Standard Personal Loan
Your loan, your way – from £50 to £15,000.
Looking for a loan that fits your life? With our Standard Personal Loan, you can borrow from £50 up to £15,000 for whatever you need. From home improvements to a family holiday, emergency car repairs to Christmas, we’ve got you covered.
Representative examples
Borrow £1,000 over 12 months. APR 29.8%. 12 x monthly repayments of £95.71. Total repayable £1,148.52. Total cost of credit £148.52.
Borrow £10,000 over 5 years. APR 11.8% 60 x monthly repayments of £218.51.
Total repayable £13,110.95. Total cost of credit £3,110.95.
Key information
Standard Personal loan
- Loan amount: borrow from £50 – £15,000
- APR: Starting from 11.8%
- Repayment term: flexible terms available
- Repayment method: recurring card payment or payroll deduction (for eligible members)
Eligibility
- Both new and existing members can apply
- You agree to save £10/month in addition to loan repayments
- You have not been declined for a loan with us in the last 3 months
- Subject to a credit check and open banking to establish affordability
Benefits of this loan
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Affordable rates, tailored to you: borrow from £50 to £15,000 at competitive rates.
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Flexible repayment options to suit your budget and you can pay off your loan early without any penalties.
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Borrow with confidence: Our loan terms are clear and transparent with no hidden fees or nasty surprises.
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Save as you borrow: As a member, you’ll build savings while repaying your loan, giving you a financial cushion for the future.
Standard Personal Loan FAQs
This depends on how busy we are. We tend to be busiest in October and November in the lead up to Christmas. In general we aim to get back to you within 24 hours but this might be two or three days at our busiest times of year.
How quickly you get an answer will depend upon how promptly you provide your supporting information, including pay slips and connecting your bank account. It’s also good to bear in mind that if you have received your application confirmation it is in the queue and you will be contacted as soon as possible. Due to the way our online queues operate, chasing your application up with messages asking for an update may slow down your answer.
When you apply and you are eligible to do so (that is, you’re a member and at least 3 months have passed since your last application) we will conduct a credit search as a routine step for all loan applications. This will leave a mark on your credit file. Therefore you should try not to apply too often – both with us and other lenders – as it will impact upon your credit score.
Yes, you can overpay or repay your loan early at any time and there are no charges for doing so aside from the interest that has accrued against the outstanding loan balance since your last repayment. The interest is calculated and applied daily at the rate you agreed to when you took out the loan.
To make an ad hoc overpayment, simply contact us for payment details and let us know when you have made a payment which you want to be applied to your loan. This will reduce the amount of interest owing overall.
In order to repay in full early, please contact us and explain that you would like a settlement figure to repay your loan early. This will stop new interest being applied to your loan for 7 days to give you a set figure that you need to pay to clear the balance. If you do not pay the loan off within the week, we will reset the interest and leave the account running as it was, therefore if you need longer than 7 days to repay you should get back in touch and request a new settlement figure.
Full details of how to make your payment will be provided along with your settlement figure.
Why choose The Money Co-op
At The Money Co-op, we believe in fair, affordable finance. Our Standard Personal Loan lets you enjoy the benefits of a competitive rate, flexible repayment options, and the peace of mind that comes with transparent, ethical lending. You’re not just a customer—you’re part of a community where your financial wellbeing is our priority.
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Need help?
If you have any questions about our Standard Personal Loan, please get in touch with us in any of the usual ways.
If you’re experiencing financial difficulties or struggling to make repayments, please contact us as soon as possible. Our friendly team is here to help you find the best solution and get back on track.
Standard Personal Loan Summary
APR |
£50 – £999 34.8% |
|---|---|
Loan amounts |
From £5,000 to £15,000 |
Term of loan |
Maximum term of loan – 5 years. |
How it works |
Our ‘Standard Personal Loan’ is available for most borrowing purposes, with the exception of debt consolidation. These loans are subject to our lending policy and affordability checks. As a credit union member, you’ll also build up savings as you repay your loan. The minimum amount is £10/month, which will be taken from your repayments. |
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