Gold Loan

Rewarding saving, this flexible loan offers members a preferential interest rate

For members with 1 or more years Retail CU membership

Borrow 4 x Retail CU savings balance
(borrow £1,000 – £15,000)

Interest rate 9.4%pa (9.9% APR)

The Retail CU Gold Loan rewards members who have built up savings by offering a preferential interest rate. This flexible loan allows members to borrow up to 4 times their savings, up to £15,000, and is exclusively for members with 1 or more years’ Retail CU membership.

Members can apply for a Gold Loan for almost any purpose. So if you have a special occasion to celebrate, are looking to upgrade the car, or are planning home improvements, talk to us, and we might be able to help!

Gold Loan at a glance
  • Borrow between £1,000 – £15,000, up to 4 times your savings
  • Preferential interest rate of 9.4% p.a. (9.9% APR), rewarding you for saving
  • Maximum loan term 6 years
  • 1 or more years’ Retail CU membership required
  • Affordable repayments tailored to suit your budget
  • 25% of the outstanding loan value must be kept in Membership Account as security & cannot be withdrawn
  • Quick & easy online application – apply in minutes with Nivo or apply by completing our online application form
Benefits of a Gold Loan
  • No application fees or hidden charges
  • No penalties for early repayments, & you’ll save interest too
  • Affordable loan repayments straight from your pay if you work for one of our Payroll Partners, or alternatively by direct debit
  • Convenient weekly or monthly repayment, tailored to suit your budget
  • Savings continue to attract dividend payments* whilst repaying your loan

*Dividend dependent on company performance and agreed by Board and members at the AGM.

Things you should know
  • Members must keep 25% of the outstanding loan value in their savings account as security. This amount cannot be withdrawn until the outstanding loan balance is less than the amount held in the Membership Account.
  • After repaying 10% of the original loan value, members can apply to top up the loan. Lump sum repayments do not count towards the 10%.
  • Paying ‘lump sums’ into a savings account to qualify for a Gold 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.
  • The Gold Loan is not available to members who are bankrupt or have an Individual Voluntary Arrangement (IVA) that shows on their credit report.
  • Other terms and conditions may apply.
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 easy. 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 111 weeks will cost £35 a week. Total amount repayable is £3857.89 which includes interest at 9.9% APR.

Monthly repayments

Borrowing £10,000 over 55 months will cost £225 a month. Total amount repayable is £12,245.35 which includes interest at 9.9% APR.

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