Key facts
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Credit score – good+
Your credit score needs to be good or better to apply for a loan of £1,000 or more.
If you have a poorer credit record, a Family Loan or Savings-based Loan may be more suitable.
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Member exclusive?
No. If you are not currently a member, you can join then apply for a Progress Loan.
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Save first?
You do not need to save first for a Progress Loan.
Loan calculator
Use our loan calculator to get an idea of how much you could borrow and what your repayment terms could look like with a loan from us.
Representative example
- The interest rate you pay, and the amount you are able to borrow may vary depending on your saving and loan record with South Yorkshire Community Bank.
- All figures given on this website are for your general information only, and give a rough guide to loan repayments. Any statements on this website do not purport to be authoritative or legally binding.
- All information contained on this web page is correct at time of publishing. South Yorkshire Community Bank accepts no responsibility for errors due to changes in rates or offers which have occurred after this date. You are advised to check with our offices for up-to-date rates and offers.
- All repayment values are inclusive of interest.
What our happy members say
“Always a friendly face or voice. Great value loans.”
Josie
“Very easy to apply for a loan. Staff are very supportive. Response time is very good.”
Reagan M
Am I eligible?
All loans will be assessed individually, but as a minimum you will need to:
- Be able to prove income of £500 or more per month (from salary, benefits or other income) for the last 3 months for loans up to £999, or income of £1,000 or more for loans of £1,000 or more.
- Not have had a Debt Relief Order of Bankruptcy order in the last 2 years.
- Not be currently in an IVA.
- If you are applying for a top up loan, have repaid at least 1/3 of any previous South Yorkshire Community Bank loan balance.
All credit applications are credit scored.
Application process
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Apply Online
Applying online is quick and easy and takes less than 10 minutes.
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Decision Time
Once we have received your completed application, including your bank statements, we will send you an expected decision date.
Loans are currently taking 1 to 2 working days for a decision.
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Payment
If your loan is approved, we will contact you to let you know how to sign your loan agreement.
As soon as you have returned your signed agreement to us, your loan money is usually sent to your bank account on the same working day.
What you’ll need to apply
Make sure you have either:
- Your last 3 months’ bank statements ready to send, OR
- If you have mobile or online banking, you can give your bank consent to transfer your last 90 days of transaction data, using the secure link provided in the application
You may also need to send:
- Proof of any income not showing on your bank statements
- If you receive Universal Credits, a copy of your breakdown showing the elements you receive
- If you are self-employed, a copy of your latest Self Assessment tax return
Get the app
Did you know you can manage your savings and loans with our app?
Scan the QR code on your mobile device to download the app now.
Progress Loans FAQs
Below you will find out most frequently asked questions about our Progress Loans. For more FAQs, explore our Resources hub.
If you don’t see the answer you need, just get in touch.
Applying For A loan
Can I apply for a top-up loan on a Progress Loan?
Yes! You can top-up your Progress Loan once a third of the balance has been repaid. For example, if you have a loan of £300, you will need to repay at least £100 before applying for a top-up.
I have a poor credit history – can I still apply for a Progress Loan?
Typically, you need a credit rating that is Good or better for a Progress Loan. But whichever loan you apply for, we consider all applications individually.
Generally, if you have a poor credit history, you’re more likely to be approved for one of our savings-based loans. Saving with us helps to show that you can maintain regular payments. It also builds up some security against the loan.
You should only apply for what you need. That’s because the larger the amount of the loan, the higher your credit rating will need to be.
How is my loan interest rate determined?
Interest rates can vary depending upon how much you borrow (which is shown clearly in the tables on each product’s page) and your credit score.
Product Basics
Can I use a South Yorkshire Community Bank loan to consolidate my debts?
Yes! We will ask you what your loan is for when you apply.
What is a Progress Loan?
A Progress Loan is our simplest loan. You do not need to save first and will pay back via standing order, rather than benefits or payroll. You do not need to own your own home to apply for a Progress Loan.
Do I need to save before I apply for a Progress Loan?
No. Our Progress Loan does not require you to build up savings before you apply.
Terms & Conditions
All loans are provided subject to status and affordability and in accordance with our Lending Policy and loan product Terms & Conditions. Please be aware that you may pay more interest and be subject to additional charges if your loan repayments are not received on time. Repayments are reported to Credit Reference Agencies including Experian, which could affect your credit record if you do not keep up to date with your repayments.