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Product Information

Our Loyalty Savers Loan product is for members who have built up savings with us, and wish to use that as security for a larger loan at lower rates.

  • You may borrow between £500 and £15,000.
  • You will need to regularly save for at least 3 months and build a savings balance of 20% of the amount you wish to borrow; the maximum liability (loan minus savings) is £7,500 (for example, if you wish to borrow £12,000, you will need savings of £4,500).
  • You will need to retain a minimum of 20% of your outstanding loan in your main shares account for the duration of the loan.
  • Repayments are made by Direct Debit, Standing Order or Child Benefit payments.
  • Interest rate is between 0.5% per month (6.2% APR) and 2.5% per month (34.5% APR), depending on the size of the loan.
  • Repayment period up to 60 months.
  • You will be required to save alongside your loan at the rate of £3 per week (for a loan of up to £1,000), £4 per week (for a loan up to £5.000) and £5.00 per week (loans above £5,000).  These savings cannot be withdrawn while the loan is in place.
  • You may apply for a top-up when 30% of the loan has been repaid.

Fully Secured Loans

  • If your loan is for less than the amount of money you have saved, you will qualify for our lowest rate of interest (0.375% per month, 4.6% APR).
  • You will need to retain shares greater than the value of your outstanding loan in your main shares account for the duration of the loan.
  • You are not required to save alongside a fully secured loan, though we recommend that you do.
  • With a fully-secured loan, you protect your hard-earned savings for the future.