Select Loans

Select loans are available to Advance Credit Union members with a track record of saving regularly with us or a new members in employment with a good credit score.
There are three interest rates; the more you borrow, the lower the interest rate.This loan payment calculator is for illustration purposes only. Loan offers are subject to status and affordability.

Apply for a loan

Our Select Loans are very flexible and are perfect for established Advance Credit Union members with a history of saving with us and those in employment with a good credit history.

The interest rate is fixed – it won’t increase during the term of your loan. And you can pay off your loan early or extend it up to 3 years.

Top Ups are permitted when half your loan balance is paid off, so you may even be able to borrow more during the term of your loan. The choice is yours! Note that your first loan with Advance Credit Union must be paid back in full before applying for a second loan. 

Select Loans from £300 up to £8,000

No surprises – Our rates are fixed for the duration of your loan:

Borrow up to £999 20%pa (typical 21.9%APR)
£1000 – £2,999 18%pa (typical 19.6%APR)
more than £3,000 12%pa (typical 12.68%APR)



See how we compare with other lenders – £1,000 loan over 12 months

Lender Pay Monthly Months Total Payable APR (rep) Life Insurance? Save-as-you-borrow?
Advance Credit Union £91.69 12 £1,100.15 19.60% Yes yes
Santander £92.11 12 £1,105 21% no no
Lloyds £94.26 12 £1,131 26.00% no no
Barclays* £51.29 24 £1,231 22.90% no no

*minimum 24 months


  • No fees
  • No surprises – Our rates are fixed
  • 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
  • The quicker you repay, the less interest you pay
  • Borrow up to £8,000
  • Free life insurance (conditions apply)
  • Increase your borrowing (conditions apply)
  • Maximum repayment term is 36 months
  • Boost your credit history

If you don’t quality for a Select loan then you may be offered a FirstChoice or EasyPlan Loan.

You can apply for a loan from your Internet Banking (sorry, not available on mobile version) or use our quick and easy online loan application. or complete the Loan Application form on the Downloads page and return it to our Erdington office, Chelmsley Wood sub-office or a Community Collection Point.

Please also be sure to read our Loan Guidelines.

Apply for a loan