Caitlin’s quick and easy guide to borrowing with PCU

23 April, 2024

Ever been interested in taking out a loan with PCU but not been sure which loan is right for you, or where to start?

That’s totally normal! Often, managing your finances is stressful, scary and a bit confusing – particularly when it comes to borrowing. I’m here to reassure you and let you know that it’s actually pretty straightforward.

If you don’t already know me, I’m Caitlin and I’ve been working with PCU for over 10 years as a member advisor, director and ambassador – so I know a thing or two about making sure you get the best loan possible! Today I’ll talk about the different loans available to you and how easy they are to apply for.

A Secured Loan is the safest form of borrowing we offer, with loans guaranteed against members’ shares. For example, if you want to take out a Secured Loan of £500, you must first have at least £500 in your account. By doing so, you can practice ‘saving before you borrow’ which is a great way to build up a positive relationship with borrowing and slowly build your credit score.

An Unsecured Loan is the opposite of a Secured Loan because the loan is not guaranteed against the members’ savings. For example, if you’d like take out a loan of £1,000 despite having only £600 in shares, then this would be classified as an unsecured loan. When applying for this type of loan, you will be subject to a credit check to determine whether or not you are eligible.

Don’t worry, our quick and easy online applications make applying for these loans quick and easy, so you will find out within a matter of days whether or not you are eligible. And if you’re ever unsure about what’s the best option for you, our staff will always be glad to help you out.

Part of our Lifestyle Loan range, our Home Improvements Loans allow you to make your home look just the way you want it with our low-interest rates. Borrowing with us is often a safer alternative to the buy-now-pay-later model which many opt for when making purchases on things like TVs and sofas, because these financing options put your credit score at risk, and may also include hidden fees and high interest rates. If you borrow with PCU, you can be safe in the knowledge that not only are you getting a good deal, but you don’t need to worry about early repayment fees and the risk of affecting your credit history.

You don’t need to be a member of PCU to take advantage of our Lifestyle Loans and applying takes just 3 minutes!

Our Holiday Loan is a quick and easy way to get you on the summer holiday you’ve been dreaming off. This is an excellent option for those planning a last-minute escape or for those that are wanting to help cover the costs of a larger holiday. You don’t need to be a member of PCU to apply, you can apply and join online in a matter of minutes. On our website, you can use our loan calculator to calculate your interest repayments and you’ll realise that this is a very affordable way to access affordable finance and you’ll be borrowing from a safe, ethical and empathetic lender.

If you’re looking to upgrade your car or buy for the first time, we offer an alternative to car financing companies. With our Car Loan, you own the car at the end and there is no large final payment to make. Our loan can also be spread over five years instead of the usual three to make it more affordable for you. Borrowing with us is a safer option as we are a flexible and ethical lending service that puts our members, not profit, first.

Whatever occasion you have coming up, a loan from us can help you make it even more special. You could use them for weddings, birthdays, children’s birthday parties, anniversary celebrations, an engagement… the list goes on! Our interest rates are often lower than our competitors because we prioritise our members over profit.

And now you know all the ways that you can borrow with us, it is worth noting for extra peace of mind that all of our loans come with loan protection, meaning that in the event of your passing, we will write off your outstanding loans.