Use your savings to secure a preferential interest rate at 6.17% APR
Deposit funds into a savings account and borrow up to the same amount at 6.17% APR.
Guarantor loan secured against savings
This guarantor loan is backed by savings - either your own or your guarantor’s.
The loan is secured against funds held in a savings account for the duration of the loan.
With savings held as security, this loan offers a practical and controlled way to borrow - whether you’re planning a large purchase, supporting a family member, or helping someone build their credit profile.
- Savings are held as security against the loan
- May help you access credit more easily
- Ideal for making a large purchase without using your savings
- A simple way to lend to a relative without managing repayments yourself
- Can help a child or family member build their credit rating
| 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 | Borrow up to £15000 |
| Term | From 6 months to 5 years |
| Interest | 6.17% APR |
| Security | The loan is secured against your savings. Your savings balance must be equal to or greater than your outstanding loan balance throughout the loan term |
| Repayments | Loans can be repaid weekly, fortnightly, or monthly depending on which one suits you best |
| Risk | Your savings may be at risk if the Borrower fails to make their required loan repayments |
| Early repayments | There are no fees for early repayments |
| Documentation for your application |
To help protect our members from document fraud, we now use secure Open Banking access as the primary way to review the last three months of bank transactions for loan applications. This access is temporary and read-only. We do not have permanent access to your account and cannot make payments or changes. If your bank or building society does not support Open Banking, please contact us and we will advise on alternative documentation. |
If you are interested in guaranteeing a loan for someone else but want to know more please
