Home Improvement

Advantage Loan

APR 6.2%

Turn your plans into a reality

A great loan rate for your larger projects. Loans from £4,000 to £7,500. This loan will work for you if you have been with the same employer for two years and have lived at your current address for two years.

  • Competitive Interest Rate
  • No early repayment penalties
  • Free loan protection insurance

To apply for this Loan, you'll need to be a Credit Union member. Join today

If you are already a member you can apply online now. Online Loan Application
Please prepare proof of your income. You'll need to email or post these documents to accompany your loan form. You can find out what we require here.

If you would like to apply in branch, existing members - We'll just need proof of your income and a completed Paper Loan Application form.

Non-members - Bring in two or three acceptable items of identification (if you're not already a member) and proof of your income. You will be asked to complete a Loan Application and a Membership Form. You will also need to pay the joining fee of £5.

All loans provided by Eastern Savings & Loans Credit Union are subject to status and our lending policy. The Credit Union reserves the right to decline any application or offer a loan that differs from those advertised.


Who can apply for an Advantage Loan?
You must be: a) aged over 18, b) be a member of Eastern Savings & Loans Credit Union. (You can join the Credit Union and apply for a loan the same day.) c) employed for a minimum of two years at the same employer d) resident at the same address for the past two years.

How can I apply for a Loan?
Complete our online application form, or alternatively, download and print the loan form (and membership form if you aren't already a member. If you’re not already a member, you'll also need to provide at least two acceptable proofs of ID.)

What will you need as a proof of my income?
If you receive:
Wages (employed) - Last three payslips and a recent bank statement showing at least two months’
worth of income.
Self-employed income – Please speak to us before making an application.

Do I need to be employed to apply for this Loan?
Yes, at the same employer for the past two years.

Do you do a credit check?
Yes. Each Loan application is assessed on an individual basis and takes into consideration a variety of factors including the affordability of the Loan, previous savings and borrowing patterns with the Credit Union, credit history and so on. Information on how we use Credit Reference and Fraud Prevention Agencies to check your credit history is supplied separately on request and on our website.

Do I have to save with the Credit Union to get a Loan?

How long does it take to make a decision?
Once your application is complete with all supporting documents, we aim to make a decision within 4 working days. It may take a little longer at busy times such as Christmas seasons.

How much can I borrow?
You can apply for a Loan from £4,000 to £7,500.

When can I apply for another Credit Union Loan?
You can reapply once you have repaid half of your existing Loan by regular instalments.

Do you offer joint Loan accounts?
Not currently.

How do I repay my Loan?
All Loans are to be repaid either through your own bank account by bank standing order or direct debit, or by payroll deduction.

How often must I make repayments?
At the same frequency as you receive your income. Repayments should be made regularly (weekly, fortnightly, 4-weekly or monthly).

How do I collect my Loan money?
We can transfer money to your bank account, or put it into your Credit Union Change Account.

What interest do I pay?
6.2% APR.

How is interest applied?
It is applied to your Loan daily and calculated on the outstanding balance. This means that if you settle your Loan early you will pay less interest.

What term do I pay my Loan over?
3 to 5 years.

Are there any penalties or hidden charges for clearing my Loan off early?

How often will I get a statement?
Statements are provided upon request, or you can check your balance by registering with us on our website.

What if I cannot afford my repayments?
Get in touch with our Credit Control department without delay to discuss a reduced payment plan.
Failure to keep up repayments could have a serious effect on your credit report and ability to obtain future credit.

What about insurance?
We don’t offer insurance as such, but your Loan may be covered by our free Members' Death Benefit Scheme.


Updated 28.09.17
All loans provided by ESLCU are subject to status and our lending policy. Applicants must be aged over 18. The Credit Union reserves the right to decline any application or offer a loan that differs from those advertised. To find out more about how we use your data to help us make decisions on loans please read our Privacy Policy.

You agree to repay the loan to ESLCU and pay interest on the unpaid balance at the agreed rate. Interest will be charged on outstanding balances on a daily basis.

You agree to make payments to ESLCU at the agreed frequency and will continue to do so until the loan and interest have been repaid in full. If you miss a repayment, the interest owed will be higher than.

The first payment will be due one repayment period after the date of issue of the loan.

In case of default, the entire balance of the loan shall immediately become due and payable at the option of ESLCU. As security for the loan, you assign to the ESLCU all paid shares and payments on account of shares which you may have now or in the future in the ESLCU for the loan or any expenses which may become due, and you authorise ESLCU to apply any or all such shares or payments of the Loan and interest or expenses arising which you owe.

You agree that you will inform ESLCU immediately if you give or receive notice of termination of employment, change of address or any other circumstance which will affect my ability to make the agreed loan repayments, so that alternative methods of payment may be arranged.

You agree to comply with the terms of this loan agreement and will let ESLCU know if you will be absent on holiday or other planned absence so that loan repayments can be made in advance, or agreed to be deferred until your return, with a consequent effect on the overall amount of interest paid.

You agree that if you default on repayments, information about your loan may be passed on to the Department for Work and Pensions for their consideration of deductions from the benefits that you are or will become entitled to.

You agree that if you fail to comply with any of its terms or conditions, or that if you default on repayments, that you may render yourself liable to legal action, including Court Action and you agree to pay administrative expenses not exceeding 42% of the value of the loan to defray costs associated with the recovery of the outstanding balance of the loan.

  • All loans are subject to approval and availability of funds.
  • Your personal details will only be used in accordance with the Data Protection Act 1998.
  • Your personal details will only be shared with licensed credit reference agencies and for debt recovery purposes, should this be necessary.
Free Loan Protection Insurance

We have a group life insurance policy that covers your loan in case of death. Subject to terms and conditions, restrictions apply based on age and cover limits.

Credit Reference and Fraud Prevention Agencies

We may make searches about you at credit reference agencies who will supply us with credit information as well as information from the Electoral Register. The agencies will record details of any search whether or not this application proceeds. We may use credit scoring methods to assist the application and to verify your identity. Credit searches and other information which is provided to us and/or the credit reference agencies about you and anyone with whom you are linked financially or other members of your household may also be used for debt tracing and the prevention of money laundering as well as the management of your account. In addition, we may ask you to provide physical forms of identification and/or we may telephone you to confirm your identity.

To prevent or detect fraud or to assist in verifying your identity, we may make searches of group records and at fraud prevention agencies who will supply us with information. We may also pass information to financial and other organisations involved in fraud prevention to protect ourselves and our customers from theft and fraud. If you give us false or inaccurate information, details will be passed to fraud prevention agencies. We may use this information if financial or motor, household, credit, life or any other insurance decisions are made about you or others at your address(es). This information may also be used for tracing and claims assessments and verifying identity.

Information held about you by the credit referencing agencies may already be linked to records relating to anyone with whom you have had a financial relationship such as a joint account.