As a rule of thumb we will lend you three times what you have saved in your basic savings account up to a maximum of £10,000 above the level of savings in this account.
These are the reasons why members love our loans (see below for the full product list):
- Interest rates are fixed for small loans up to £500 at a maximum of 3% per month of the outstanding balance which is 42.6%apr. However because you only pay interest on the declining balance you pay a maximum of 24% interest.
- For loans between £500 and £3,000 the interest rate will be 2% per month of the outstanding balance which is 26.8% apr.
- As the size of the loan increases then interest rates for larger loans decreases and may go down to as little as 9.4% apr.
- We make no charge for arranging the loan or for credit checking.
- We make no charge for the early repayment of loans or for making additional payments to your loans.
- You can repay your loans over up to 60 months.
- We can make loans payable to you or a third party.
All our loans are subject to our loan policy and the loan amount is also subject to your ability to repay your loan. Check out our loan products below.
How to apply
Complete the M4M Loan Application form and send it to us either by post, email of fax.
If you have already setup your online account, you could apply when you log into your M for Money online account.
Or give us a call and we will put a loan application for you in the post. Click here for full contact details.
Key workers loans
If you are an NHS, Council, Emergency or School staff, you qualify for a key workers loan. A loan of £1,000 is repayable over up to 60 months at just 1% per month interest.
Members and non-members can apply for a loan of up to £750 repayable over 9 months using our new fast application process.
Also known as local employees’ scheme, anyone who works for an employer who has a partnership agreement with us is eligible to apply for this loan straightaway.
Child Benefit Loan
All parents can now apply for a £500 loan straightaway if Child Benefit payments are made into your credit union account. Borrow £500 and repay it over up to 50 weeks.
Home Owner Loans
Home Owners with equity in their property can get loans of up to £3,000 with just £300 in savings, at a 50% discount, on the standard monthly interest rate per month.
Regular savers may apply for a loan after three months of saving. As a rough guide you may borrow up to three times what you have in your savings repayable over up to 60 months.