Personal Loans

At Moneywise, we offer a wide range of fair and affordable personal loans designed to help our members enjoy financial security and sustainability.

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.

Starter loans

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)

Flexi loans

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)

Loyalty loans

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.

What are you planning on using your loan 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!

Personal loan application process

  1. Click the button below to apply
  2. Fill in your details as accurately as possible
  3. Submit the form
  4. One of the Moneywise team will be in touch as soon as possible to confirm whether you have been successful

To apply for a Moneywise personal loan, you must:

  • Be aged over 18
  • Agree to Moneywise Credit Union rules

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Loan Calculator

£50 £15000
3 months60 months
pay/mo Interest
Total to repay

An example personal loan from Moneywise might look like this:

You borrow: £300 loan

You pay back: £6.90/week over 52 weeks

Total repayable: £357.24

Cost of credit: £57.24

Fixed interest rate of 36% – APR 42.58%.

Cheapest Loan
Moneywise Credit Union Morses Club Naylor's Finance NEFirst Credit union
Loan Amount £500.00 £500.00 £500.00 £500.00
Term (Months) 12 12 12 12
Monthly Payment £50.00 £74.83 £75.83 £51.89
Total Amount Payable £604.00 £975.00 £910.00 £622.73
Cost of Credit £104.00 £475.00 £410.00 £122.73

Frequently asked questions

What factors do you consider when you assess applications?

Here at Moneywise, our team considers multiple factors before approving loan applications.

A. Is it affordable?

The first thing we consider is – is it affordable? We want to make sure that if we’re taking repayments for a loan, you’ll be able to keep up with this loan and your other commitments.

B. Is it realistic?

Next, we’ll consider if the loan repayment schemes are realistic. We do this by checking if you’re up to date with your rent or mortgage. We also look whether or not you’re making repayments for utilities and council tax. If these payments are up to date, we’ll see if you have enough disposable income to cover these – plus our loan repayment on top.

If your bank statements show low balances, for example, we will assess the situation further. This helps us understand if all your spending is necessary. If you’re spending lots of money on takeaways for example, we may suggest a change in spending habits to ensure you’re able to make repayments.

C. Is your credit check acceptable?

If we’re happy that the loan is affordable and realistic, we may also need to run a credit check on some of our loan products. We’ll check the credit report to see if there are any active CCJs. If so, are they recent and are you repaying them?

We’ll continue to look over your current and previous credit accounts. This will make sure that each statement is up to date and you’re making regular repayments.

Interest rates vary! Most loans are set at a 3% interest rate (42.60% APR). This is for new and existing members, and family loans will always be set at this rate. We offer payroll members loans with a 2% interest rate. We might also offer lower interest rates due to length of membership, the amount of savings you hold with us and if we’ve offered a secured loan.

If you’re worried about repaying your loan on time, contact our team as soon as possible.

It depends on your situation. If this is a short-term issue where one or two payments are going to be missed, we may be able to cover these from savings already held with us. If not, an agreement can be made with our credit control department to either temporarily reduce payments, or for the payments to be made at a later date.

In cases where this is a long-term issue, you’d be able to discuss your best options with our credit control department. The team will help you come to an agreement about how to pay going forward.

If your application is successful, our team will help you set up the details and repayments of your account. You’ll also be provided with information on how to access your savings, keep track of your loan balance and, if you request it, offers and advice on topping up.

If your application is unsuccessful, we’ll provide you with information on setting up a savings account. Our team will also offer guidance on any other financial assistance we are aware of that may be available at the time. Finally, we also provide details of other support services, such as the Citizens Advice Bureau, that may be able to help you.

There are multiple reasons why your application may have been declined:

  • if you currently have an active individual voluntary arrangement (IVA), debt relief order (DRO) or are bankrupt
  • if it is not affordable for you to make the repayments (see above)
  • if you have recently missed repayments on an existing loan with us
  • if there is a decline in your credit report

To find out more, contact a member of our team and we’ll explain your circumstances.

Yes. Whether you’re in full-time employment or in receipt of benefits, anyone is eligible to apply for a Moneywise loan if you meet our requirements, including living or working in the North East.

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