£25,000 Loans

Can I get a £25,000 loan?

The credit unions we work with offer loans between £1,500 and £25,000 over 12-60 months. 

To be eligible for a loan from one of our partner credit unions, typically you'll need to:

• Be between the ages of 21 and 65
• Live in the UK (excluding Northern Ireland, the Channel Islands and the Isle of Man)
• Be employed and earn at least £18,000 a year

Whether or not you'll be able to borrow £25,000 depends on your circumstances, such as your credit history and ability to afford the repayments. 

How much interest will I pay on a £25,000 loan?

The interest you'll pay on a £25,000 loan depends on several factors, such as the interest rate (APR) of the loan and the length of your term. You can use our loan calculator to get an idea of how much interest you'll pay. 

It's important to remember that the representative APR is a guide to how much interest typical borrowers will be charged. The APR on your loan quote may differ, and the actual cost of your loan will be tailored to you. 

What can I use a £25,000 loan for?

There are several reasons why you might want to borrow £25,000. You may be looking to finance considerable home improvements, such as an extension or renovation, spread the cost of significant purchases, such as a new car, or fund important life events, like a wedding.

You may also be looking to get your finances back on track by consolidating your existing debts, such as credit cards and overdrafts, into one fixed monthly payment. 

How do I apply for a £25,000 loan?

You can use our online application form to apply for a £25,000 loan with one of our credit unions. Here's a breakdown of our loan application process:

First you need to decide over what time period you want to pay your £25,000 loan back. The credit unions we work with offer loan terms from 12-60 months.

You’ll then request a personalised quote. We’ll perform a soft credit check which won’t affect your credit score, and only you’ll be able to see a record of it on your credit report.

If you pass the eligibility criteria set by our partner credit unions, we will let you know the APR you will be offered on your £25,000 loan - your personalised quote is valid for 30 days. 

We will then send you a loan agreement, coupled with terms and conditions of the loan contract, for you to review to ensure the £25,000 loan is the right product for you. Once you have read and are happy with the terms of the loan you’ll sign your loan agreement.

To complete our final checks, we will then conduct a hard credit search on your credit report, which other lenders or any organisation with access to your report will be able to see. 

The credit union will aim to make a final decision about your personal loan within two working days. If successful, you should receive your £25,000 within approximately four working days of your application.

How long will it take to repay a £25,000 loan?

The credit unions we work with offer loans between 12 - 60 months. When you apply for a loan you can decide how long you want to borrow the money for.

The longer your loan term, the lower your monthly repayments will be. This means you are likely to be able to borrow more, because lenders see your repayments as more affordable because they are a smaller proportion of your income. 

However, typically the longer your repayment period, the more expensive the overall loan will be because you’ll be paying interest on the loan for longer. This is because APR (Annual Percentage Rate) is the cost of borrowing on a yearly basis. So if you had a £25,000 loan over five years, you'd pay more interest than if you borrowed £25,000 over three years. 

Can I borrow £25,000 with bad credit?

Typically, the credit unions we work with won't offer £25,000 loans to borrowers with a "bad" credit score. The credit unions we work with offer loans designed for people with "fair" or better than fair credit scores. 

There are three leading credit reference agencies in the UK, each with its own scoring methods. Below are the three major credit reference agencies and what they consider to be a fair credit score:

• Equifax - Between 439-530 (out of 1000)
• TransUnion - 566-603 (out of 710)
• Experian - 721-880 (out of 999)

There are websites and apps that allow you to check your credit score for free, such as Experian, Clearscore and Credit Karma. 

If you're looking for a £25,000 loan, but you have bad credit, you’ll have a better chance of approval if you take steps to improve your credit score before you apply. Here are some tips on boosting your credit score: 

• Pay bills and credit repayments on time and in full
• Make sure you're on the electoral roll
• Don't make more than two new credit applications within a six-month period
• Ensure all the information on your credit report is correct and up-to-date
• Don't withdraw cash on a credit card
• Keep your credit utilisation below 25% of your credit limit

Can I pay off my £25,000 loan early?

If you borrow £25,000 from one of our credit unions, you can pay back your loan in full before the end of your loan term, however, there may be an additional charge for this. However, you can repay your loan fully without incurring any fees if you do this within 14 days of the day you received the loan agreement.

How soon will I get my £25,000 loan?

The credit union will typically give you a decision on your £25,000 loan application within approximately two working days. In most cases, once you’re approved for a loan, the credit union will aim to transfer the money within approximately four working days. 

Can I get a personal loan for £25,000?

Yes, our credit unions offer £25,000 personal loans, subject to you meeting the eligibility criteria. All loans provided by the credit unions we work with are unsecured personal loans, meaning they don't need to be secured by an asset such as your home.