Our Loans
We offer a range of loans to suit your needs.
EasyPlan Loans if you want to borrow without first saving with us.
Select Loans if you already save regularly with AdvanceCU.
EasyPlan Loans
| FirstChoice Loan | EasyPlan Loan | FlexiPlan | |
| Minimum Loan | £300 | £300 | £500 |
| Maximum Loan | £500 | £1,000 | £1,000 |
| Available to new members | Yes | No | No |
| Minimum membership required | no | 12 months | 18 months with good saving and borrowing history |
| Minimum Savings Required | no | £100 | £150 |
| Loan Period | 6 – 12 months | 10 – 12 months | 24 month agreement |
| Affordability & Credit check | yes | yes | yes |
| Interest Rate | 3% per month (typical 42.6% APR) | 2.5% per month (typical 34.5% APR) | 2.5% per month (typical 34.5% APR) |
| The quicker you repay, the less interest you pay | yes | yes | yes |
| Free life insurance (conditions apply) | yes | yes | yes |
| Top Ups permitted | no | £200 loan balance. Max 3 per year | after 12 weeks. Min £200 |
| Save-as-you-borrow weekly | £3 | £3 | £3 |
| Express payment fee (optional) | £1 | £1 | £1 |
| Pay to your PrePaid Engage Account | yes | yes | yes |
| Pay into your bank account | yes | yes | yes |
Please note that share withdrawals will affect your savings history.
Select Loans
| Select Loan | Select Secured Loan | Privilege Loan | |
| Minimum Loan | £300 | £1,000 | £3,000 |
| Maximum Loan | £8,000 | £8,000 | £8,000 |
| Available to new members | Yes | No | Yes |
| Minimum membership required | 16 weeks or great credit history | 12 months | 2 years good saving and borrowing history or excellent credit history |
| Minimum Savings Required | £100 | £1,000 | £1,000 |
| Loan Period | 12 – 36 months | 12 – 36 months | 12 – 36 months |
| Affordability & Credit check | yes | yes | yes |
| £300-£999.99 20%pa (typical 21.9%APR) | |||
| Interest Rates | £1000-£2999 18%pa (typical 19.6%APR) | £1000-£8000 12%pa (typical 12.68%APR) | Special reduced rate 9%pa (typical 9.4% APR) |
| £3000-£8000 12%pa (typical 12.68%APR) | |||
| The quicker you repay, the less interest you pay | yes | yes | yes |
| Free life insurance (conditions apply) | yes (max £5,000) | yes (max £5,000) | yes (max £5,000) |
| Top Ups permitted | when paid 50% off loan balance | when paid 50% off loan balance | when paid 50% off loan balance |
| Save-as-you-borrow weekly | £3 | £3 | £3 |
| Express payment fee (optional) | £1 | £1 | £1 |
| Pay to your PrePaid Engage Account | yes | yes | yes |
| Pay into your bank account | yes | yes | yes |