Local Money for Local People Students People Students People Dreamers People Futures People Businessess People Dreamers
- Access a range of savings accounts
- Apply from £150 - £15,000
- Reaching dream goals together
- Save whilst you repay
Get in contact today
From £150 - £1,000
Max. 42.6% APR
From £1,000 - £3,000
Max. 26.8% APR
From £3,000 - £15,000
Max. 14% APR
For example, borrowing £300 and paying £10 per week over 34 weeks means you pay £37.44 interest. We have no other fees or charges.
Find out more about our saving accounts
Gain access to a variety of savings accounts and become part of a positive impact in your local community
Hear it from our members
“South Manchester Credit Union have gave me peace of mind and freedom to get through my education”
Local Money for Local Students – Stephen’s story
Through our work here at South Manchester Credit Union we support local students. Stephen is a member who moved to the UK from Nigeria to complete his studies and pursue his passion for business development. Stephen faced financial hurdles Stephen had achieved his undergraduate degree in Nigeria, and he continued
Discover our loans
Apply from £150 – £15,000 on terms that suit you with bespoke repayments that are flexible and affordable
What to expect
As a new member, you can download our mobile app and speak to a member of our team. They will guide you through the process of joining and you can start saving on the same day. All you will need to provide is your ID and proof of address.
You can apply for a loan right away! Simply fill in our online loan application form and we’ll be back in touch within 1 working hour. We’ll then finish signing you up and guide you through the application process.
Our members most often find repaying through a standing order to be easiest option. If you are employed by one of our payroll partners, your loan repayments can be taken directly from your wages through payroll deduction, so you’ll never have to see the money leave your account. If you’d prefer to call into the office, feel free to pay by cash.
Interest on all of our loans is calculated daily on the reducing balance of your loan. With every repayment you make, you clear the interest accrued since your previous repayment and your interest is then calculated for your next repayment on the reduced balance – the lower your balance, the less interest you pay.
For our Welcome Loan, youcan set your repayment period at as little as 3 months and as much as 12 months. The maximum allowed repayment period increases up to 60 months for some of our other loans.
As a responsible lender, we will run a credit check on your first loan application. Our policy is that we may run a credit check on any loan application. Your application will be assessed based on your credit file, affordability, and your personal circumstances, not just your credit file alone.
Our loan interest is designed to be as fair and affordable as possible. As a not-for-profit, we are only interested in giving our members the best deal. Loans as small as £150 are charged at 42.6% APR, and loans from £3,000 upwards are charged at 14% APR. All interest is charged on the reducing balance – here’s a quick example: borrowing £300 and paying £10 per week over 34 weeks means you pay £37.44 interest. We have no other fees or charges.
