At Moneywise, we offer a wide range of personal loans designed to support you no matter your circumstances. The amount which you can borrow will depend on your previous borrowing history with us – so you’ll be able to take out a flexi loan with us once you’ve repaid a starter loan. Discover our personal loans below.
If you are new to Moneywise, we offer a range of starter loans to kickstart your account with us. Our starter loans are the perfect way to introduce yourself to Moneywise finance, and depend on your employment status.
If you are employed, you could apply for up to £2,000 repayable within 2 years. If you are unemployed, you could apply for up to £500.
Whether employed or not, our loans are subject to ensure you can afford the repayments and have demonstrated elsewhere you are committed to repaying your debts. We do not ignore applicants with CCJ’s but we do expect you to be repaying them.
All loans are made subject to status and we will apply credit scoring as part of your application.
We pride ourselves on offering our members competitive finance rates – the APR on our starter loans is 42.6%. (3% per month)
Once your first starter loan is settled and you have demonstrated an ability to repay your loans, you will then be able to explore our flexi loans. These can be issued for a higher amount and be repaid over a longer period of time. The amount you can borrow will vary depending on the extent of your savings and your personal circumstances.
All loans are made subject to status and we will apply credit scoring as part of your application.
The APR on our Flexible Loans is 26.8%. (2% per month)
Our loyalty loans are available to members who have been saving with us on a regular basis for 12 months or more. You can borrow a greater amount (up to £3,000) and get the benefit of a cheaper interest rate. We apply a variable rate based on your ability to repay, how you repay, and your credit score.
All loans are made subject to status and we will apply credit scoring as part of your application.
The APR on our level one loyalty loans ranges from 12% – 25%. (1% – 2% per month)
We have recently introduced two new levels to our loyalty loan system. Now, members who have been with Moneywise for over two years and have an excellent record could apply for up to £5,000.
Members with more than 3 years of loyalty to the credit union could apply for loans between £5,000 and £15,000. Contact us to find out what loan you are applicable for.
A personal loan can be used for any number of purposes. Whether you’re looking to spread the cost of a big event like a holiday, or wedding, or a substantial purchase like a car, we can help.
Once you have secured your finance, subject to our loan eligibility criteria, the money is yours to do as you please with – but be sure that your monthly repayments fall within your budget going forward!
To apply for a Moneywise personal loan, you must:
