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 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.

If you’ve been rejected for credit, like a loan, overdraft or credit card, Money Helper, who offer free, impartial guidance that’s backed by government, has a tool will give you an action plan to improve your chances of being accepted in the future.