Expected to find Sheffield Credit Union or LASER? You've come to the right place. We're now called South Yorkshire Community Bank. Read more about our name change

Essentials Loan

Need a little extra help with the basics?

Whether it's school uniform or a broken fridge-freezer, our Essentials Loan is here to help.

Apply Now
A fridge leaking onto the floor

At a glance: Essentials Loan

What is it?

  • Borrow up to £400
  • Pay weekly for up to 52 weeks (12 months)

What can I use it for?

From life’s emergencies when your washing machine, cooker, fridge-freezer or other household item lets you down, to helping you spread the cost of school essentials, such as uniform, gym kit, computers and other equipment.

Loan amount Repay over APR
£100 from £2.30 a week 42.6%
£200 from £4.60 a week 42.6%
£300 from £6.80 a week 42.6%
£400 from £9.10 a week 42.6%

Representative Example:

A loan of £300 with a monthly repayment of £30.14 per month, over a term of 12 months at a rate of interest per annum (fixed) of 36.0%.

This is equivalent to 42.6% APR Representative.

Total amount repayable is £361.66.

Key facts

  • Credit score – poor+

    You can apply with a poor to good credit score. You will have a better chance of being approved if you have a good recent credit record, you don’t currently have a loan with us, or have a relatively low balance outstanding.

  • Member exclusive?

    No. You can join and apply for an Essentials Loan straight away.

  • Save first?

    You do not need to save first, but you do need to commit to saving £1 a week when applying for an Essentials 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
APR 
Amount borrowed 
Total cost of credit 
Total amount repayable 
Monthly repayments
Duration 
 
  • 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

“They treated me with dignity and respect let me know what terms are better for me and actually saved me from going to one of those loan sharks.”

TIna

Am I eligible?

All loans will be assessed individually, but as a minimum you will need to:

  • Have joined as a member of South Yorkshire Community Bank.
  • Be able to prove income of £500 or more per month (from salary, benefits or other income) for the last 3 months.
  • Not have more than one other loan with us currently.
  • Not have a Family Loan with us.
  • Not have had a Debt Relief Order of Bankruptcy order in the last 2 years.
  • Not be currently in an IVA.
  • Have a poor or better credit score.

If you have not yet spoken to our team, please contact us to discuss your requirements. Depending on your individual circumstances, there may be other solutions they can recommend.

Application process

  • Apply Online

    Applying online is quick and easy and takes less than 10 minutes.

  • 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.

  • 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.

Apply now

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.

Google Play App Store

Essentials Loans FAQs

Below you will find out most frequently asked questions about our Essentials 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 on my Essentials Loan?

No. Essentials Loans must be repaid in full and cannot be topped up.

Product Basics

Do I need to save alongside an Essentials Loan?

Yes. You must commit to saving at least £1 a week alongside your Essentials Loan.

What is an Essentials Loan?

Our Essentials Loan is a loan for small amounts over a maximum of 12 months that is designed to help you with life’s basics. Log in to 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.