Fair interest loans
Borrow up to £15,000 through salary deduction.
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.
£100 - £15,000
From £100 to £4,999.99 - 18.9% APR
From £5,000 to £15,000 - 7.9% APR
Loans are subject to status.
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.
1 month - 5 years.
There are no fees for paying your loan off early.
GWCU salary deduction
Working together to make you better off
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:
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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 there’s no need to provide bank statements or payslips.
We need these so we can set up your loan repayment.
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.
Keeping your money safe
When you save or borrow with GWCU, your money is:
Borrow with your local credit union
Working for our members
Our friendly Member Engagement Team live and work in our communities. They're specially trained and ready to help you.