Rising prices are putting pressure on most people’s budgets, so why not save money by clearing your credit cards or bank overdraft with our low cost Saver Loan?
Taking out one of our fair and affordable low cost Saver Loans to pay off your credit card bills or to clear your bank overdraft could save you some cash each month, giving you more to spend on necessities or to cover those little extras you couldn’t otherwise afford. It might even make all the difference in being able to put the heating on or to feed the kids every day.
Our Credit Union Saver Loan allows you to borrow up to £25,000 above the value of your savings with us (although lower limits apply for first time borrowers). Interest is charged at a fixed typical rate of 12.7% on the reducing balance of the loan.
The granting of the loan is based upon evidence of affordability, and unlike other lenders, we will not judge you if you have had financial problems in the past, nor will we encourage you to borrow more than you need or can afford.
In addition, our unique Saver Loan sees part of your regular repayments allocated to your Credit Union savings account, which means that as you repay your loan your savings grow. You can access your savings once the loan is repaid and this Saver Loan principle means that you gradually reduce and ultimately eliminate your need to borrow.
Martin Groombridge, Credit Union Chief Executive, said: “Most of us would welcome some extra cash at the end of each month, and when you consider the amount of interest people are paying on credit card debt and bank overdrafts, it makes sense to look at cheaper alternatives. Our Saver Loan is the perfect way of consolidating your debts into one cost effective solution.”
To apply for a Saver Loan, you must first join the Credit Union as a member. When your loan is approved, and if you are not already a member, you must open your account with a minimum £50 deposit to your savings account.
You can apply for a loan today, but often we will reward you with even lower interest rates if you have saved with us first. Having saved with us first also greatly increases the chances of your application being approved.