Advantage Loan

Advantageous interest rates, rewarding saving!
Save as you borrow

For all members

Borrow 5 x Retail CU savings balance
(borrow £1,000 – £25,000)

Maximum loan term – 7 years

Interest rates
Loans <£9,999 – 10.4% p.a. (10.9% APR)
Loans >£10,000 – 5.75% p.a. (5.9% APR)

The Advantage loan rewards members who have built up savings by offering an advantageous interest rate. Borrow up to five times your Retail CU savings, between £1,000 and £25,000, at extremely competitive interest rates, and save as you borrow, so your savings will continue to grow whilst repaying your loan.

The Advantage Loan is available for almost any purpose, so, if you’re planning home improvements, upgrading the car or have a special occasion to celebrate, talk to us, and we could help!

Advantage Loan at a glance
  • Borrow between £1,000 – £25,000, up to 5 times your Retail CU savings
  • Advantageous interest rates, that reduce for larger loans
  • 20% of the outstanding loan value must be kept in a Membership Account and cannot be withdrawn
  • Save as you borrow, so you’ll continue to grow your savings whilst repaying your loan
  • Maximum loan term 7 years
  • Affordable repayments tailored to suit your budget
  • Easy to apply, with options for everyone – apply on our App, apply online, apply on our Nivo App on your mobile, or complete a paper form if preferred, although this takes a bit longer!
  • Apply to Top Up when repaid 10% of the original loan value

Please Note: If applying to Top Up, please apply for the amount you are topping up by, when completing the application. If approved, this amount will be the extra amount you receive.

Benefits of an Advantage loan
  • No application fees or hidden charges
  • No penalties for early repayments, so repay early & you’ll save interest
  • Affordable loan repayments through payroll deduction, or alternatively by direct debit
  • Apply for a top up once 10% of original loan value repaid
  • Convenient weekly, 2-weekly, 4-weekly or monthly repayment, tailored to suit your budget
  • Save as you borrow, so you’ll continue to grow your savings whilst repaying your loan
  • Savings continue to attract dividend payments* whilst repaying your loan

*Dividends are not guaranteed. The rate payable is dependent on financial performance and voted on by members at the Annual General Meeting.

Things you should know
  • 20% of the original loan value must be kept in a Membership Account and cannot be withdrawn until your loan is cleared.
  • You must also save a minimum of £2/week or £10/month as you borrow, so you’ll continue to grow your savings whilst repaying your loan. This minimum saving amount will be added to your ‘Locked Savings Account’ and cannot be withdrawn until your loan is cleared.
  • After repaying 10% of the original loan value, members can apply to top up the loan
  • Members may only hold 1 Retail CU loan at any time
  • The Advantage loan is not available to members who are bankrupt or have an Individual Voluntary Arrangement (IVA) that shows on their credit report.
  • Paying ‘lump sums’ into a savings account to qualify for an Advantage Loan is not permitted. Instead, regular weekly or monthly savings are required. However, transferring regular savings from another savings account may be considered on an individual basis.
  • Other terms and conditions may apply.
Speeding up your loan application with Open Banking

With your consent, we use Open Banking to review your income and expenditure, speeding up the assessment process and saving you time. Open Banking is safe and secure, quick, and the easy way to allow us to view your last 3 months income and expenditure. It’s an alternative to asking for copies of bank statements. For more information on Open Banking, click here.

If we cannot use Open Banking, you will need to supply us with copies of your last 3 months bank statements, before we can consider your application. The bank statements must cover the 3 months up to the date of your application, and must include your name and address*. Poor quality or incomplete copies cannot be accepted, and will delay your application. Open Banking is therefore the quickest, easiest and most secure way to provide us with the required income and expenditure information.

* If your address (or name) is different to the one on our system, we will need to see a recent, official proof of address document like a bank statement or utility bill before considering your loan application.

Loan Calculator

Use our loan calculator to see how much you could borrow and how much you would pay back.

Loan FAQs

For help and guidance on applying for a Retail CU loan and everything you need to know to guide you through the application process.

Representative Examples

Weekly repayments

Borrowing £3,500 over 156 weeks will cost £26.14 a week. The total amount repayable is £4,077.82 which includes interest at 10.9% APR.

Monthly repayments

Borrowing £12,500 over 48 months will cost £292.13 a month. The total amount repayable is £14,022.35 which includes interest at 5.9% APR.

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