Personal Loans in Teesside

Enjoy all-purpose loans that offer flexibility and assistance when you need it most. Personal loans are borrowed and paid back with interest over an agreed term.

What is a personal loan?

A personal loan is a loan whereby you borrow money from us and pay back over a period of years with interest added on top. Personal loans are unsecured against your assets such as your home. For this reason, they are also sometimes called ‘unsecured loans’.

Wondering how and where to get a personal loan in Teesside? At South Tees Community Bank we offer generous personal loans for a range of customer types. To see if we can help you, take a look at our available options below.

Starter loans

Starter loans are great options for your first personal loans. If you are new to South Tees Community Bank, we offer a range of starter loans to kick start your account with us.

• If you are employed you could apply for up to £2,000 repayable within 2 years.
• If you are unemployed you could apply for up to £500

Whether employed or not, our starter personal loans in Teesside are subject to ensuring you can afford the repayments and have demonstrated elsewhere you are committed to repaying your debts. We do not ignore applicants with CCJ’s but we do expect you to be repaying them.

All starter personal loans are made subject to status and we will apply credit scoring as part of your application.

The APR on our Starter Loans is 42.6%. (3% per month)

Flexi loans

Once you have demonstrated an ability to repay and have settled your first ‘Starter loan’ you will be able to apply for a higher amount and repay over a longer period of time. The amounts you can borrow will vary depending on how much you have saved and your personal circumstances.

• All loans are made subject to status and we will apply credit scoring as part of your application.
• The APR on our Flexible Loans is 26.8%. (2% per month)
• Amounts under £1000 charged at 3% per month.

Loyalty loans

Our loyalty loans are available to members who have been saving with us on a regular basis for 12 months or more. You can borrow a greater amount of up to £3,000 and get the benefit of a cheaper interest rate. We apply a variable rate based on your ability to repay, how you repay, and your credit score.

• All loans are made subject to status and we will apply credit scoring as part of your application.
• The APR on our level one loyalty loans ranges from 12% – 25%. (1% – 2% per month)
• Amounts under £1000 charged at 3% per month.

We have recently introduced two new levels to our loyalty loans where members who have been with us for over two years and have an excellent record could apply for up to £5,000. Members with more than 3 years loyalty to the credit union could apply for loans between £5,000 and £15,000 and we will even consider price matching any written quotation.

FAQ

How much personal loan can I get?

Your loan entitle depends entirely on how long you have been with us. Our starter loans are the first tier and offer generous loans of £2000 for those employed and £500 for those unemployed. The maximum loan we offer is entirely dependent on your circumstances.