Personal Loan FAQs

Application Criteria:

New Customers

To apply for our loans, applicants must be:

·         Over 18 years of age

·         live within Coventry and Warwickshire

·         Employed (part time or full time) and able to evidence this.

·         Have a valid debit card

We are unable to lend to anyone with evidence of County Court Judgements (CCJs), Debt Relief Order, Debt Management Plan, Individual Voluntary Agreements (IVAs), or Bankruptcy within the last 3 years.

Existing Customers

To apply for a top up loan:

·         Current payments must be up to date, no future applications can be processed until arrears have been paid off.

·         Your loan must be paid in full or have reached half way of their original loan amount.

·         Income specified must be evidenced.

All applications are subject to affordability and credit checks and not everyone who applies will be offered a loan or the amount they have requested.

Where can I apply?

Click here to apply!

Visiting our local Credit Union and asking for a CWRT loan application from. The Credit Union is located:

New Central Credit Union

41 Smithford Way




Call our office and we can post you an application form.


Can I make an application over the phone?


Unfortunately, we cannot take any telephone applications. However, if you are experiencing any difficulty with the application form please call us on 024 76551 777. We will be happy to guide you through the application process and answer any questions you may have.

What is your interest rate?

Here is an example of how much you would pay for a Personal Loan:

Amount of loan: £650.00
Regular Payment: £16.31
Number of Payments: 52
Repayment Frequency: Weekly
Fee Amount: £48.75
Total Cost of Loan (including fees): £198.12
Monthly Interest Rate: 3.33% (equivalent 40%PA) fixed

How much can I borrow?

New customers can borrow between £300 to £500 and returning customers can borrow up to £1000 including their existing balance.

How long do I have to repay my loan?

We aim to make our loans as flexible as possible. Your loan can be paid either weekly, two weekly, four weekly or monthly – by Direct Debit from your bank.

What happens next after I apply for a personal loan?

New Customers

Your application will be assessed by our Loans Officer who will decide if the loan is affordable for you. As part of our assessment we require applicants to provide:

·         An up to date Credit Report to assess affordability.

·         One form of photo ID verified

·         Last 3 months bank statements

·         Last 3 months payslips or tax return if self employed

·         Proof of address (dated within the last 3 months). Please note, we cannot accept your driving licence as proof of address.

Existing customers

Your application will be assessed by our Loans Officer who will review your account and decide if a loan is affordable for you. We require applicants to provide:

·         One form of ID to verify your identity

·         Proof of address (dated within the last 3 months). Please note, we cannot accept your driving licence as proof of address.

·         3 to 6 months bank statements and an up to date Credit Report (may be requested) to assess affordability.

More information on acceptance proof of identity documents can be found on:

Once the above has been received, our Loans Officer will contact you for a telephone interview to discuss your application further. 

If your application is successful, this will be confirmed via telephone or email and your paperwork will be sent to you via email or post. Once the signed paperwork is received, we will aim to have your loan in your bank account within 3 – 5 working days.

Will there be a credit check as part of the application process?

As part of our assessment, you will be asked to provide an up to date credit report. This is to help us better access your affordability and help us decide whether it is responsible to lend to you. The following websites provide free reports:



When will I get a decision on my loan?

You normally get a decision within 3-5 working days of providing requested documentation.

How long does it take before I get the money?

Normally ten working days, if you are accepted and we have all the information we need.

Can I settle my loan early?

Yes – simply contact us for a settlement figure and you can pay your loan off early – and better still you will only be charged interest up to the date of settlement.

What happens if my personal details change?

Please contact us if you move address, change your bank account or contact details. You can do this by calling us on 024 7655 1777 or email

What if I am struggling with my loan repayments?

If you are experiencing financial difficulties, please contact us as a matter of urgency on 024 76551 777 or email

Independent advice

If you are still worried about your debt and would like more information on how to better manage your money, you can contact some independent organisations which can help.

Step Change – Free advice of debt problems and finding a suitable solution

Website:                                              Contact number: 0800 138 1111

National Debtline - Free and confidential advice service

Website:                                     Contact number: 0808 808 4000

Turn2us – National Charity helping people when times get tough.


Mind - Provide free advice and support to anyone experience a mental health problem.

Website:                                        Contact number: 0300 123 3393                                             

Please note, we do not receive any commission from these third-party organisations for recommending them. We are simply trying to help you find a solution. CWRT cannot be held responsible for the contents on external websites.

How do I make a complaint?

Our customers are at the heart of our business and we’re committed to giving them the highest quality service we can. So, if you’re not happy with our service, please let us know so we can put things right. Ways to complain:

Call us on 024 7655 1777. Our lines are open Lines are open from 9 am to 5pm. Calls are charged at standard rates for your phone provider.


I have more questions - What do I do?

If you need more information or would like to request a quote, then get in touch with us and we will answer any questions you have.

To apply for a personal loan click the ‘apply now’ button

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