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Low-interest loans

Borrow up to £15,000 through salary deduction.

Low-interest loans

Borrow money with peace of mind

Use the money for whatever you need, like buying a car, fixing something at home, or a wedding. 

By partnering with your employer, GWCU gets to know you a little more. This means you might be able to loan you money even if a traditional bank has said ‘no’ before.

Your repayments will always be manageable as they’re deducted directly from your salary. 

Key details

Important information before you apply.

Loan amount

£100 - £15,000

Interest rate

From £100 to £4,999.99 - 18.9% APR  

From £5,000 to £15,000 - 7.9% APR

Loans are subject to status. 

Representative example

Borrow £6500 over 12 months, and repay £564.38 per month, total amount payable (including interest of £272.48) is £6772.48. 7.9% APR representative.

Repayment period

1 month - 5 years.

There are no fees for paying your loan off early.

How are GWCU loans different to other loans? 

  • Low interest rates, which are fixed for the duration of your loan repayment
  • Borrowers repaying via salary deduction can get discounted rates
  • No hidden fees or early repayment fees, you’ll know exactly what to expect
  • Apply easily online with a loan calculator to see how much you can borrow 
  • Automatic salary deductions make money management simple and clear

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?

GWCU salary deduction

Working together to make you better off

Helpful information

What is a salary deduction loan?

A salary deduction loan is a discounted loan offered as part of a financial wellbeing service, provided in partnership with your employer and GWCU. 

Repayments are easy and come straight from your salary via payroll, so there’s no extra hassle.

Who can apply for a salary deduction loan?

You can apply for a salary deduction loan if your employer is one of our listed employer partners. If they are not listed, you can browse and apply for one of our other loan products.

Can I use a salary deduction loan to consolidate debt?

Yes, if you want to combine your debts into one easier payment, you may qualify for our consolidation loan. Just let us know in the application that you need this loan for debt consolidation and answer some questions about your current debts.

Can I make extra payments to my salary deduction loan?

Yes, you can choose to overpay with payments through the online member portal. You can also pay off your loan entirely at any time, without extra charges or penalties.

Can I apply for a salary deduction loan if I have a poor credit rating?

Even if you have had difficulties managing credit or bills in the past, you may be able to qualify for a loan with Great Western Credit Union, subject to affordability.

We do carry out a credit check, but a poor credit history does not necessarily mean we won’t lend to you. 

We do not judge our members. We take every applicant’s 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.