Regular Loans

Helping people to make the most of their money

NEFirst Credit Union is not a Charity or Government funded, we are a Mutual Non- Profit Organisation and as such it is important for members to maintain their loan repayments as otherwise this would affect the ability for the credit union to offer loans to other members.
Individual loan decisions are based on affordability and risk. It is important to note that we use credit reference & fraud prevention agencies to help us make decisions on the loan amount and the rate charged to members. It is simple and straight-forward. With no fees and a competitive rate, our ethical approach ensures that borrowing money is a carefully thought-out process built around affordability.

Information as of February 2021

Remember we will match any loan offer from a bank or building society

We help you look at your income and expenditure to make sure you can afford the loan repayments. Unlike some other lenders, we only lend responsibly.

Members continue to save at the same time as repaying their loans, building up a nest egg for when the loan is paid back.

Savings at the point of the loan granted will be held as security and cannot be withdrawn until the loan has been repaid or is above the remaining balance.
All loans are at the discretion of NEFirst Credit Union and are not guaranteed.

Loan comparison

Loan Amount £500 Term (Months) Monthly Paymemt APR% Total Amount Payable Cost of Credit
NEFCU  Loan 12 £50.23 42.6 £602.77 £102.77
Aspire Loans 12 £54.74 69 £656.88 £156.88
Morses Club 12 £75.83 280.63 £927.50 £427.50
Provident 12 £78.00 299.3 £936.00 £436.00
Satsuma Loans 12 £83.00 535.00 £996.00 £496.00
Loan Amount £1,000 Term (Months) Monthly Paymemt Interest % Total Amount Payable Cost of Credit
NEFCU loan 24 £59.05 42.6 £1,417.14 £417.14
Everyday Loans 24 £79.33 99.3 £1,903.00 £903.00
118 118 24 £73.00 79.39 £1,752.00 £752.00
Moveno Loans 24 £59.55 43.9 £1,426.20 £426.20
Loan Amount  £3,000 Term (Months) Monthly Paymemt Interest % Total Amount Payable Cost of Credit
NEFCU Loan 24 £149.82 19.6 £3,595.66 £595.66
Everyday Loans 24 £238.00 99.9 £5,706.00 £2,706.00
Likely Loans 24 £196.58 59.9 £4,717.92 £1,717.92
My Community Finance 24 £155.07 23.9 £3,721.68 £721.68

Calculate your loan

  • Borrow up to £7,500
  • Interest starts from 7.4% APR*
  • No hidden fees, charges or repayment penalties
  • Interest charged on the outstanding daily balance
  • Free Members’ Death Benefit Scheme (terms and conditions apply**)
  • We will match any written loan offer from a bank or building society.

*Rates of Interest charged are also subject to credit score.

Total Repayment:
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Monthly Repayment:
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Total Interest:
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Representative APR:
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Loan Details

Loan decisions are based on affordability

It is important to note that we also use credit reference & fraud prevention agencies to help us make decisions on the loan amount and the rate charged to members. We help you look at your income and expenditure to make sure you can afford the loan repayments.

Unlike some other lenders we only lend responsibly.

A further loan may be considered after three months* provided that loan repayments have been maintained. If you are a member who has an existing loan with us and are suffering financial difficulties please contact us ASAP as we may be able to assist you through difficult periods. In such cases we would require a breakdown of your income & expenditure.

Please note that Christmas Loans can only be taken out over 12 Months.

Holiday loans can be considered between 12 and 24 months subject to amount/affordability.

Loans for Debt Consolidation are charged at 3% per month (42.6% APR) please contact the office if you require a quote for this product.

CUNA Mutual Insurance

** Credit union loans to members are covered by our policy with CUNA Mutual Insurance Society at no additional cost to members. The cover ensures that if a member dies during the term of the loan and their age at death is 69 or under, the amount still owing at the time of death will be paid off by CUNA Mutual up to a value of £5,000.

This means that if a member aged 70 or over wishes to apply for a loan, we will accept an application for a secured loan.

Terms and Conditions

• Cover is up to 69 years at the age of death.
• The maximum claim limit is £5,000.
• Payment will not be made if death occurs within the first 6 months of the term of the loan and results from an illness or injury for which a member received medical advice, consultation or treatment within 6 month period prior to taking out the loan.

For example – if a member took a loan out on 1st January 2017 and had been receiving treatment for an illness diagnosed in August 2016 and then died as a result of this illness in May 2017, the member’s loan would not be covered by the policy.