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Boom! FAQs Loan FAQs

Loan FAQs

1. Do you do a credit check when I apply for a loan?

Yes, we do use automated ID verification and run a credit check when you apply for a loan. However, more important than your credit history is whether you can afford to pay the loan back. We have our own system for assessing this. If we believe that you can afford the loan, then we may offer it to you, even if you have a poor credit history.

2. Can I apply for a loan even if I have a bad credit history?

Yes, we consider all loan applications. Even if you have a poor credit history, you could still be eligible for a loan if we believe that you can afford to pay it back. We have our own system for assessing this.

3. Will you consider my loan application if I have no credit history?

Yes, we consider all loan applications. Even if you have no UK credit history, you could still be eligible for a loan if we believe that you can afford to pay it back. We have our own system for assessing this.

4. Do I need a guarantor to get a loan with you?

No, you don’t need a guarantor. We will assess your income and only issue a loan if we believe that you can afford to repay it.

5. Can I get a loan if I don’t have a bank account?

You don't need a bank account to get a loan from us. You can access your loan in other ways. We can transfer the money direct to your bank account or you can either collect a cheque from our offices, or apply for a prepaid debit card. You can load the loan onto the prepaid card and use the card it as you would use a debit card.

6. What is APR?

APR stands for Annual Percentage Rate. It’s how much a loan will cost you over an average year. It includes the interest you will pay as well as any fees over that year. All lenders need to let you know what their APR is, so that you can compare loans.

7. Once I've applied for a loan, how long until I get the money?

If your loan is automatically approved, you can access your loan within 24 hours. If we need to do extra checks to verify your ID or income, it will usually take 48 hours. If you apply over the weekend, on a bank holiday or after Friday midday, it might take longer.

8. How do I get access to the loan money?

When your loan is approved we send you the details of your loan account. You can then move the money by logging into your account using our banking app, calling us on 01903 237221, or visiting us in our offices in Worthing or Crawley.

If you come into our offices, we can transfer the money into your designated bank account immediately, or issue you with a cheque. If the cheque is for £500 or less you can cash it for free at specific local post offices. We can’t make cash payments. Please remember to bring proof of ID with you.

You can also request a prepaid card for your loan account. You can then load the money from your loan account onto the prepaid card and use it like you would use a debit card.

9. How do I repay my loan?

You can pay by cash or cheque in our offices, post us a cheque, set up a standing order, make a bank transfer or pay by debit card.

Make your cheque out to West Sussex & Surrey Credit Union and remember to include your account number on the back. Send your cheques to Boom!, 129 Montague Street, Worthing, BN11 3BP.

10. Are there any charges if I pay off my loan early?

No, there are no charges if you pay your loan off early. Interest on your loan is calculated daily, so the sooner you pay off your loan, the less interest you pay.

11. What happens if I miss a loan payment?

We know that unexpected things happen that can sometimes make it difficult to keep up with loan repayments. If you think you won't be able to make a payment, please get in touch as soon as possible. Together, we can look at ways we can reschedule your loan repayments.

When you take out a credit union loan, you’re borrowing money from other credit union members. We have an obligation to keep their money safe, and so we do take borrowers to court if they do not keep up with repayments. If this happens, you may be forced to repay the loan through a county court judgement, an attachment of earnings, or an eligible loan deduction scheme. We would rather this doesn't happen.

If you are having a difficult time, please contact us so we can talk about it. Not letting us know about your situation will make the loan cost more long term.

Get in touch now

12. What is the interest on your loans?

On loans between £200 and £3,000 our average interest rate is 42.60% APR.

On loans between £3,001 and £4,000 our average interest rate is 26.7% APR.

On loans between £4,001 and £7,000 our average interest rate is 19.56% APR.

On loans between £7,001 and £10,000 our average interest rate is 16.1% APR.

We consider each case individually, and if you’re a regular saver or part of our Save As You Earn scheme, you may be eligible for reduced interest rates.

