Loans – Our Loans

We have a range of loans designed for different needs.

Generally, you’ll need to have a savings history to qualify for a loan. Usually this means 3 months of regular savings (no minimum deposit) before you can apply for a loan. When you take out a loan your savings are ‘locked’ as security against the loan.

We only give loans to members so you must join CroydonPlus first.

See each loan for more details.

Saver Loan First loan for members with 3 months or more savings 1.5% month (19.6% APR) £200 to £4,500
Family Loan First loan for newly-joined members receiving child benefit 2% month (24.6 APR) Up to £500
Security Loan Ideal loan for members who have saved for a while and have no current loan 5% APR Up to account balance
Premier Loan Ideal for members with a longer savings history wanting to borrow more 1% month (12.7% APR) £2,000 to £7,500

Saver Loan

The Saver Loan is our most popular loan. This loan is designed to encourage members with a good savings history to consider the Credit Union instead of other high-street lenders when borrowing for larger purchases.


  • Membership qualification: 3 months
  • Minimum savings: 3 regular monthly payments (No minimum deposit)
  • First loan up to £1,000 above savings (Minimum loan: £200)
  • Maximum loan: £4,500 above savings (subject to saving and loan history)
  • Yearly APR: 19.6% (1.5% monthly)

Family Loan

The Family Loan is available to all members, but is especially good if you have just joined the Credit Union and do not have a savings history.

To qualify for a Family Loan you must arrange to have all your child benefit paid into your Credit Union account in advance of receiving the loan.

Your loan repayment will be taken out of the child benefit first and any amount remaining after the loan repayment has been made can be used to start regular saving, some of which may be available for you to withdraw.

The agreed loan will be paid to you once the first child benefit payment has been made into your account.

Unlike our Saver Loan (another frequent first time loan), the Family Loan does not require a minimum saving per month.


  • Membership qualification: All members
  • Maximum loan: £500
  • Interest rate (APR): 26.8% (2% per month on the reducing balance)
  • We would expect you to clear the loan within 24 months

Security Loan

A Secured Loan is ideal for members who have saved regularly and have a need for a lump sum for a planned or unanticipated event. Rather than withdraw your savings, leave them safe in your Credit Union account and borrow against them at a reduced rate.


  • Borrow up to the balance of your savings
  • Members must have made at least 3 month’s deposits
  • No minimum savings required
  • Yearly APR: 5%

Premier Loan

The Premier Loan is designed to encourage members with a good savings history to consider the Credit Union instead of other high-street lenders when borrowing for larger purchases. It is designed for the borrower with a need for a larger sum of money than is normally available through other loan products. The loan could be used to fund major purchases or projects such as a car purchase, study fees, home improvements or any other large one-off expense.


  • Membership qualification: 12 months
  • Minimum savings: £2,000
  • Minimum loan: £5,000 above savings
  • Maximum loan: £7,500 above savings
  • Yearly APR: 12.7% (1% monthly)

Advice on completing your loan application

You will need to complete a loan application form: be sure to complete and return the correct form:

Help us to help you by answering all questions on the application form and providing all the information requested.

In addition to completing the correct loan application form be sure to provide us with 2 full months of bank statements and 2 months of Payroll slips.

If you do not provide all the required information this will delay your loan decision and may lead to your application being declined.

If you’re unsure, call us on 020 8760 5711 or email us to discuss any queries before submitting your application. We are always keen to help.

And remember, you will need to become a member – so Join Today!

How we assess your application

Unlike many lenders, we try to help you manage your money which means we lend responsibly and do not knowingly grant you a loan if it will get you into more debt.

We also have a responsibility to all our Credit Union members to lend their money responsibly.

Our Loan Officers consider the following when looking at your application:

  • Affordability – helping you to manage your finances. Can you afford the weekly or monthly payments without going into debt?
  • Risk – keeping our members’ money safe. Using your history with the Credit Union and other lenders are you likely to pay back the full loan on time?

Make a loan application

You must be a member to apply.

A loan application form must be completed in full. The easiest way to do this is through our online Member’s Area – Please log in for more details.

Alternatively if you have not yet joined our Members’ Area you can download an application form by using our online Credit Union forms – Please see above.

The application will include questions about your income and expenditure, current debts, loans and arrears.
You will be asked to confirm the information you are giving is true and accurate.

Any questions, please get in touch on 020 8760 5711 or email so we can help and talk through any queries you may have.

Repayments and defaults

A loan from the credit union is a legal credit agreement enforceable by law. Unlike other lenders, when you borrow from a credit union you are borrowing other people’s savings (and likewise they are borrowing yours). This makes clear that it is important that people who can pay back their loan do so on time.

We do understand that life being what life is “stuff can happen” that can sometimes make repayments difficult. We are sensitive to members who are genuinely struggling to repay their loan. We will review your circumstances and the loan repayments and do what we can to help.

As with all financial loans, we’d like you to get in touch with us at the earliest opportunity if you’re not able to meet your repayments and risk defaulting.

However we do take seriously people who we consider have no intention of paying their loan. We do pursue debts and take seriously those members who simply won’t pay their loan. This includes taking people to court to ensure that this money is repaid.

So if you think you may default on a repayment, get in touch. Call us on 020 8760 5711 or email us so we can help and talk through the options before you get into problems.

Being Competitive

Looking for a competitive loan?

You should look around, but it can take time. We’ve done some price comparisons to save you time.

Amount Term Total Repayment We could save you
Croydon Plus Online Lenders
£400 6 months £428.26 £679 to £794 Up to £366
£500 3 months £520.11 £700 £179
£1000 12 months £1100.04 £1804 to £1907 Up to £807.
And if you borrow over 12 months, you’ll end up with £300 of savings in your account!

Don’t get burnt online with slick websites, get in touch to see if we can help.