Why choose Acorn for ethical, flexible and affordable loans?
We’ve designed our loans to be ethical, affordable and flexible because we know one size doesn’t fit all. Check out how our approach can work for you.
Progress Loan
Simple and Supportive Progress Loan for Benefit Recipients
Life doesn’t always run smoothly, and when extra costs arise, it can feel overwhelming. That’s why Acorn offers the Progress Loan – a flexible and supportive option for those receiving Personal Independence Payment (PIP) or Carer’s Allowance. Whether you need help with home essentials or unexpected repairs, we’re here to give you the support you need to deal with these costs .
Borrow with ease: Borrow up to £1000 at a fair interest rate of 3% per month (42.6% APR) (subject to eligibility).
Easy repayments: Loan repayments are made directly from your benefits, with the remaining balance transferred to your account by 8:00 pm the same day.
Save as you borrow: Build a financial cushion by saving £2–£3 weekly alongside repayments, ensuring a brighter financial future. These savings remain locked in until the loan is paid off.
Eligibility includes credit and affordability checks, ensuring the loan is tailored to your financial situation.
Apply today and take a step toward flexible, community-driven financial support!
-
Eligibility
- Aged 18 or over.
- A member of Acorn.
- Can provide proof of ID and regular income.
- Make the required contributions towards locked savings.
-
Terms & Conditions
- No fees or penalties for early repayment.
- Loans subject to credit search and other lending checks.
- All members with a loan need to commit to the required locked savings. Savings will be locked until loan is repaid.
-
Your Loan
Loan repaid directly through Carer’s Allowance/Personal Independence Payment weekly /fortnightly/4 weekly
- £500 – £1000.
- 3% interest per month (42.6% APR).
- Loan term of 12 months.
- Loan repaid directly through your benefits
What might you pay?
The figures below are illustrative examples of typical monthly repayments and total interest. Your exact repayment schedule will be confirmed once your loan is approved.
Interest rate on Progress Loan is 3% per month (42.6% APR).
| Loan Amount | Weekly Repayment | Weekly Savings Required | 4 Weekly Repayments | 4 Weekly Required Savings |
| £500 | £12 | £2 | £48 | £8 |
| £750 | £18 | £3 | £72 | £12 |
| £1000 | £24 | £3 | £96 | £12 |
Benefits of this loan
-
Easy and simple financial support
Helps you cover unexpected expenses.
-
Increasing borrowing limits
Start with £500, increasing up to £1,000 subject to eligibility criteria.
-
Fair eligibility checks
Loans are based on credit and affordability assessments, ensuring responsible lending.
-
Easy repayments
Re-pay directly out of your benefit making it easy to manage your loan.
-
Top-up loan
Top-up your loan balance after 6 months and once 30% of the loan has been paid off subject to meeting the eligibility criteria.
-
Save while you borrow
Save a portion of your repayments and build a safety net while paying off your loan.
-
1
Community-driven: As a cooperative, at Acorn we prioritise your well-being, offering loans to help with essential expenses like education, home needs, and financial emergencies while promoting responsible borrowing and saving.
-
2
Affordable options: With fair interest rates and flexible repayment terms, Acorn ensures you can manage your loans effectively, with solutions tailored to your financial needs.
-
3
Saving while borrowing: Members are encouraged to save alongside loan repayments, helping build a financial safety net for the future.
-
4
Regulated and secure: Your money is safeguarded under the Financial Services Compensation Scheme (FSCS), offering peace of mind with every transaction.
Take control of your finances with Acorn’s affordable, flexible loans. Start saving while you borrow and join a community committed to your financial well-being.
Struggling with loan repayments?
We understand life’s challenges can make repayments tough. At Acorn, we offer tailored support, flexible repayment plans, and guidance to help you stay on track. Act early to protect your financial health and credit rating.
? Call: 0303 030 0147
? Email: office@acorncb.co.uk
Need extra advice? Contact trusted organisations like StepChange, Citizens Advice, or National Debtline for free, impartial support.
At Acorn Community Bank, you’re not alone find out more on how we can support you. Let’s build a brighter financial future together. Reach out today.
App download
Managing your finances should be simple and accessible. Our user-friendly Acorn mobile app puts you in control.
- Apply for loans anytime, anywhere: Can apply for a loan from the comfort of your home, at a time that suits you. Everything can be done from your phone or tablet.
- Fast & efficient processing: Most of the necessary checks are automated, ensuring efficient processing and quicker response.
- Application tracking: Monitor the progress of your loan application as it moves through each stage and easily upload requested documents. In the testing phase.
- Enhanced security: The Acorn app is equipped with PIN protection, ensuring your information remains safe and secure.
- Easy management: Track your loan repayments, access your transaction history, and check your outstanding balance with just a few clicks.
With the Acorn app, you can enjoy a convenient and secure way to manage your loan and take control of your finances. Download the Acorn app today and experience the convenience of banking at your fingertips.