back a total amount of £8901.14. This includes the interest of £401.14. This equals 8.9% APR.
6 months - 5 years
To apply for a loan, you need to meet the following four criteria:
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You have to be aged 18 or over
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You have to live or work in Bristol, Bath, Gloucestershire, Wiltshire, Somerset, and Dorset
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You have to have a regular income over £450 per month
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You have to have enough disposable income to meet the loan repayments
Here’s what you need to apply
We need this so we can contact you easily.
This is important so we can send your loan documents to you.
This is to prove your identity.
We use Open Banking to securely confirm your income, so thereās no need to provide bank statements or payslips.
We need these so we can set up your loan repayment.
Ready to finance your goals?
Keeping your money safe
When you save or borrow with GWCU, your money is:
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 itās not the only factor we consider. A good credit score suggests youāve 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 weāre 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, itās 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 didnāt meet the criteria for the full amount you applied for.
When we assess your application, we look at:
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Your income
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Your outgoings
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Whether the loan would be affordable for you
As a responsible lender, weāll 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 applicantās personal circumstances into account when we make our decision.
Working for our members
Our friendly Member Engagement Team live and work in our communities. They're specially trained and ready to help you.