Secured Loan

Retain your savings while accessing the funds you need with our Secured Loan .

We understand that you want to save for the future but might need money for emergencies or planned expenses. Our secured loan can help you achieve that. This loan allows you to borrow up to 100% of your savings balance. For example, if you have a savings balance of £2000 with Acorn, you can apply to borrow up to £2000 at a very low interest rate allowing you to meet your borrowing needs while still retaining your accumulated savings for future financial stability.

Borrow up to 100% of your savings: Use your savings balance as collateral to secure a loan for your borrowing needs at our lowest interest rate of 0.375% per month, (4.6% APR). Your savings matching the loan balance will be locked until the loan is repaid.

Easy repayments: Repay your loan with flexible options to suit you such as Direct Debit, Standing Order, or Child Benefit payments.

Retain your financial stability: You can retain your accumulated savings for your financial future while borrowing the money you need currently.

Eligibility includes required savings balance, and affordability checks, ensuring the loan is tailored to your financial situation.

Apply for our secured loan today and enjoy the benefits of protecting your hard-earned savings while meeting your borrowing needs.

Apply today

  • Eligibility

    • Aged 18 or over.
    • A member of Acorn.
    • Can provide proof of ID and regular income.
    • Has saved regularly and accumulated the required savings balance.

  • Terms & Conditions

    • No fees or penalties for early repayment.
    • Loans subject to credit search and other lending checks.
    • Savings balance matching the outstanding loan amount will be locked until the loan is fully paid off.

  • Your Loan

    • Up to 100% of your savings (capped at £15,000).
    • 0.375% interest per month (4.6% APR).
    • Loan term of up to 5 years.
    • Loan repaid through direct debit, standing order or child benefits.

What might you pay?

 

The figures below are illustrative examples of typical monthly repayments and total interest. Your exact repayment schedule will be confirmed once your loan is approved.

Loan Value Illustrated Payment Term Monthly Repayment Monthly Required Savings
£500 12 months £43 N/A
£1000 36 months £30 N/A
£5000 60 months £94 N/A

Benefits of this loan

  • Flexible financial support

    Helps you meet you borrowing needs while still retaining your hard-earned savings.

  • Fair eligibility checks

    Tailored loans based on savings balance with Acorn, credit and affordability assessments as required, ensuring responsible lending.

  • Convenient & affordable repayments

    Set up your repayments as direct debit/standing order or child benefit and spread the cost over up to 5 years.

  • Top-up loan

    Top-up your loan balance after 6 months and once 30% of the loan has been paid off  subject to meeting the eligibility criteria.

  • Save while you borrow

    While saving alongside your loan is not mandatory, we recommend you continue to save where possible to further strengthen your financial stability.

Why choose Acorn for ethical, flexible and affordable loans?

We’ve designed our loans to be ethical, affordable and flexible because we know one size doesn’t fit all. Check out how our approach can work for you.

  • 1

    Community-driven: As a cooperative, at Acorn we prioritise your well-being, offering loans to help with essential expenses like education, home needs, and financial emergencies while promoting responsible borrowing and saving.

  • 2

    Affordable options: With fair interest rates and flexible repayment terms, Acorn ensures you can manage your loans effectively, with solutions tailored to your financial needs.

  • 3

    Saving while borrowing: Members are encouraged to save alongside loan repayments, helping build a financial safety net for the future.

  • 4

    Regulated and secure: Your money is safeguarded under the Financial Services Compensation Scheme (FSCS), offering peace of mind with every transaction.

Take control of your finances with Acorn’s affordable, flexible loans. Start saving while you borrow and join a community committed to your financial well-being.

 

Apply today

Testimonials

  • “A wonderful asset to the community allowing one to save a little a week and build a contingency fund and get it if you need it. They are very friendly and helpful to talk to if you need help. Your savings helps others in need in the community get access to a loan with sensible APR’s.”

    Anna – ⭐⭐⭐⭐⭐

  • “Love this credit union. Has great and unique savings products on offer that stand out from all other savings providers. Particularly for those who can only save modest amounts. Hopefully Acorn continues with offering these different and innovative savings products and add even more!”

    Richard – ⭐⭐⭐⭐⭐

  • The back-office support goes beyond expectations. There was a time when I called them because I could not make a withdrawal after logging in. It was simply because I had not logged in for a long time. I was immediately assisted to make the withdrawal.”

    Aggay – ⭐⭐⭐⭐⭐

  • “Acorn enables me to save monthly so that I can support people in the community, who may need a little help. It is easy to organise, and I know my money will be safe.”

    Keith – ⭐⭐⭐⭐⭐

  • “Easy access to your savings. Great customer service. They are always helpful and polite. When needing a loan, they are always quick to respond.”

    Jasmine – ⭐⭐⭐⭐⭐

  • “I have always struggled to save money in the past, but Acorn has made that easy for me.”

    Sandie – ⭐⭐⭐⭐⭐

  • “Excellent service, kind, friendly and efficient staff. I have used for savings and loans for over 10 years and trust them completely.”

    Debbie – ⭐⭐⭐⭐⭐

  • “I have been a customer with Acorn community bank for 20 years, they have always been very professional, very polite and interested in me. I have always been more than satisfied with the service I have received.”

    Chris – ⭐⭐⭐⭐⭐

Struggling with loan repayments?

We understand life’s challenges can make repayments tough. At Acorn, we offer tailored support, flexible repayment plans, and guidance to help you stay on track. Act early to protect your financial health and credit rating.

? Call: 0303 030 0147
? Email: office@acorncb.co.uk

Need extra advice? Contact trusted organisations like StepChange, Citizens Advice, or National Debtline for free, impartial support.

At Acorn Community Bank, you’re not alone find out more on how we can support you. Let’s build a brighter financial future together. Reach out today.

Need help?

App download

Managing your finances should be simple and accessible. Our user-friendly Acorn mobile app puts you in control.

  1. Apply for loans anytime, anywhere: Can apply for a loan from the comfort of your home, at a time that suits you. Everything can be done from your phone or tablet.
  2. Fast & efficient processing: Most of the necessary checks are automated, ensuring efficient processing and quicker response.
  3. Application tracking: Monitor the progress of your loan application as it moves through each stage and easily upload requested documents. In the testing phase.
  4. Enhanced security: The Acorn app is equipped with PIN protection, ensuring your information remains safe and secure.
  5. Easy management: Track your loan repayments, access your transaction history, and check your outstanding balance with just a few clicks.

With the Acorn app, you can enjoy a convenient and secure way to manage your loan and take control of your finances. Download the Acorn app today and experience the convenience of banking at your fingertips.

Download app