Sometimes you need money, but don’t want to dip into your savings.
With our new Savings Secured Loan, your loan is secured against your Retail CU savings, protecting them whilst enabling you to still borrow money at a great interest rate of just 5.9% APR, our lowest ever rate. And remember… your savings continue to earn an annual dividend* (making the rate even better than most high street lenders!), and you benefit from our Free Life Cover too.
So, if you’re looking to borrow money at a great rate secured against your savings, our Savings Secured loan is for you!
Savings Secured Loan at a glance
Borrow up to the value of your Retail CU savings, between £250 – £25,000
Our lowest interest rate of just 5.9% APR
Maximum loan term 7 years*
100% of the loan value must be kept in Regular Savings Account as security and cannot be withdrawn
Top Up by a minimum of £100 at any time, up to the value of your Retail CU savings
Affordable repayments tailored to suit your budget
Benefits of a Savings Secured Loan
No credit or affordability checks
No application fees or hidden charges
No penalties for early repayments, & you’ll save interest too
Affordable loan repayments through payroll deduction, or alternatively by direct debit
Convenient weekly or monthly repayment, tailored to suit your budget
Savings continue to attract dividend payments* whist repaying your loan
*Dividend dependent on company performance and agreed by Board and members at the AGM.
Things you should know
Members must keep 100% of the loan value in their Membership Account. This will be secured against your loan and cannot be withdrawn until the loan is cleared in full.
You must continue to save a minimum of £2/week or £10/month into your Membership Account, meaning you will have more savings once your loan is cleared.
Members can Top Up their Savings Secured loan up to the value of their savings at any time. The minimum Top Up value is £100
When a loan requires a level of savings we usually only take into account savings built up in your Retail CU accounts. However, we will consider lump sums paid into your Retail CU account from other sources, if you are able to provide evidence that the lump sum has come from other savings.
Other terms and conditions may apply.
Loan Calculator
Use our loan calculator to see how much you could borrow and how much you would pay back.
Retail CU is part of Voyager Alliance Credit Union, and both are trading names of Penny Post Credit Union Ltd. Penny Post Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Reg No. FRN213680
