Saver Loans (12.7% APR)

A person can only apply for a Saver Loan, if they save with the Credit Union for a minimum of eight weeks. The first loan would be up to the value of three times the amount they have in their savings.

A savings balance 1/3 of the loan balance would need to remain in savings at all times. The interest charged is only 1% per month on the decreasing loan balance and a £500 loan being repaid over a year would be £10.50 a week, and the total interest charged for the year would be just £30.28*

Subsequent Saver Loans after the first has been paid off entirely, would be up to the value of five times a person’s savings balance, and a savings balance of 1/5 of the loan balance would need to remain in savings at all times.

Proof of Income is required for Saver Loan applications over £1,000.

*Repayment Figures provided are correct so long as repayments are made on time. Late repayments will accumulate more interest.