South Manchester Credit Union

read moreYou can join, ask for withdrawals, apply for loans and best of all, keep in contact with your favourite credit union! Every 1 you save with the Prize Saver savings account is 1 entry into the monthly draw - you're allowed up to 200 entries. The monthly top prize is 5,000 and if you don't win that, you're still in with a chance to win one of the 20 prizes.

read moreYou can apply to borrow 150 - 700 and have the money paid into your account usually on the same day. For those with a family, a Welcome Loan can be perfect for a holiday to treat the children. Better still, if you receive Child Benefit, you can use this to repay your loan and add to your savings - with the rest paid back to you. For everyone else, the Welcome Loan will be right up your street too. It can be a helping hand to pay some unexpected bills or give you the funds to get yourself something special.

read moreIn short, we are a community-based credit union that provides saving accounts and loans to the people of South Manchester. We continuously look to support people's finances and make a positive difference to their lives. Our credit union aims to promote responsible lending and borrowing. We look at loan applications with care and support our borrowers if they get into financial difficulties. Our mission is to support our community and we see it as a privilege to do so.

read moreA Young Savers account is completely free - everything that you deposit will go straight into the Young Savers account.

read moreIf you live, work, or study in South Manchester you can consider yourself lucky because we're the only credit union in Greater Manchester that offers the account. In fact, there's only another 14 other credit unions across the UK that offer the account so it's a great opportunity to get more for your savings. The maximum number of entries that you can have in the Prize Saver account is 200 - which means you can have up to 200 in the account. All credit union savings are protected by the Financial Services Compensation Scheme up to 85,000 per person.

read moreThat reward comes with a bespoke Credit Level and we drop the annual interest right down to 24% (APR 26.8%). The interest continues to only be charged on the reducing balance - just Like the Welcome Loan. If you borrow 500 from 1st July and pay 20 per week, it will be fully repaid by 6th January. You'll pay 32.51 in interest - repaying a total of 532.51. You can apply to refinance your loan up to 4 times a year between 1st October and 30st September. The minimum refinance is 150. If you have a third of your Credit Level in your Locked Savings - you can top-up your loan balance to your Credit Level.

read moreChildren can be expensive. Trust us, we know. This is why we want to give you a helping hand when it comes to certain costs that might be a little out of reach. The Family Loan is perfect for those expenses because you can use your Child Benefit to make your repayments. This gives you the opportunity to use your other income on other things and still get some Child Benefit back too. We understand that with the number of children you have, you receive different Child Benefit amounts. The annual interest on our Family Loan is 36% (APR 42.6%) on the reducing balance just like our Welcome Loan.

read moreA Smart Loan can be the answer to those more expensive goals that you've been planning for a while. We'll walk you through 7 simple steps. We ask you about your income and credit history as well as finding the right level of repayments to suit you. Once our assessment is complete and if your loan is approved - we'll send over the terms of the loan that we are offering to you.