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 |