You need to be a member of Money Spider to be able to apply for a loan, which can be for things such as credit card debts; school uniform; household goods; holidays.

How much can I borrow?

Money Spider can lend to any member, based on their capacity to repay. We are not in the business of getting people into debt we are here to help. For any loan application, we will take into account all income and expenditure, to ensure that you can afford the make the repayments. You can use state benefits payment, or part of them, as repayment of your loan.

Interest Rate

Interest is charged on the outstanding balance only at just 1.5% per month (APR 19.56). Every payment you make reduces the interest charged.


A loan of 100.00 repaid in equal instalments over a 12 month period would cost just 9.42 in interest. The total amount repayable would be 109.42. No other charges or fees apply while the loan repayments are kept up to date.

A similar loan from a high street bank would normally cost you three times as much or up to ten times as much from a doorstep lender.

State Benefits

Arrangements can be made for your benefits to be paid in to an account with Money Spider against which a loan may be made.

Q. Why should I pay my benefits into the Credit Union?

A. The Credit Union is a safe place to receive your benefits. No-one can access your account details or your money, even if data is lost by the benefits agencies. You can use your benefits to save, or to make repayments on a loan.

Q. Which benefits can I pay in?

A.We currently accept Child Benefit, Disability Living Allowance or Personal Independence Payment, Attendance Allowance and Local Housing Allowance. However, if you are in receipt of a benefit not shown, please ask and we will try to accommodate you.

Q. How do I get my benefits paid to the Credit Union?

A. If you already have an account with us, please ask your collector for a Benefit application form which will explain the process. Most benefits can be transferred through a simple telephone call to the benefits agency. If you do not already have a credit union account, you will need to become a member first.The process usually takes between 3 to 5 working days.