Dream big, spend smart with affordable loans

All loan applications are assessed based on affordability. This helps us make sure any borrowing is manageable for you and supports our commitment to responsible, ethical lending.

When reviewing your application, we take a number of factors into account, including:

• Your history with us
• How much you would like to borrow
• Information from your credit report
• Your recent bank statements
• Your most recent payslip

At The Money Co-op, our approach is always judgement-free, and we pride ourselves on looking at every application from a human perspective. We understand that everyone’s financial circumstances are different, and a credit score alone doesn’t tell the whole story. That’s why we look at your overall financial situation to make sure a loan is affordable and sustainable for you.

We always aim to process loan applications as quickly as possible. The time it takes to receive a decision can vary depending on the application and the information we need to review.

In most cases, you’ll receive a decision within 3–5 working days of us receiving all the documents we’ve requested from you. To help us assess your application as quickly as possible, we encourage you to submit any requested information promptly.

Please be aware that during particularly busy periods, such as the run-up to Christmas, processing times may be longer than usual.

You don’t need to chase your application. We’ll contact you if we need any additional information and we’ll let you know as soon as a decision has been made.

As part of our loan assessment process, we may carry out a credit search when assessing your application.

In some cases, this will be a soft credit search, which is only visible to you and does not affect your credit score. However, some loan applications require a hard credit search, which will be recorded on your credit file and may be visible to other lenders.

The type of search we carry out will depend on the loan application and the information needed to complete our assessment.

Please remember that a credit search is only one part of our decision-making process. Our members are more than their credit score, so we carry out a full affordability assessment and consider your overall financial circumstances.

Open Banking is a secure and regulated way for you to share information from your bank account with us when you apply for a loan.

We use Open Banking to give us a snapshot of your transactions from the last three months. This helps us understand your income and spending so we can assess whether a loan is affordable for you.

Using Open Banking is quick and easy, and is the most secure way to share your statements.

Sharing your bank account information through Open Banking doesn’t affect your credit score, and you can withdraw your consent through your bank at any time. You remain in control at all times and can choose whether or not to give your consent.

We only use the information provided to support our affordability assessment and help us make responsible lending decisions that are in your best interests.

Yes. You can apply to top up your loan once you have made at least four repayments on your current loan.

All top-up applications are subject to a full affordability assessment and, in some cases, we may carry out a further credit search. This helps us make sure any additional borrowing remains affordable for you.

If your application is approved, the additional borrowing will be combined with your existing loan to create one new loan with a single monthly repayment.

If your top-up application results in a move to a different loan product, the interest rate on the combined loan may change. We’ll always confirm the interest rate, repayment amount and loan terms before you accept the new loan.

Yes, you can overpay or repay your loan early at any time. There are no charges for doing so, aside from any interest that has accrued on the outstanding balance since your last repayment. The interest is calculated and accrued daily at the rate you agreed to when you took out the loan.

To make an ad hoc overpayment, simply contact us for payment details and let us know when you have made a payment which you want to be applied to your loan. This will reduce the amount of interest owing overall.

In order to make a full early settlement of your loan, please contact us and let us know that you would like a settlement figure. A member of the team will confirm how much you need to pay to clear your loan balance.

Interest is calculated daily, so we will round the settlement figure up slightly to ensure any outstanding interest is included. This helps avoid a small balance remaining if there is a delay between receiving the settlement figure and making the payment.

If you pay more than is required to settle your loan, any remaining balance will be credited to your savings account.

Yes. If your loan application is declined, you can apply again after at least 3 months.

Before reapplying, we recommend taking some time to improve the areas that may have affected your application. This could include catching up on missed payments, reducing outstanding debts, building a stronger repayment history, or addressing any other financial difficulties that may have impacted our affordability assessment. Our loans team are always on hand to talk you through the reason your loan was declined.

Waiting a little longer than the minimum 3 months can sometimes improve your chances of a successful application, as it gives any positive changes you’ve made more time to be reflected in your financial situation and credit report.

Yes. However, some of your savings are held as security for your loan and cannot be withdrawn.

You’ll need to keep a minimum balance equal to two months’ loan repayments, plus £5 and the cost of any lottery tickets you hold, where applicable.

Any savings above this amount may be available to withdraw.

No. Your regular payment will continue after your loan has been repaid unless you ask us to change or stop it.

Any payments made after your loan is cleared will be paid directly into your savings account, where you will be able to withdraw them.

Many members choose to keep their regular payment running after their loan is repaid, as it can be an easy way to build up savings without having to think about it. However, if you’d like to change the amount you save or stop your payments, simply get in touch and let us know.

If you’re having difficulty keeping up with your loan repayments, the best thing to do is contact us as soon as possible. We’ll listen to your circumstances and do everything we can to support you.

Depending on your situation, we may be able to agree a temporary arrangement, such as reducing or pausing your repayments for a period of time. We may ask for evidence of any financial difficulties so that we can assess the support available.

If you miss payments or are unable to maintain the agreed repayment amount, this may be reported to credit reference agencies and could affect your ability to obtain credit in the future.

If we don’t hear from you, we’ll try to get in touch to discuss your account and agree a way forward. If payments remain unpaid and we are unable to make contact or reach an arrangement with you, we may need to take further action to recover the debt, which could include legal proceedings.