First Choice Loan

Try our loan calculator for an idea of your loan repayments and interest. Select the value of loan required and the number of months to repay. the interest rate is 36% on the decreasing balance (42.6%APR).

This loan payment calculator is for illustration purposes only. Loan offers are subject to status and affordability.


“Credit Union is great, I’ve never had savings before and I can borrow what I need when I need it”

Our loans are by far the most competitive in the market, see how a £400 loan compares with other lenders:


Pay Weekly


Total Payable

APR (rep)

Life Insurance?


Advance Credit Union

























  • Our rates are fixed at 3% per month (typical 42.6%APR)
  • There are no surprises – our rates are fixed and won’t increase during the term of your loan.
    Average first loan is £300-£400
  • Repayment term is usually 10 months. Top Ups are not permitted on FirstChoice Loans.
  • FirstChoice Loans are subject to affordability check and possibly credit check.
  • Unsure if you can afford to borrow with Advance? Try our Budget Planner to ensure you can afford repayments of your FirstChoice Loan.
  • You will build up a history of saving and borrowing with Advance Credit Union as you repay your FirstChoice Loan. If you keep up with your payments you will qualify for an EasyPlan loan at a lower interest rate and lower weekly repayments.
  • Build up your savings too and you may become eligible for a Select Loan at even lower rates!


  • Fixed interest rate during the term of your loan
  • The quicker you repay, the less interest you pay.
  • Free money health check; we will let you know if we spot any concerns about your finances
  • Save-as-you-borrow £3 per week added to your savings
  • Free life insurance (conditions apply)
  • Borrow up to £500 (conditions apply)
  • Build up your savings and become eligible for a Select Loan
  • Loan amount paid direct into your bank account or onto an Engage PrePaid Account
  • Repay by payroll deduction, benefits, standing order
  • Boost your credit history


Apply online or download a loan application form, complete the details then return it to us.

You can bring your loan application into our Erdington office or Chelmsley Wood sub-office.

You will also need to bring your proof of income and identification:

  1. Pay slips/ proof of benefit for the last three months (or equivalent)
  2. Bank Statements for the last three months
  3. ID – 2 forms of Identification. See our Join page for the list of  Acceptable ID
  4. Information on all existing loans, credit cards and other debts
  5. Proof of your National Insurance Number
  6. Proof of any other income (e.g. CSA payments)

We will send you an email or text message with your loan decision, this usually takes 3 days, but it can take up to 7 days depending upon demand.

If you have an email address we will email the loan agreement for you to sign, plus your repayment schedule.

Please also be sure to read our Loan Guidelines