Loans

Once we have received your completed application, including your bank statements, we will send you an expected decision date.

On average loans are currently taking 1 to 2 working days for a decision.

Whenever you apply for any loan, a search is registered on your credit report. This may affect your credit score if your application is declined.

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.

No, we assess all loans on a case-by-case basis.

Applying online or through the app is the quickest way. However, if you would like additional support pop into one or our branches and one of our team will be happy to help.

Once we have your signed agreement back, the funds will usually be sent to your bank account on the same working day.

Yes. There are certain circumstances where you can apply for more than one loan. They are if you wish to take out an additional essentials loan, speak to one of our team for further information

Alongside your application form, please provide:

• Your most recent three months’ bank statements.
• If you receive Universal Credit, a copy of your payment breakdown, showing the elements you receive and any deductions.
• If you are Self-Employed, a copy of your most recent self-assessment tax return, or a letter from your accountant confirming your income.
• If you have any other income not shown on your bank statements, proof of income – such as a wage slip if you are paid in cash, or letters for any benefits or pensions.

Yes. While it’s easier and faster to apply online, if you prefer you we offer a paper loan application.

You can request one by calling us, emailing us or coming in to see us.

Maybe. Most of our loans allow you to apply for a top-up loan. But some, such as our Essentials Loans, don’t. You can check the FAQs for the loan you want, or get in touch and we’ll be happy to help through our get in touch page.

Yes! We accept employment income and benefit income. As long as you receive a minimum of £500 per month in total, and can supply proof of all of your income.

Yes, though some of our loans are better suited to poorer credit histories than others. Check the key facts of each loan for this information. Generally, if you have a poor credit history, you’re more likely to be approved for one of our Savings-based Loans or, if you receive Child Benefit, our Family Loan (as long as you pay your Child Benefit to us).

Saving with us helps to show that you can maintain regular payments. It also builds up some savings that can be used as security against the loan. Whenever you apply for a 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. Whichever loan you apply for, we consider all applications individually through the combination of an affordability and credit check. Find out more about how we make our loan decisions.

When your loan is approved, you will be asked to set up a standing order using the instructions provided. If you have any difficulties setting up your standing order, please get in touch so we can help you.

Yes. To close your loan account you will need to pay it off in full. Simply get in touch so that we can help you with the best way to do this.

You can view your remaining loan balance and payment history by logging in to online banking or the app.

Yes, you can pay off your loan early. There are no additional fees when paying off early.

Yes! We will ask you what your loan is for when you apply.

You must be 18 or older to apply for a loan.

Anyone over the age of 18.

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.
• 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.

While you may use a South Yorkshire Community Bank Loan for many purposes, we will ask you to tell us the purpose of your loan when you apply. That’s because some of our loans are for specific purposes, or have different terms depending upon the purpose. It’s important that you tell us honestly about the purpose of your loan from the outset. In some cases, you may get better terms. But as a responsible lender, there are also some things we can’t lend you money for.

Yes. You will need to become a member first. To join, you will need £1 for your member share. Once you are a member, you can apply for the loan you want.

We do not charge any fees for taking a loan out with South Yorkshire Community Bank.