Loans

Taking out a loan

By putting people before profit, we can offer fair, affordable and flexible loans of between £50 and £10,000 to our members. Whether you need the money for a small or large purchase, for just a few months or for up to five years, a Manx Credit Union loan can help you budget without spiralling into a cycle of costly debt.

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Advantages of taking a loan with Manx Credit Union

  • Affordable - We offer a low fixed rate interest rate of 1% per month (12.7% APR).
  • Flexible - You can opt to repay your loan weekly, fortnightly, 4-weekly or monthly.
  • Convenient - Arrangements can be made with a willing employer for loan repayments and savings to be made by payroll deduction.
  • No hidden costs - NO set up fees and NO early resettlement fees.
  • Fair - You will be treated as an individual and we will assess your ability to repay the loan based on knowing you and not just your credit score.
  • Free loan protection* - Death benefit coverage on loans is available free of charge to members aged 18 to 80 inclusive, helping protect your family from the financial burden of bereavement.

*Terms and conditions apply

How can I get a loan from Manx Credit Union?

  • Any member aged 18 and over can apply for a loan. Application forms are available at our office or you can download the form here.
  • The maximum loan amount for each member is £5,000 above the level of your savings.
  • Applications will be reviewed and credit checks performed as necessary.
  • If approved, a loan repayment schedule will be agreed for up to 5 years for a secured loan or up to 2 years for an unsecured loan.
  • Terms and conditions apply.

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