Credit Rebuild Loan

Fresh Start Loan

The loan that could help members rebuild their credit history

The loan that helps you get back on your feet

Our new Fresh Start Loan aims to help members in financial difficulty start to rebuild their credit history, and access a learning pack to help them manage their money better in future

Make A Fresh Start

  • Borrow up to £1,000
  • Interest rate of 37.1%APR
  • Maximum loan term of two years
  • Repayment by payroll deduction

Product Features

  • Offers members with a poor credit history the chance to start rebuilding their credit rating
  • Helps members stay away from loan sharks and extortionate payday lending rates
  • Supports members wanting to learn how to manage their money better in future
  • Assists members in accessing future mainline credit union borrowing



  • To be eligible to apply for a Fresh Start Loan, you must have savings in your share account equal to at least the cost of two monthly loan repayments PLUS £5 (which is the minimum shareholding). 
  • Members must have contributed at least one monthly or four weekly payments to their savings account before they can apply.
  • Members must not be Bankrupt, entered into a Trust Deed, DAS, IVA or DRO, and must meet the eligibility criteria to repay the loan.
  • Members must not have any loan with the NHS Credit Union

General Information

Our new, Fresh Start Loans do exactly what the name suggests ... offer members in financial difficulties the chance to make a new start.

They are designed to help members rebuild their credit rating, and are particularly suitable for those members who find it difficult to obtain loans because of their credit history.

The product can help members access future mainline credit borrowing; help them achieve a more positive credit score - and help members whose only other finance option might be high-cost "pay-day" loans.

Another key aim is to support members in improving their approach to borrowing and managing finances, and encourage them to make arrangements to pay off debts.

Product Terms

Applicants for a credit rebuild loan must maintain a sum at least equivalent to two months' loan repayments PLUS £5 in their Regular Savings Account – AND continue saving a minimum of £10 per month

In addition, they:

  • Must be an active member who has never borrowed from the credit union
  • Must be a UK resident
  • Must be over 18 years old 
  • Must be contributing through payroll deductions or direct debit
  • Must not be Bankrupt, entered into a Trust Deed, DAS, IVA or DRO
  • Must agree to savings being pledged as security for the loan
  • Must agree to pay an interest rate of 37.1%APR
  • Must agree to repay loan over a period of up to 24 months.
  • Must agree to make arrangements with existing creditors
  • Must agree to interest being charged daily and being added to the loan account monthly.
  • Must agree to interest being charged for the complete duration of the loan, including the period between the start of the loan and the first monthly repayment
  • Must contribute at least £10 towards savings each month in addition to monthly loan repayment
  • Must be able to afford the repayments necessary for the Fresh Start Loan.

Early repayment is permitted without penalty

Repayment Information

Loan Repayments are taken from your savings account on the 1st of each calendar month. Your first loan repayment will be deducted on the 1st of the month following the loan completion date. Loan repayments can't be deferred, and repayment holidays are not permitted.

Loan Protection

Loan Protection is a free safeguard offered by the NHS Credit Union. Your loved ones can be secure in the knowledge that your NHS Credit Union debt (up to a maximum of £15,000) can be paid off, giving them peace of mind at a difficult and uncertain time.

Loan Protection is provided as a member benefit by the NHS Credit Union. It is free to every member, subject to the terms and conditions. However, it should be remembered that the terms of this free member benefit may change from time to time. The applicable rates / amounts covered are those prevalent at the date of death.

NB: Individual members do NOT have an insurance policy – they share in a free benefit offered by the credit union.