Member Loan
Smooth out those larger financial purchases with longer repayment options.
- £2,501 – £20,000
- 6.2% – 26.8% APR
- 84 months max repayment term
- Loan repaid by direct debit monthly, four-weekly, or weekly
Loans
Be a wise borrower by choosing our affordable, fair, flexible loans. We lend exclusively to GMB Credit Union members and their family members.
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Personalised, affordable, ethical loans
We recognise every member has individual financial needs. That’s why we have loans ranging from £200 to £20,000, with rates ranging from 3%-43% APR. We also provide top-ups if you need to borrow a little more by increasing your current loan’s value.
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Affordable repayments
Pay interest on the outstanding loan balance. We only charge you interest on how much you have left to pay, not how much you borrowed in the first place. This way we make sure that repayments are more manageable to you.
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Money saving and budget-friendly
We help you save money and manage your budget with loans that have no hidden fees or charges for early repayment. This gives you more control, peace of mind and saves you money on interest charges.
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Flexibility and fair rates
Most of our loans over £5,000 include a three-month repayment break for unexpected life’s surprises. We also regularly compare our rates and promise to match market prices, helping our members spend less.
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Locked savings – save as you borrow
Members with a loan are asked to save a small amount each month or week on top of their loan repayment. Savings are locked and act as security for the loan. Members can withdraw from their savings when their loan balance falls below their savings balance.
How to apply
Apply for an ethical loan via our website online form or the GMB Credit Union mobile app. Both are easy to use and have enhanced security to keep your personal info safe. When you join, you can choose the loan that fits you best right away – no need to save before borrowing.
Our loan offers
Borrow wisely and save money through our fair and flexible loans. Choose from a range of options, including family-oriented loans or those designed to improve your credit score. Tailored financial options that cater to your individual goals.
Family Loan
Cover essential expenses or set some money aside for unexpected surprises with this affordable loan for families.
- £200 – £1,200
- 34.5% APR
- 18 months max repayment term
- Loan repayment is by Child Benefit
Save & Borrow Loan
Foster a healthier relationship with your money and improve your credit rating with our Save & Borrow Loan.
- £250 – £2,000
- 42.6% APR
- 12-36 months repayment term
- Loan repaid by direct debit monthly, four-weekly, or weekly
Handy Loan
Accessible, small loans for members with manageable repayment terms, offering financial relief.
- £200 – £2,500
- 34.5% – 42.6% APR
- 36 months max repayment term
- Loan repaid by direct debit monthly, four-weekly, or weekly
Consolidation Loan
Paying off debt can be a challenge, but it doesn’t have to be. With our Consolidation Loan, you can bundle all your debts into one. It’s simpler to manage, easier to keep up with repayments and will save you money on interest.
- £3,000 – £15,000
- 9.4% – 26.8% APR
- 84 months max repayment term
- Loan repaid by direct debit monthly, four-weekly, or weekly
Savings Secured Loan
Borrow money by using your GMB Credit Union savings as security. This gives you access to the best rates whilst you still get an annual dividend on your savings.
- £5,000 – £20,000
- 3.5% APR
- 84 months max repayment term
- Loan repaid by direct debit monthly, four-weekly, or weekly
- Secure your loan 100% with your savings for the duration of the loan
Top-up Loan
Top-Up Loans take the fuss out of additional borrowing. Need funds for new furniture or unexpected expenses? With good credit and an established relationship with GMB Credit Union, you can quickly access more money.
- Loan repaid through your usual direct debit, adjusted to cover the new topped-up amount once agreed