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 £3,000 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 £5,000 and the loan must be repaid within 60 months (5 years).

Interest is charged at a rate of 2% per month (APR 26.8%).

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.