First Post Loans

Taking on your first post in stipendiary ministry can be a stressful time, especially if this goes hand in hand with completing a theological course, moving house and extra expenditure such as buying a first or second car. Here at Churches’ Mutual we understand the need to organise as much as possible before starting your new ministry but also that it is not always possible to arrange a loan while still in college and on a low income so we are pleased to announce that we are launching a ‘FIRST POST LOAN’ product which will allow members and those eligible for membership who are about to finish training to apply for a payroll deduction loan (usually for a car but we will consider applications for other items) up to three months BEFORE the first payment of salary or stipend is due. Funds are disbursed immediately the application is approved, usually within one week of receiving the application form and all supporting information.

Ordination 1st July 2017 –  Applications accepted from 24th April 2017 – First Repayment due 3rd August 2017
Stationing 1st September 2017 – Applications accepted from 26th June 2017 – First Repayment due 1st October 2017

We appreciate that in some denominations ministers will be taking up a first post at different times during the year – providing you have a confirmed post that will commence within 3 months – you can apply.

You will not start actual repayments until you receive your first payment of salary or stipend, although interest will of course accrue in the meantime. If for any reason there is a delay in direct payment from salary or stipend we will contact you to make alternative payment arrangements.  Loans are offered at the competitive rate of 5.9% APR, indicative repayments are shown in the table below:

Loan Value Monthly Repayment (36 Months) Monthly Repayment (48 Months)
£4000 £123.51 £95.76
£5000 £152.88 £121.20
£6000 £184.26 £142.64
£7000 £214.64 £166.10
£8000 £245.00 £189.51
£9000 £275.39 £212.95
£10000 £305.77 £236.39

We will also accept applications for smaller amounts such as a course of driving lessons or a holiday please contact for rates and repayment terms. A word version of our First Post Loan application form can be downloaded from this page – please do not use our standard application form.  Once completed (you may need to activate overtype mode in Word for ease of completion) please email it with your most recent one month’s bank statement to  CMCU First Post Loan Application Form – Word Version.  In order to assess your application we will also need:

  • Confirmation of your new post (letter/email from training incumbent, DDO, District Stationing Officer, Presbytery Clerk or similar and your permission to contact them
  • Proof of your new address if not included in above
  • The date your new appointment will commence.

Remember – Non-Stipendiary or Self Supporting Ministers may apply for a loan from Churches’ Mutual at any time.

Contact us today for a quote or more information:

Registered Address

3 Beaufort Buildings, Gloucester, GL1 1XB

Call Us

01452 500 463 (9.30am -2.30)

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