At Acorn, we’re proud to offer ethical, affordable and inclusive loans designed to support the financial wellbeing of our members. Whether it’s for a car, a holiday, school costs or consolidating debt, our loans are responsibly designed to fit your needs.
We focus on fair and ethical lending, with your financial well-being as our top priority. Our loan decision process evaluates whether the loan is a suitable option for you.
Our loans are offered at competitive interest rates, often lower than traditional lenders or payday loans.
Our loans incorporate a savings component; a portion of each repayment is locked in savings. By the time your loan is fully paid, you will have also created a financial safety net for your future.
Repayment plans are tailored to suit your needs. If you encounter difficulties in repayment, we work together to create a plan that works for you.
Our loans make fair credit accessible to all even for those with challenging credit histories. If a loan isn’t approved, we offer advice to help improve your financial situation and qualify for the loan in the future.
Our loan agreements clearly outline all terms and there are no hidden fees. You can make extra payments anytime to reduce interest or pay off loans early, with no penalties.
We offer our services to everyone in the community. To apply for a loan, you will need to be an active member of Acorn. Don’t worry if you’re not a member yet – you can join us and apply for a loan at the same time!
Key eligibility requirements
To find out if you are eligible to become an Acorn member, use our Post Code Eligibility Checker. Join the Acorn Family today and take the first step towards achieving your financial goals!
Applying for a loan is simple and convenient. If you’re already a member, use our mobile app – just click the menu icon and follow the steps. Or apply directly through our website.
Not a member yet? No problem! Start your journey by completing our online membership and loan application process.
Your National Insurance Number.
Access to your bank details via Open Banking, if we request it for faster processing.
Details about your credit history, financial situation, and your past interactions with us (like your savings/loan records).
Information about your income and expenses when requested by our loans team.
Are you in receipt of Child Benefit? Join Acorn and you could access a Family loan of up to £500. This loan can be repaid using your Child Benefit, making it easier to manage your finances.
Life is unpredictable, and we understand that families may face unexpected costs or planned expenses. Our Family loan is designed to provide young families with ethical and affordable borrowing options. You can use the loan for any family expenses, whether planned or for unexpected costs. The family loan starts from £500 and can go up to a loan balance of £1000 after 2 years subject to meeting the criteria. This loan is offered at an Interest rate of 3% per month (42.6% APR).
Start small: Initial loans up to £500, increasing to £1,000 after two years (subject to eligibility)
Flexible top-ups: Eligible for top-ups after 6 months and once 30% of your loan is repaid and subject to meeting the other criteria.
Take control of your finances with our Family Loan today and take a step towards financial ease for you and your family!
Our Acorn Loan is designed for people who don’t get Child Benefits but still need financial help, especially with the rising cost of living.
This loan can be taken out for any purpose and offers a loan of up to £5000. Enjoy flexible repayment terms over a period of up to 4 years, making it easier than ever to manage your finances.
Our loans are available to all members, whether you’re a new applicant or an existing member who hasn’t yet started saving with us. Plus, once you’ve repaid 30% of your loan, you can take advantage of convenient top-up options to continue meeting your financial goals.
Borrow between £200 and £5,000 with Acorn Community Bank, with competitive rates from 1.9% – 3.0% per month (25.3% – 42.6% APR).
Inclusive for all members: Ideal for new and existing members who haven’t yet saved with us.
Convenient top-ups: Eligible for top-ups after 6 months and once 30% of your loan is repaid and subject to meeting the other criteria.
Enjoy ethical lending with flexible terms tailored to support your financial goals. Apply today and experience community-focused banking at its best!
Our loyalty loan offers you a chance to apply for a loan against your savings. With this loan, you can borrow up to five times the amount you have saved with us.
The loan is useful for large purchases like buying a car and home improvements. The loan can be repaid over five years with weekly or monthly repayments frequency. Borrow between £500 and £15,000 with Acorn Community Bank at rates ranging from 0.5% – 2.5% per month, or 6.1% – 34.5% APR.
Savings-secured lending: Designed for members who use their savings as collateral, offering peace of mind and lower rates.
Flexible top-ups: Eligible for top-ups after 6 months and once 30% of your loan is repaid and subject to meeting the other criteria.
Achieve bigger goals with confidence. Apply today and benefit from ethical, secure lending tailored to your needs.
If you need to borrow funds without dipping into your savings, consider applying for a secured loan, which will be fully covered by your savings.
