Remember the best plan for your financial health and wellbeing is the SAVE regularly and ONLY BORROW WHAT YOU NEED.
Our Loan Products are based on your savings balance multiplied by 5. Example: if you have £1000 in savings, you are eligible to apply for a loan of up to £5000. **with the exception of the Loyal Saver Loan.
A maximum repayment term of 60 months or 5 years applies.
Applications may be subject to a Credit Check and/or Credit Committee approval, depending on your circumstances. However, we always endeavour to provide a quick, easy and ethical process to approve a loan and supply funds in the member's chosen account on the same day. **Please note: Once a loan has been approved, the loan agreement must be completed, signed and returned to us within 30 days of the loan agreement being issued.
When a loan is taken out, which is in excess of your savings balance, your pledged shares are locked in as guarantee against it. **with the exception of the Loyal Saver Loan, whereby you can borrow up to £25,000 (100% of the loan balance is "locked in" against your savings).
Once the account reaches a position where your savings balance is in excess of the loan balance, you can use your savings to clear the remainder of the loan, if you wish to do so.
Loans can be repaid early with no settlement fees charged.
Interest rates are always clearly defined and there will never be any hidden charges.
Interest (APR) is only charged on your reducing balance. Example: If you take out a £6,000 loan (Year 1) and in Year 2 have £5,000 left to pay, you'll only pay interest on £5,000, not the original loan of value of £6,000. Banks tend to front load interest, with payments reflecting the original loan taken plus interest, throughout your payment term.
Your loan is protected by free life cover up to the age of *70 years old. *In the event of your death, any outstanding loan balances cleared.
Loans may be subject to an annual rebate which is be paid to all borrowers at the end of the financial year. In December 2022, a loan interest rebate was credited to member accounts, where applicable, based on accrued interest from October 2021 - September 2022.
We offer a range of loan products to suit your financial needs.
Loyal Saver Loan (3.9% APR)**
1st Time Loan (5.5% APR)
£20K + Loan (6.9% APR)
Standard Loan £5K + (7.9% APR)
Standard Loan up to £5K (12% APR)
Loan interest rates correct as of 1st October 2023.
LOAN CALCULATOR: Find out how much one of our loan products could cost you monthly.
Whether you need to consolidate outstanding, high interest debt; invest in home improvements; or cover any unexpected expenses, we are here to help.
Or contact us today to find out if you are eligible.