If you're considering borrowing, you should first decide if this is the only solution. Is it for something you need or just want? You should carefully consider whether you can afford to borrow the money and how much interest you'll pay. 

If you're finding it difficult to get a loan, there are ways to borrow money that avoid high-interest lenders like Pay Day loans. Remember, your circumstances may change and what was affordable can soon turn into unmanageable debt.

  • Southway Solutions Loan

    Since 2014, Southway has offered its Southway Solutions loan scheme, which allows tenants to borrow up to £300 quickly and easily. The scheme is run in partnership with South Manchester Credit Union, who also offer their own competitive loans.

    To apply, please call our Customer Hub on 0161 448 4200 and they'll check your eligibility. You'll need to meet the following criteria:

    • You're a Southway tenant and not subject to eviction proceedings 
    • You don't have rent arrears above £2,000
    • You've had your annual gas safety check completed

    If you're eligible, we'll notify the Credit Union who will process your application, issue the loan and deal with the repayments. Once the application is complete and the Credit Union have checked your ID, the money can be paid into your account within 24 hours.

    Most borrowers choose to repay over 8 months [34 weeks], which works out at about £10 a week. The interest [APR] is 42.6% which, for £300 over 34 weeks, works out at £37.

    Older people often have difficulty getting credit, especially if you're over 69 years old. However, Southway loans have no age limit.

    I need my car for work at the airport so, when it broke down and I couldn't afford the repairs, I was really stuck. A Southway Solutions loan allowed me to get it sorted quickly, getting me back in work and saving me a load in taxi fares.

    A Southway Solutions loan recipient in Withington
  • Furniture Loans

    Southway has developed another loan scheme to help tenants purchase furniture, appliances and flooring. It's particularly useful for new tenants or anyone taking on their first tenancy who might be starting from scratch in furnishing their home.

    The maximum amount you can borrow is £500. The scheme also hopes to encourage saving as, once the loan is repaid, Southway will return all the interest that's been charged to you and will credit it to your Credit Union savings account. If you continue to save regularly for the following 6 months, we'll add another £50 to your savings account.

    You can apply by making an appointment with a member of the Advice Team, who will look at your financial position and check the amount you need is affordable. If it is, we'll then signpost you to the Credit Union who will process your application and issue the funds.

    We also have a booklet on how to access affordable furniture, appliances and flooring locally, which also has plenty of creative ideas.

  • Joining the Credit Union

    As an ethical financial organisation with strong community roots, Southway has always been particularly supportive of the South Manchester Credit Union and the great services if offers. If you need to borrow money, we recommend using the Credit Union to do it safely.

    If you're interested in joining we will pay £10 into your account to start off your savings, and we'll add another £5 for each friend or family member that you recommend. Please contact the Advice Team for more details.

    If you want to contact South Manchester Credit Union, you'll find their office at 187 Fog Lane, Burnage or you can call them on 0161 448 0200.


    They also have a NIVO app, where members can access their accounts, and you'll find lots more information and financial advice on their website.

  • Other ways to borrow

    The Department for Work and Pensions has an interest-free budgeting loan to cover furniture, clothing and other expenses to help you get started in your home. You can apply for a budgeting loan if you currently receive benefits and have done so for at least 26 continuous weeks.

    You can apply online but remember, the loan will be recovered from your future benefits paymens. To receive this, you must be in receipt of a qualifying benefit, such as Income Support, Income based Job Seekers Allowance, Income based ESA or Pension Credit. The maximum amount you can receive is: £348 if you're single, £464 if you're a couple or £812 if you're a couple with children in receipt of Child Benefit.