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Affordable Personal Loan

Get the money you need to cover an unexpected cost, fund your dreams, or make a big purchase. Use your loan however you want, and repay the way that works for you.

Affordable Personal Loan

Borrowing made for you

As a community focused co-operative, we exist to support local neighbourhoods to access financial services in a fair, affordable way. We know that ordinary families are facing tough financial decisions every day. At GWCU we help our members with loans and savings which lessen their stress around money.

Why choose a Great Western Credit Union personal 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

Key details

Loan amount

£100 - £15,000

Interest rates

14.9% APR - 42.6% APR

Interest rates change based on how much you borrow:

From £100 to £1,749.99 - 42.6% APR

From £1,750 to £2,499.99 - 35.9% APR

From £2,500 to £4,999.99 - 23.9% APR

From £5,000 to £7,499.99 - 19.9% APR

From £7,500 to £15,000 - 14.9% APR

 

Loans are subject to status. 

Representative example

Borrow £3,000 over 12 months, and repay £280.28 per month, total amount payable (including interest of £363.34) is £3,363.34. 23.9% APR representative.

Repayment period

1 month - 5 years.

There are no fees for paying your loan off early.

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 £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 there’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?

Ready to finance your goals?

Helpful information

What can I use a Personal Loan for?

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

  • Buying a new car

  • Paying for a holiday

  • 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.

How long can I repay my Personal Loan over? 

You can spread your repayments from 1 month to 5 years, 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

Loans are subject to status.

I applied for a larger amount but received a lower offer

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.

I applied for a Personal Loan but was offered a different loan

If you applied for a Personal Loan but were offered a consolidation loan instead, it’s because your application indicated that the loan would be used for debt consolidation. This means you must use your loan to repay your debts.

Working for our members

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