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Borrowing From Your Credit Union

The interest payable on credit union loans is capped by law, which makes them fair and competitive. In addition Sovereign Credit Union offers a discounted interest rate when a loan is completely secured against the member's savings.***


So, Sovereign Credit Union loans are tailored to meet your needs, whatever size of loan you're looking for, from £50 to £7,500.

Some commercial lenders won't consider small loans, but we will.***

You can choose the period over which you repay the loan, depending on the amount borrowed.***

The Small Print


*** Loan repayment costs are affected by the amount you want to borrow, the length of time over which the repayments will be made and whether or not the loan is completely secured against your savings. Please ask for a personal illustration.


You can apply for a loan once you have been saving regularly with us for eight weeks (two months). Your first loan is capped at twice your shares (the savings in your Ordinary Saving Account) or £750, whichever is lower, over a maximum of 1 year repayment term. Subsequent loans can be up to 3 times your shares up to £7500, repayable over a maximum term of five years. For more details on our loans and rates, please contact us. We offer discounted interest rates for loans which are fully secured against the savings in your Ordinary Saving Account.

We are a careful lender. We don't encourage you to borrow more that you can afford.

We aim to make a decision on a loan application within three working days. However, it is important that you answer all questions accurately and provide the information required. This will include two forms of proof of income e.g. three payslips if your are monthly paid, six payslips if you are weekly paid, bank statement(s) covering at least three months, and/or a benefits letter. In some circumstances we may need to ask for additional information.

Loan application process

How It Works?

1. Apply online

Login to this website and use our loan application form.

2. Get your answer

We aim to get to back to all enquiries within 3 working days.

3. Sign agreement

Pop in to our office and sign your loan agreement.

4. Get your loan

You can have the money in your account the same day.

Start Loan Application