How much can I borrow?

Our Loans Team give individual attention to each loan application. In assessing your application we will consider the following:

  • your income and expenditure; to see how much you can comfortably afford in regular repayments and how secure your income is.
  • your membership history with South Manchester Credit Union ; to look at how long you have been a member  and how steady are your savings and loan repayments.
  • Credit unions are passionate about encouraging members to save . This builds a personal buffer against difficult times for individual members and our savings pooled together create capital for other members to lend. Our Loans Team will look to see that a member can continue to save as they borrow.
  • We reserve the right to perform an external Credit Reference check. This information is used alongside all of the above factors and we still make a human assessment of each loan rather than relying solely on a computer ! If you are concerned about your potential credit rating please talk with us in confidence.We look to work positively with members to build financial confidence and know-how and we have found that members are able to improve their credit score through regular repayments on their credit union loans.