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Lending Criteria & Affordability

Lending Criteria & Affordability

Lewisham Plus Credit Union (LPCU) assesses each loan application based on its own merits, and we reserve the right to decline loan applications or restrict the amount lent based on any factor we consider relevant.

Loans are granted mainly based on a member's ability to repay the loan.

As a guide for members, affordable loans typicaly require net income as below:

SAVE AS YOU BORROW (SAYB) LOAN

Net Income(1)

Product

Maximum Initial Loan

Maximum with Top-Up Loan

Interest Rate

Up to £600
per month

SAYB
Level 1

£600

£1,200

3% per month

42.6% APR

Over £600
per month

SAYB
Level 2

£1,000

£2,000

2% per month

26.8% APR

  CREDIT UNION PERSONAL LOAN

Net Income(1)

Product

Maximum
Loan

Interest Rate

Over £1,000
per month

Personal
Level 1

£1,500

2% per month

26.8% APR

Over £1,300
per month

Personal
Level 2

£3,000

1.5% per month

19.6% APR

Over £1,950
per month

Personal
Level 3

£5,000

1% per month

12.7% APR

Over £1,950
per month

Personal
Level 4

£10,000

0.75% per month

9.4% APR

 

 

 

 

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Lewisham Plus Credit Union Limited is a member of the Financial Services Compensation Scheme (FSCS), complies with the Data Protection Act 1998 and is Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Firm reference number 213588. Credit Union Registration Number 295C (IP00295C at Companies House).

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