Applying for a credit union loan

Applying for a loan

To apply for a loan from Salford Credit Union you must first become a member. Check here to find out if you are eligible to join.

Currently you have to save regularly for 6 weeks to show you can afford to put money aside and help build up security for a loan.

This policy is under review – watch this space for more details.

Have an email address?

You can now apply for a loan online… Loan application

No email address?

You will need to:

  • Complete a loan application form, which gives information about you, your income and your reason for the loan
  • We can email you a form or you can pick one up from our main office or one of the collection points Contact info
  • Provide one month’sbank statement/post office statement and wage slip or proof of income (Benefits entitlement letter)
  • Confirm how much you will continue to save regularly
  • If you wish to take your partner’s income into consideration, then please provide the same documentation for them as well


You will need a high street bank account, building society account or a Salford Credit Union Engage pre-paid debit card for loan funds to be paid to.

Payroll Member?

Check to see if you work for one of our sponsoring employees and are eligible for a Payroll loan…Payroll membership

Loan applications can be submitted in person at the main office or at one of our collection points. Applications can also be sent in by post or scanned in and sent by email.

Responsible borrowing and lending

Check you can afford loan repayments by using our Budget Planner SCU Budget planner to check your income and outgoings.

IT IS VITAL TO REPAY LOANS IN LINE WITH YOUR AGREEMENT- if you don’t it is other credit union members who suffer, not faceless shareholders. You should contact us as soon as you think there may be problems so we can see if we can help- don’t put it off!

Assessing your loan application

Loans are assessed on an individual basis and we consider factors including your income and expenditure, ability to repay, previous savings history and your history of managing credit. This may include credit scoring but we are regularly able to help members with poorer credit scores.

Loan decisions

You will usually be contacted  within 5 working days of receiving a fully completed application with the decision. If you are successful you will be asked to come into the main branch or a local service point to sign the loan agreement and make arrangements for collecting and repaying the loan.

We reserve the right to decline certain applications.  If we do reject an application, this will be following an assessment of the application by our lending team.  A loan refusal simply means that on this occasion we feel unable to offer the amount of loan that has been requested.  In some circumstances, we may offer a reduced amount.

Repaying the loan

When borrowing from Salford Credit Union, you are signing a legally binding loan agreement.  You will have to repay your loan in accordance with the loan agreement that you sign- paying the amounts agreed and at the frequency agreed.

  • Many of our members set up a standing order to repay their loan.
  • We can also provide you with a Credit Union Paypoint card so you can repay locally.
  • You can have your wages or benefits paid to us and we will take your loan repayment out and savings and transfer the remainder to your bank account or CredECard.

If you have any problems keeping up your loan repayment you MUST TELL US AS SOON AS POSSIBLE. We need your loan repayments to help make loans to others and we will chase missed payments.

How we use credit referencing information

Credit Reference and Fraud Prevention Agencies

We may make searches about you at credit reference agencies who will supply us with credit information as well as information from the Electoral Register.  The agencies will record details of any search whether or not this application proceeds.  We may use credit scoring methods to assist the application and to verify your identity.  Credit searches and other information which is provided to us and/or the credit reference agencies about you and anyone with whom you are linked financially or other members of your household.

This information may also be used for debt tracing and the prevention of money laundering as well as the management of your account.  In addition, we may ask you to provide physical forms of identification and/or we may telephone you to confirm you identity.

To prevent or detect fraud or to assist in verifying your identify we may make searches of group records and at fraud prevention agencies who will supply us with information.  We may also pass information to financial and other organisation involved in fraud prevention to protect ourselves and our customers from theft and fraud.  If you give us false or inaccurate information, details will be passed to fraud protection agencies.

This information may also be used for tracing and claims assessments and verifying identify.  Information held about you by the credit reference agencies may already be linked to records relating to anyone with whom you have a financial relationship such as a joint account.


Terms of lending

All approved loans are subject to Terms and Conditions. Current Terms of lending can be found here

Our loans

Related pages

Check with us what protection the Financial Services Compensation Scheme offers you.