Loans

We offer loans of up to £7,500 to our individual members at attractive and affordable rates – whether you are looking for a loan for a new washing machine, a family holiday, a wedding, a new car or perhaps a completely new kitchen or just to help with expenses at Christmas. We also support people looking for loans for debt consolidation. As a credit union, we work to help you achieve your goals, whatever they are. Furthermore, we are regulated, secure and offer free insurance on loans.

We treat every applicant’s case individually and so the amount you may be eligible to borrow varies depending on your income and ability to pay. If your loan application is successful, we may require you to set up a restricted savings account, which runs alongside your loan.

The amount payable is agreed with the loans officer and must stay in place until the loan is fully repaid and no future lending is required as per our loan policy and agreements.

If you are already a member of First for Money, to apply for a loan you simply need to fill out the loan application form. Upon completion you will need to send us proof of your income and expenditure. Please submit all documents to our South Tyneside Office or the City of Sunderland Office within 14 days of submitting your loan application. Please note, we may be able to accept your documents as scanned full colour copies providing they are clearly identifiable as the originals, though we reserve the right to request sight of the originals at any time. We recommend you contact us prior to submitting in this way to confirm if this is possible in your circumstances. If documents are not received within this timeframe your application will be discarded.

Documents required:

  • Last 3 months payslips and/or ALL benefit award letters – including housing benefit and council tax reduction.
  • Last 3 months bank / building society and/or post office statements.
  • Current statements for all credit cards, catalogues, store cards – including bank, door step, higher purchase, pay day, online & high street loans etc.
  • Details of any CCJ or Bankruptcy (if satisfied evidence must be provided).
  • Partner’s signature is required if their income is to be included and evidence must be provided.

If you are not already a current member of First for Money but are interested in applying for a loan through us, then you must first fill out an application form to be a member. Membership is open to anyone who lives or works in Tyne and Wear, County Durham or Northumberland. Find out more about the benefits of membership here.