We could help you improve your credit score.



An easy way to build and improve your credit history and get a guaranteed loan offer at the end.


It might help you get cheaper loans, credit cards, mortgages and more.





Everyone deserves good credit. We can help you make it happen.







Get a guaranteed 0% APR 'virtual' loan with us which we'll record on your credit file.




Pay it back by saving into your virtual loan account which we'll record as loan repayments.




Watch as your credit history improves and you build up a savings pot at the same time.









We'll give you a guaranteed loan at 0% APR with no credit check.


The loan is a 'virtual' loan granted to you (but kept safely in an account with us).


You then pay back the loan by saving between £5 & £125 per month through your virtual loan account.


The money you save into your virtual loan account will be reported monthly to all majors credit reference agencies as a loan repayment.


Having a loan is one of the quickest and best way to improve and build your credit history and get more affordable credit.






Build at your own pace


Save for up to 24 months into your virtual loan (we recommend at least 4 months). However, the longer you save, the better your credit rating could be. 


We report to Experian, Equifax, Call Credit and others. 



It's always your money, and you get back every penny you pay in. So, when you're ready, you can take all your savings as cash or convert it in to a 'real' personal loan. 








You have the option of converting your 'virtual loan' in to a real personal loan.


At any time, you can convert the money you have saved in your virtual loan account in to your own personal loan. We guarantee to lend you up to 1.5 X your savings balance, up to £3,000.





You've been paying £100 a month into your virtual loan over 8 months.


£800 savings x 1.5 equals a personal loan of £1,200



We may lend you more subject to assessment & affordability.



Easy set up. Start building your credit score today with the not-for-profit ethical bank.


We're different.


Is a virtual loan a real loan?

Yes. It's a personal loan granted to you at 0% APR. However, the loan is held in a virtual loan account with us, so you don't physically receive the money. 

What is a virtual loan account?

We'll grant you a personal loan and place it into your virtual loan account. It's your personal loan which means you'll have a personal loan registered on your credit file. 

Do I pay back the loan?

You'll be making repayments on your virtual loan by Direct Debit. However, your repayments will go into your virtual loan account and then deposited into your own savings account. This means we can report to credit referencing agencies that you are repaying a loan, while you build a savings pot.

How does that help me improve my credit rating?

Having a personal loan with a traditional lender (not a payday lender) and making loan repayments on time, is one of the best and quickest ways to improve your credit rating. It shows other lenders that you can borrow money and pay it back. This can help you get better credit.


Your credit score can make the difference between getting credit or not. It can also make the difference between getting low interest rate credit and high interest rate credit. 

Will I get a loan in the future?

Yes. Once you have started paying into your virtual loan, we'll guarantee you a loan of up to 1.5X what you have saved subject to affordability (maximum loan £3,000). We may lend you more, depending on assessment.

What if I stop paying in?

We don't report negative data. If you miss a payment, after 7 days your loan will cease. We'll pay off your loan for you and report your loan as settled. You'll get back all the money you paid in.

Can I upgrade the account?

You can upgrade and 'bolt-on' a guaranteed VISA debit card. This will give you a contactless VISA debit card, direct debit and standing order facilities, cashback rewards and no overdraft or ATM charges.  A virtual loan has no monthly fee. However, the weekly fee to upgrade to a VISA debit card is £2.25.

Is my money safe with you?

Yes. We're a regulated bank. Your savings are covered by the FinancialSservices Compensation Scheme up to £85,000 per account.

Do you guarantee to improve my credit score?

No. It's in your hands. We can help improve your credit score but we have no control over your other finances. For example, if you were to get a County Court Judgment (CCJ), go bankrupt or apply for debt management, it may set back your overall score. We recommend carefully managing your other finances too.


Call our friendly team on 02392827980


Read the FAQ







Back to top


Print Print | Sitemap
The bank for Hampshire & IOW