Which loan?

Taking out a loan with high street lenders can be a confusing experience, particularly with the number of loan providers and types of loans that are now available. Comparison of the true cost of a loan can be difficult to calculate. Obtaining a loan with your credit union makes sense, the loan will be fully explained and the crucial questions to ask when taking out any loan will be highlighted.

How do I compare the cost of loans?

Total cost is the only fail-safe way of comparing loans from different providers. This should include all repayments, set-up costs, transaction charges or redeemable charges. If the rate is variable and not fixed over the term of the loan the total cost will be affected. Remember there are no hidden costs with a Pioneer Mutual Credit Union loan but there may be with any other loan – don’t get caught out.

Our comparison table, at the bottom of the page, makes it even easier to compare our loans. Our loan calculator is also a great tool to see how much you could save.

What about APR?

APR stands for Annual Percentage Rate and is the mathematical method of expressing repayment costs; it should reflect all the costs involved. Bank interest rates can change and alter the APR for many loan providers. Pioneer Mutual Credit Union is different; our APR is fixed for the term of your loan.

How much can I borrow?

The credit union has a policy on lending, designed to meet the needs of individual members and is based on ability to repay. For full details on lending policies, please contact our office.

Compare our Rates 

Based on a loan of £600 repaid over a period of 6 months/26 Weeks :


Pioneer Mutual



Loan amount




Weekly repayment




Monthly repayment




Total amount repayable




Interest Payable








 *Loan featured on www.providentpersonalcredit.com as at October 2017. 
 *Loan featured on www.wonga.com as at October 2017. 5 payments £189.72 and 1 of £189.69

^Rates may vary, terms and conditions apply. Representative APR is 19.6%, if you pay weekly your total interest payable will be lower