Representative only. The amount you pay, and acceptance depends on your circumstances, the loan amount we offer may differ to the illustration in this calculator. We will never offer you a rate exceeding 42.6% p.a. (fixed), regardless of loan size. This means you’re not guaranteed to get the loan you see in the calculator.
Loan Repayment Example
You can borrow up to £500 at 42.6% APR
A loan of £500 paid back over 12 months would mean a monthly repayment of £50.24 and total repayable £602.82
There are no application fees or early repayment fees. You will need to also save a minimum of £1 per week in a Clockwise savings account for the length of the loan. Over 12 months you would have £52 in savings.
Non payment may have an adverse effect on your credit score, so you should only borrow if you can comfortably afford the repayments.
If your child benefit amount exceeds your loan repayment & minimum savings amount, you can use the remainder to continue to save. Alternatively, you can choose to have the money paid back into your own bank account.
Before applying, why not find out if you are eligible for any additional benefits?
* All loans are subject to status and approval. Terms and conditions apply. If you do not meet the criteria for a specific lending rate, or if you are unwilling to accept any special conditions that apply, then we may offer you an alternative loan at an alternative rate.
Credit unions can consider all loan applications from people in our communities, regardless of background, including those who are in receipt of benefits. A credit Union is also a not-for-profit organisation, our focus is improving the financial wellbeing of our members and helping the local community.
Clockwise Credit Union Limited, Reg. No. FRN213498 is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Clockwise is a member of the Financial Services Compensation Scheme, the Financial Ombudsman Service and ABCUL. Registered office: 1 St Nicholas Place, Leicester, LE1 5LB. Clockwise Credit Union Ltd is registered in England No. IP00280C
The Clockwise Credit Union Visa debit card is issued by PayrNet Limited, trading as “Railsr” (Company Number: 14698459), with its registered address at Montacute Yards, Shoreditch High Street, London, E1 6HU. Railsr is authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution under registration number 900594. This information is provided for regulatory and transparency purposes and does not constitute financial advice. Clockwise safeguards any funds received from end users in compliance with applicable regulatory requirements. Payrnet provides settlement services to the card scheme and does not hold or safeguard funds for this purpose.
© Clockwise Credit Union Ltd 2016-
ADDRESS: 1 St Nicholas Place, Leicester, LE1 5LB.
TEL: 0330 17 55 792
EMAIL: hello@clockwise.coop
Twinned with Castlebar Credit Union in Ireland.
