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

Price Guarantee

What is a our Price Guarantee?

  • It applies to Payroll and Homeowner Loans.
  • We guarantee to beat the interest rate on any like for like Personal Loan offer.
  • If you are offered a personal loan with a lower interest rate from another regulated lender – we will beat it by 0.25%*

*Our price guarantee is subject to terms and conditions. See below for details and how to claim.

All loans are provided subject to status and affordability. 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, which could affect your credit record if you do not keep up to date with your repayments.

Representative Example: Loan amount of £3,000 with a monthly repayment of £139.00 over a term of 24 months at a rate of interest per annum (fixed) of 10.25%. This is the equivalent to 10.7% APR Representative. Total amount repayable is £3330.20.

How to claim

You will need to submit your claim after you are approved for a loan from South Yorkshire Community Bank, but before signing your loan agreement.

Once your loan is approved by us, you have 28 days to submit the claim and sign your loan agreement, before your loan offer expires.

You can submit your claim by printing and completing our Price Guarantee Claim Form and returning it to us in person or by post. Alternatively you can email a copy of the completed form to lending.team@sycb.co.uk.

Along with your claim form, you will need to enclose or attach a copy of the alternative offer you have received.

Once we have verified your claim, we will reduce the rate we have offered you, to a rate which is 0.25% APR lower than the alternate lender has offered. For example if you have been offered a rate of 8.50% APR elsewhere, we will reduce our rate to 8.25% APR on submission of a successful claim. We will then send you your loan agreement with the amended interest rate, ready for you to sign.

Please be aware: submitting multiple applications for credit in a short period of time can damage your credit record.

Acceptance of our offer of a loan is based on the understanding that you agree not to accept both loan offers.

Download Price Guarantee Claim Form

Terms and Conditions:

  • You must be employed by one of our Payroll Partners (e.g. Rotherham Metropolitan Borough Council, Sheffield City Council etc.) or own your own home (either mortgaged or outright).
  • South Yorkshire Community Bank’s Price Guarantee applies to offers of ‘like for like’ unsecured personal loans only.
  • The alternative lender must be regulated by the FCA.
  • Any offer from an alternate lender must be for a loan of the same value, repayment term, and where all repayments are less than or equal to the standard repayment amount (e.g. does not have a ‘balloon payment’ or large settlement payment).
  • The only individual liable to the repayments must be the applicant. Joint loans and loans with a guarantor will not be considered ‘like for like’.
  • The offer from the alternate lender must be in the form of a loan agreement, or formal written offer, dated within the last 60 days and still available to you at the time of your claim.
  • The offer from the alternate lender must be available to members of the public and we must be able to verify this from the lender’s website.
  • The minimum interest rate we can reduce your offer to will be 3.0% APR.
  • We are unable to consider claims received after you have received your loan funds from South Yorkshire Community Bank.
  • You must not have submitted a Price Guarantee Claim Form to South Yorkshire Community Bank in the prior 90 days.
  • South Yorkshire Community Bank reserves the right to withdraw this offer, without prior notice, at any time.

Exclusions:
Our Price Guarantee does not apply to:

  • Secured loans, lease agreements, hire purchase agreements, conditional sale agreements or any other agreements linked to the purchase of a specific asset;
  • Promotional or introductory rates (where an introductory period or rate exists, the rate used for the comparison will be the interest rate charged following the introductory period);
  • Student loans or loans to undertake educational activities or support the time following these e.g. graduate loans.