Your savings will be used as security, equal to the amount you borrow. This loan lets you handle urgent financial needs without touching your savings. Because it’s backed by your savings, you’ll also benefit from lower interest rates.
Loan balance: Save and build a balance and apply for a loan.
Flexible top-ups: Eligible for top-ups after 6 months and once 30% of your loan is repaid and subject to meeting the other criteria.
If you work for one of our trusted payroll partners, you can apply for a flexible payroll loan of up to £7,500.
Your loan repayments and required savings will be directly deducted from your salary by your employer. Simple! Our payroll loans come with competitive interest rates ranging from just 0.5% per month (6.2% APR) to 3.0 per month (42.6% APR) . The exact rate will depend on the size of the loan allowing you to select an option that best fits your financial needs. The loan can be repaid over up to 60 months , giving you breathing room to manage your finances comfortably.
Borrow: You will be eligible to apply for a loan of up to £7500 as soon as you become a member.
Flexible top-ups: Eligible for top-ups after 6 months and once 30% of your loan is repaid and subject to meeting the other criteria.
Our loan decisions are based on a thoughtful review of affordability, credit history, and your borrowing relationship with us.
If your loan application is declined, we’ll explain why and show you steps or free financial help that can help improve your financial situation. Borrowing isn’t always the best solution, and we aim to support you in exploring alternatives.
As an ethical lender we ask our members to wait at least six months before applying for a top-up loan. Any applications submitted before this period will be automatically rejected.
For tailored assistance, please visit our resources page or reach out to us for advice.
For personalised support, visit our resources page or contact us for advice.
Credit history: We review your credit report through TransUnion, focusing on recent activity, defaults, or judgments. You can access your report to see the same data we do. Credit Score & Credit Reports at Intuit Credit Karma™ UK
Affordability: If repayments aren’t manageable based on your income and expenses, we’ll suggest budgeting help or reviewing debts, including “Buy Now, Pay Later” plans.
Early top-up applications: Borrowing too soon for a top-up may lead to rejection, because we promote borrowing for specific needs, not continuous rollover loans.
The amount you can borrow will depend on individual circumstances and the type of loan. We provide loans ranging from £200 to £15,000. The sum you can request will depend on various factors, including:
All our loans are assessed based on affordability to ensure responsible lending. To confirm your income and expenses, we may request open banking, wage slips and bank statements. This helps us protect our members from potential financial difficulties and maintain the security of the credit union’s funds. By looking beyond credit reports, we aim to offer personalized support and explore all ways to help you achieve your financial goals responsibly.
We aim to complete assessments within 5 working days, though sometimes it can take a little longer. A critical part of our assessment is the income and expenditure form. Please ensure this is completed accurately – we may have to come back to you for clarification on some points. Also, if you have changed address or bank details recently, we will need to verify these as part of the assessment process.
We aim to return benefit payments by 4.00pm on the day your Benefit is received. Often, they will arrive at your bank account by 1.00pm and occasionally they are delayed till 8.00pm. We process Benefit payments early in the mornings of the days we receive them and then send the return payments to your bank. When delays occur, it’s usually out of our hands.
You can apply for a top-up on completion of 6 months since the loan was issued provided you have paid off at least 30% of the original Loan amount. Top–ups will be assessed in the same way as new loans and are not guaranteed. We always recommend that members clear down one loan before starting a new one. If you are approved for a top-up loan, your locked savings will be released, however we do recommend keeping the funds in your account, so you can build up a savings pot for the future. Locked savings can also be used as a security when applying for a loyalty loan which allows you to borrow 5 times your savings balance.
When you borrow money, you need to pay for the administration of the loan. This “interest” charge amount is applied each month as you repay the loan and goes towards the running costs of the credit union. Any surplus money we have at the end of the year is reinvested into the development of the credit union and returned to our members as dividends, where possible.
A key factor in deciding to approve any unsecured borrowing is that the member can afford the repayments. That decision is based on the household income and expenditure, which is why we ask for information about a partner’s income.
Any loan with Acorn Community Bank is the responsibility of the individual member. Although we may ask for information about a partner’s income, that is solely to help ensure that the household income can afford the repayments. A member’s partner is NOT liable for loan repayments.
If we ask you to provide payslips, bank statements, or any other documentary evidence for a loan request, you should always supply us with COPIES as we can’t return the documents to the member. When you are making copies of, for example, bank statements, please ensure all the information is legible and that it covers the dates required. If you fail to supply the required information, or details are not clearly visible, it could well delay your application.
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.