Borrow

HOW TO APPLY FOR A LOAN ON THE APP

Please watch this short video before you start, then read our tips below.

OUR TIPS TO MAKE YOUR LOAN APPLICATION AS EASY AS POSSIBLE:

  • Please set aside 20-30 minutes to fill in the form
  • There are six sections to complete
  • You can go back to a previous section to make a change, but you’ll lose the details you added to later sections
  • So it’s best to gather all the information you need before you begin
  • You’ll need to give us details of your monthly income such as wages, benefits and pension.

    PLEASE NOTE: we are obliged to validate your Income figures to ensure accuracy and affordability.

  • We also need all your monthly expenses such as rent or mortgage, council tax, and household bills including groceries and clothes etc.

    PLEASE NOTE: we are obliged to validate your Expenses figures to ensure accuracy and affordability.

ANY QUESTIONS?

If you’ve got any questions before you start, get in touch with us and we’ll be happy to help.


All Loans

  • Sensible interest rates – with a maximum of 3% per month (42.6% APR).
  • No hidden charges or unexpected penalties – for example, you can pay your loan off early without penalties if you are able to.
  • All loan applications are considered on a case-by-case basis; loans (including top-up loans) are not automatically approved.
  • All members may apply, but your circumstances will determine what loans may be accessible. Your chance of approval will depend on the additional information you provide.
  • Once a loan has been granted, you will not be able to withdraw your shares, unless the value of your shares is in excess of the loan balance repayable and your payments are not in arrears.
  • Swan will expect you to continue to save during the loan period through a regular transfer into your shares account. The minimum Regular Savings Commitment (RSC) is detailed on the page for each product type (please follow the links below). This will help ensure you have enough savings to avoid unnecessary debt and plan for your future, and it provides security against borrowing.

 

AFFORDABILITY

To allow Swan to confirm the affordability of your loan / top-up loan application, we may ask you to provide an Open Banking Link or bank statements. You may need to provide all of your accounts for us to verify the information you provide on the application is true and accurate.

 

CREDIT REFERENCING

When applying for a loan or a top-up loan we may carry out a credit reference search. We do this to assess creditworthiness and product suitability, check your identity, manage your account, trace and recover debts and prevent criminal activity.

We will also continue to exchange information about you with Credit Reference Agencies on an ongoing basis. This may affect your ability to get credit.

 

TIMESCALES

Once your loan application has been received, it will be assessed normally within the next 10 days. Please note this timescale is for both top-up loans and new loans. However, if you delay in providing any requested additional information it may take longer.

 

OUR LOAN PRODUCTS

 

SAVER LOANS  PAYROLL LOANS    CHILD BENEFIT LOANS  START TO SAVE LOAN

 

Swan Community Bank is a trading name of Swan Credit Union which is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority.

Swan Credit Union Ltd. Our registered address is Foundation House, The Square, Wolverton, Milton Keynes MK12 5HX. (Company no. 417717).