Affordable Personal Loan

You can get a Personal Loan for almost any reason. This could include:

• Buying a new car
• Paying for a holiday
• Financing a wedding
• Making home improvements
• Covering unexpected costs – like a broken boiler or washing machine

It’s up to you what you decide to use your loan for but we do ask you to be honest, and we may ask for more information if it could affect your ability to repay. Need ideas? Check out our blog here for 5 ways you can use a small loan.

When you apply for a loan with us, we consider lots of different factors including your credit history, the information you provide in your application and whether the repayments are affordable for you.

Our simple guide explains exactly what we look at and how we decide the right rate for you. 

You can spread your repayments from 1 month to 5 years (60 months), depending on how much you borrow.

For example:

• £100–£1,749: 1 to 2 years
  
  
• £1,750–£2,499: 1 to 3 years
  
  
• £2,500+: 1 to 5 years

With a choice between weekly, fortnightly or monthly payments, we can help create a plan that works for you and your needs.

Loans are subject to status.

We may offer you a smaller loan if you didn’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, we’ll only offer what we believe you can safely repay.

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

We tailor your APR to you. It’s based on your credit history and personal circumstances, so you’ll always get a rate that reflects your situation.

More than half of our approved customers receive the representative APR. If you’re offered a different rate, it may be because you applied for an amount with a different representative APR, or your individual circumstances mean a different rate is a better fit for you.

You can borrow from £100 to £15,000 on a Personal Loan with GWCU. With flexible repayment plans designed around your lifestyle coupled with fixed, personalised rates, our personal loans give you the confidence to fund the things that matter most. 

Become a member and find out how much you can borrow today.

You can absolutely apply for a personal loan if you’re self-employed so long as you have a regular income of at least £450 a month and can afford to make repayments. There are also a few other criteria you need to meet to be eligible, such as being over 18 and living or working in the South West.

Find out whether you’re eligible for a personal loan with our simple 15 minute online application.

No, we don't offer joint applications.

When you apply, we'll only look at the information and circumstances of the person making the application.

Once approved, how you choose to use the funds is up to you. Whether it's for a holiday, Christmas, home improvements or helping a family member, the loan will remain in your name and you'll be responsible for making repayments.

A "good" interest rate will look different for different people. At GWCU, more than half of our members receive a representative APR between 14.9% and 42.6%.

The rate you're offered is based on your application and factors such as:

• How much you want to borrow
• Your individual situation
• Your credit history

Once we’ve calculated your personalised rate, it becomes fixed so you can be sure it won’t go up during your repayment period. 

Unlike most mainstream and traditional lenders, we provide fair, competitive interest rates on our unsecured Personal Loans, even if you have a low or bad credit score. We offer a representative APR between 14.9% and 42.6%, with personalised rates made to fit you.

With capped interest rates and no hidden fees, we’re committed to helping people in the South West manage their finances safely and responsibly.

Become a member today and discover borrowing made for you.

The documents you’ll need handy to apply for a Personal Loan with us are:

• Proof of ID, such as a UK driving licence or passport. If you have no forms of ID, we can also accept a benefits entitlement letter from the past 3 months.
• Proof of address, such as a utility bill or bank statement from the past 3 months
• A passport-style photograph of yourself

You'll also need:

• Your mobile phone number
• Your email address
• Your National Insurance number so we can verify your identity
• Your bank details to receive your funds

Read our simple guide to learn how to apply for a Personal Loan.

If you need some extra help or more information, give us a call and our friendly Member Engagement team will be happy to help.

When you apply for a Personal Loan, your credit score will temporarily go down. This is because we need to perform a credit check. It’s nothing to worry about as your rating will go back up once you start paying back your loan. It can also improve if your repayments are paid on time.

Before you apply for a Personal Loan, we will run a soft credit check as part of our eligibility checks. This will not affect your credit score. Learn more about soft credit checks and why we do them.

There's no need to send us payslips or bank statements. We use Open Banking to securely check your income instead.

Not sure what Open Banking is? Learn more about what it is and how we use it.

If you're having any problems connecting your account, just get in touch. Our Member Engagement team is always happy to help.

After you submit your application we’ll review the details you’ve provided to make sure a Personal Loan is right and safe for you. This means we take a look at your credit history and individual situation to do this.

You’ll hear from us within 3-5 working days with a decision or if we need any extra information from you.

If you’ve not heard back after 5 working days, please contact us through the Member Portal or by email.

If you can’t see your funds, please contact a member of the team through the Member Portal or email us.

No, there are no fees to apply for a Personal Loan with GWCU.

We believe in being clear and transparent about the cost of borrowing. That's why our loans have no application fees, hidden charges or early repayment penalties.

If you're approved for a loan, the amount you're quoted is the amount you'll pay.

Unlike traditional lenders, you can make overpayments or repay your loan early without worrying about penalty charges from us. Simply log in to the Member Portal or make a bank transfer to make an early or extra payment free of charge.

If you miss a repayment, don’t panic but make sure to take action as soon as you can. To help protect your credit score and keep your account on track, please:

1. Get in touch with our Member Engagement team as soon as possible to find a solution that works for you.

2. Make an overdue payment through the Member Portal, if possible. It’s quick, easy and free of charge (no late fees).

If your repayment schedule is no longer working for you, please speak to us. We’re here to help you the best we can. We may be able to offer an alternative option, such as rescheduling your loan or setting up a temporary payment holiday.