Savers Loans
This is our standard loan for members who have saved regularly. Members must demonstrate saving in a regular pattern of similar amounts over a period of 13 weeks before they can apply for a Savers Loan and the amount that can be borrowed is based on the value of savings.
- For a first loan the most we will lend is three times the savings balance up to a maximum amount of £5,000 and the loan must be repaid with 36 months (3years).
- Second and subsequent loans can be up to five times the savings balance with a maximum of £10,000 and the loan must be repaid within 60 months (5 years).
Interest is charged at a rate of 0.6% to 2% per month (APR 8.73% to 26.8%) depending on your circumstances and credit history.
Members with Savers Loans are required to keep a minimum balance in their share accounts; for a first loan this is 33% of the loan advance and for subsequent loans it is 20% of the loan advance.
Example Repayments
| Loan amount | Agreement length | Interest | Total due | Monthly repayments |
| £5000 | 36 months | £2063.16 | £7063.16 | £196.20 |
| £1000 | 12 months | £134.87 | £1134.87 | £94.58 |
| £500 | 12 months | £67.48 | £567.48 | £47.29 |
The APR is 26.8%.
Please note that the above figures are for guidance only and assume that the required number of payments will be made. Contact us and ask for a personal quotation.
If you choose to pay off your loan earlier than planned you will not be penalised and you’ll also pay less interest.