Pioneer Mutual Team



It’s Christmas… the most wonderful time of the year, but also a time that strikes fear into your bank balance. Over the years the cost of Christmas has spiraled, with the average cost now being £753 for the British household, totaling £2.3 Billion across all British households.[1]

Everyone is full of the best intentions at the start of the year to gradually save each month, but so often life gets in the way. If you are in that position don’t panic, are affordable, flexible and ethical loans can help.

Based on a loan of £750 repaid over a period of 6 months/26 Weeks:
Pioneer Mutual Provident[2] Satsuma[3]
Loan amount £750.00 £750.00 £750.00
Weekly repayment £30.20 £45.00
Monthly repayment £131.66 £248.30
Total amount repayable £789.86 £1,170.00 £1,489.83
Interest Payable £39.86 £420.00 £739.83
APR 19.60% 535.30% 1277%


In 2016 one in three people took out a loan, or credit, in order to cover the cost of Christmas,[4]

Our loan interest is calculated on a reducing balance so you are charged interest on what you owe and not what you borrow, and that’s part of the credit union difference. Pioneer Mutual also offer flexible terms so you can extend or reduce the terms with no administration fees.

The above table is calculated based on a monthly basis but if you pay weekly you could save even more.

Spread the cost of Christmas with a loan and make the affordable and ethical choice this Christmas, with our fair festive finance for everyone.

To ensure that your loan is processed with time left to shop, please submit your application in branch or online by 4pm on Tuesday 18th December.

Want to earn cash back on your Christmas Shopping? Then apply for our new Engage Card, and earn Cashback Rewards on high street favourites like Argos, Debenhams, Asda and many more. You can even have your Pioneer Mutual Loan paid direct to the card. Engage offers an ethical approach to banking through a Visa debit card with great functionality:

  • Contactless
  • Cashback Rewards
  • Envelope Money Management Tool
  • Mobile App

Contact us on or pop into branch to apply.

If you are a member of our Christmas Club remember you can withdraw your savings from the 1st of November, which can also be uploaded to your Engage Card. Terms and Conditions apply. 

[1], 30th November 2016

[1]  Loan featured on as at October 2018

[1] Loan featured on as at October 2018.