Get them ready for success, stress-free

Any resident in our common bond area can apply. You’ll need to be aged 18 or over and able to provide proof of income. Unlike big banks, we look at the person behind the application, not just the numbers on a screen, to help you get your family term-ready.

Most of our members receive a decision quickly, and once approved, funds are typically transferred to your account within 24 hours.

No. We use a “soft search” for our initial eligibility check. This allows us to see if we can help you without leaving a mark on your credit file that other lenders can see. A full credit check is only performed once you decide to proceed with the formal application.

Your rate is primarily based on the amount you borrow. For example, loans between £3,000 and £10,000 carry a representative APR of 21.9%, while smaller loans under £2,999 have a fixed APR of 42.6%. Your individual circumstances may also influence the final rate offered.

Yes! We believe in absolute flexibility. You can pay off your loan early or make overpayments at any time with zero penalty fees.

Clockwise offer basic loans from as little as £50 up to £15,000 depending on individual circumstances. This means we look at your income and outgoings to see how much disposable income you have (what is left over after you have paid for your essential living expenses). This tells us how much you could afford to pay back every week, fortnight, or month. If you have requested more than you can afford to pay back we may offer you a lower amount.

To give you a loan, we need to get to know you as an individual and to fully understand your financial position. The information we may ask for gives us an overall picture of the amount you can afford to repay on a loan amount you have asked for and will inform part of our decision on whether to grant the loan. All the information you provide is confidential and only used to assess your loan application.

We do not lend money to people who would not be able to afford to pay the loan as it would not be in their best interest and may make matters worse.

If you have been turned down for a loan, you might want to consider saving a little or perhaps opening a budget account to help get yourself back on track. It will help us build a relationship with you, so next time perhaps we can say yes.

A credit rating is a summary of your borrowing history. Every time you apply for credit such as an overdraft, loan, credit or store card, the lending organisation will do a search on your name and address to see whether you pay back your loans. If they grant you credit and you fail to make a payment or are late in making a payment they will record this with a credit reference agency. If you pay on time this is also noted. Paying on time improves your rating; paying late or failing to pay decreases your rating. You can check your credit history by visiting Experian, Equifax or TransUnion

Your credit rating will be low if you have never borrowed money or you have never paid for household bills in monthly instalments (a form of credit). It seems strange, but it tells a business that is interested in your credit-worthiness that you cannot prove you are able and willing to pay back a loan/credit card/mortgage/bill etc. The first thing you should do if you want to build a good credit history is to register where you live on the electoral roll. To find out more about building a credit history we couldn’t do better than Martin Lewis’s advice on his Money Savings Expert website. There is also a useful tool to help you understand your own credit history which you may find helpful before applying for your loan.

Credit unions are ethical not-for profit businesses. We are here for everyone, however we put our members interests first and would never knowingly put someone at financial hardship by lending money.

Loan decisions are made against a criteria that considers affordability, credit history, borrowing history with Clockwise Credit Union.

There are a number reasons why Clockwise Credit Union will reject a loan application:

Not enough evidence of income
We need to see that you have enough income to pay priority bills as well as loan repayments

Proof of identity and address
Fraud and identity theft is all too common, and we won’t lend unless we are sure that the loan application has come from you and that you are who you say you are. So, we may refuse a loan application if we have not received sufficient ID or a proof of your current address. You can find the types of ID and proof of address we accept here

Outgoings too high to afford loan
If we can see that you are spending more than you have coming in, with the added cost of a loan repayments, then we will decline the loan application. We also will send you advice on how to look at your budget, to make sure that you can afford your priority bills, such as rent or utilities.

Already in debt
If you are already borrowing somewhere else, then borrowing more may cause more problems. As an ethical lender, we may turn down your application if you are already in debt and we think that borrowing more wouldn’t be affordable for you.

What can I do next?

If you are not approved there are some steps you can take:

1. Check your credit online with companies such as Experian, Clearscore or Creditkarma
2. See if you have any CCJs or defaults
3. Contact your creditors and start making small payments
4. If possible, start a small savings account

We also suggest that you review your expenditure and reduce your outgoings where possible. For example ask your gas and electricity provider if you can switch to a cheaper tariff, or change your energy supplier. Free energy efficiency advice from www.energysavingtrust.org.uk could help reduce your energy bills.

Are you claiming all the benefits you are entitled to? Check our Benefits Calculator.

These steps will help you improve your credit score, so next time you need to borrow money you are more likely to be approved.

Yes, you have 14 days from the date you signed the loan agreement to request a cancellation of the agreement. You must return the full amount borrowed under the agreement and we will then refund anything you have paid including any interest charged. Read more here

If you are repaying your loan via a continuous card payment authority you may cancel this arrangement at any time. To cancel the arrangement you can contact us or your card issuer. You will need to set up a new payment method.