Finance for Everyone


Our loan interest is calculated on a reducing balance, so you are charged interest on what you owe and not what you borrow

Pioneer Mutual offers an ethical way to borrow with a range of products to suit your needs and savings invested with us are used to provide affordable finance for our members.   Our affordable loans have no hidden costs or fees and offer:

  • Affordable loans for all purposes 
  • Flexible amounts and repayment periods 
  • Fixed interest rates 
  • Interest charged only on the reducing balance (not on the total amount borrowed) 
  • Borrow from as little as £50
  • No set-up fees 
  • No penalty charges for paying off the loan early
  • Save while you are repaying the loan
  • Life Savings and Loans Protection (T & Cs apply)

Calculate your loan

Total Repayment:
Monthly Repayment:
Total Interest:
Representative APR:

Pioneer offer flexible terms so you can extend or reduce the terms of your loan with no administration fees. Pioneer Mutual Credit Union are here to help you no matter what so if you are struggling to make your payments or your circumstances have changed just let us know. We will do everything we can to adjust your payments to suit your financial needs, this is part of the credit union difference.


Why borrow from us?
  • You can borrow from as little as £50 with fixed interest rates
  • We have flexible amounts and repayment periods
  • Interest is charged only on the reducing balance
  • There are no set-up fees or early repayment charges
  • Borrow up to £5000 above your savings
  • Our Regular Loan has a maximum APR of 19.6%
  • Borrow between £50 – £9,999 at a rate of 19.6%
  • Borrow £10,000 or above at a rate of 12.7%
    Useful Information

    Click on the links below to check the following information:

    Loan Eligibility

    Our loans are assessed on an individual basis, taking into consideration a variety of factors including the affordability of the loan, previous savings and borrowing patterns with the Credit Union, credit history and in most cases a credit check.  The credit union take into considerations many factors, including income but we do not discriminate if this is benefits or from a salary.

    • The maximum loan you can apply for is three times your shares.
    • For loans under £1000 you must have at least one loan repayment in your account
    • For loans over £1000 you must have at least one loan repayment in your account
    • The maximum you can borrow is £5,000 above your savings to a maximum shareholding of £32,000
    • In order to be eligible for loan you must have a regular savings habit with the credit union, all members are required to save at least £4 per month, and this can be weekly or monthly, whatever suits. 
    • All our loans are ‘save while you borrow’ with a 10% savings contribution added to your loan repayment.
    • The money our members save with us is used to offer our ethical and fair finance loans to our members,  which is all part of the credit union difference. In order to access the pot, you need to add to the pot. Save what you can, borrow what you need.