13. Can I top up my loan and borrow more before it’s paid off?

You can apply to top up your loan if you have already paid back at least half of the amount that you originally borrowed. If you need to top up your loan, get in touch to discuss it.

14. What does 'Save as You Borrow' mean? How do I build up savings when I'm repaying a loan?

Anyone who takes out a Boom! loan must save some money as they pay back their loan. Your loan repayment consists of two parts: the loan repayment itself and a savings contribution. The savings amount is held in a separate savings account that you can access when the loan is paid off. Doing it this way makes it possible for us to have a lower interest rate and to lend to you even if you have a poor credit history.

15. Can I access the savings portion of my loan repayments before the loan is paid off?

No, you can't access the savings contributions that you make as part of your loan repayments until your loan is paid off.

16. If I have a loan, do I get paid a dividend on my savings contributions even though I don't have access to them yet?

Yes, as a member of the credit union, you get paid a dividend on all of your savings, including the savings contributions you have made as part of your loan repayments.

17. How do you calculate the ‘savings’ portion of the loan repayment?

We calculate the savings portion of your loan repayments according to your credit history and how much you can afford.

18. Can you help me sort out my debts?

We don't offer debt advice, but we can refer you to a suitable debt advisor. We may be able to offer you a debt consolidation loan.

19. Do I have to pay extra for life cover when I take out a loan?

No, there is no individual life cover on our loans.

20. How will you use my personal information?

We will protect your information according to the rules that are set out in the Data Protection Act, and will not share your information with any organisation without your permission.

We do use automated ID verification software, and will submit your details to credit reference agencies (CRAs) and fraud protection agencies (FPAs). Legally we must do this to prevent crime and money laundering and to protect the interests of our other members. You will be told if we are going to do this during the loan or savings account application process.

When you apply to us to open an account, we:

  1. Check our own records.
  2. Submit a search to credit reference agencies. This search will leave a search footprint on your credit file that other lenders can see.
  3. Submit a search to fraud prevention agencies (FPAs).
  4. We may also make periodic searches at CRAs and FPAs to manage your account with us.
  5. If you’re making a joint application, or tell us that you have a spouse or financial associate, we link your records together, so you must be sure that you they are happy for you to disclose information about them. CRAs will also link your records together and these links will remain on your files unless you or your partner successfully files for a disassociation with the CRAs to break that link.

When you borrow from us, we give details of your accounts and how you manage them to CRAs. If you borrow and do not repay in full and on time, CRAs will record the outstanding debt. CRAs and FPAs may supply this information to other organisations performing checks or tracing you to recover debts. Records remain on file for six years after your account is closed, whether the loan was repaid or you defaulted.

If you give us false or inaccurate information and we suspect or identify fraud we will record this and may pass this information to FPAs and other organisations involved in crime and fraud prevention.

For full details of how we use your personal information, read Click to DownloadA guide to the use of your personal data (224.3kb)

You can find out more about the Data Protection Act on the website

Contact Us
  • BOOM! Credit Union
  • Tel: 01903 237221
  • Fax: 1890 800 011
  • Email:
  • Web:
  • Address: 129 Montague Street, Worthing, West Sussex, BN11 3BP

We're a credit union for people who live or work in Surrey, Kingston, and West Sussex.

We give local people access to fair and affordable loans and savings accounts. And we help our members to manage their money.

Main Office
  • T:
  • E:
  • 01903 237221
  • 129 Montague Street,
  • Worthing, West Sussex, BN11 3BP
Opening Hours
  • Mon - Fri
  • 10:00 - 15:00
Crawley Drop-In Centre
  • T:
  • 01293 438537
  • Crawley Town Hall,
  • The Boulevard
  • Crawley, RH10 1UZ
Opening Hours
  • Mon & Fri
  • 09:30 - 15:45
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Boom! Credit Union is the trading name for the West Sussex and Surrey Credit Union. We're authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our FRN is 475226