New 12.68% APR* loan - where your savings act as collateral giving security to both you and us
- Lower interest rate – because part of the loan is secured by your savings you benefit from a lower interest rate
- Boost credit rating – successfully repaying your loan may help improve your credit score
- Financial security – your savings remain intact and continue to earn a dividend while you repay your loan
Why choose a Savers Privilege loan?
This type of loan is ideal if you want to borrow money without risking your financial stability. It provides peace of mind knowing that your savings are working for you in two ways: securing your loan and earning a dividend.
| Eligibility | You must be 18 years of age or older and live or work in the DL, DH, HG, NE, SR, TS or YO postcode area |
| Amount and interest | Borrow up to double the value of your savings at 12.68% APR (maximum loan available is £5,000) |
| Savings | A savings balance must remain throughout the term of the loan of at least 50% of the outstanding loan balance |
| Term | Maximum loan term is 60 months |
| Application | Already a member with us? Existing members can choose to secure the loan with their savings. Are you a new member with no savings with us? You will need to apply to open a savings account with us, deposit your savings and then apply for the saver's privilige loan. Both new and existing members are encouraged to start regular savings with us so the saver's privilige loan is an option for you in the future. |
| Same day payment | Sign your loan agreement before 3 pm and have access to the funds the same day |
| Repayments | Loans can be repaid weekly, fortnightly, or monthly depending on which one suits you best |
| Save as you Borrow | We encourage you to continue saving throughout the loan term; either 20% of the loan payment or £20, whichever is the lower amount |
| Early repayments | There are no fees for early repayments |
| Criteria | Applications are subject to our usual lending criteria |
| Representative Examples | If you have savings of £500 you could borrow £1,000 over 12 months with an interest rate of 12.68%APR. Monthly repayments of £88.87, total amount repayable £1066.34. If you have savings of £2,500 you could borrow £5,000 over 36 months with an interest rate of 12.68% APR. Monthly repayments of £166.11, total amount repayable £5979.43. |
