Savings Secured Loan

For all members

Borrow your Retail CU savings balance at our lowest interest rate

Maximum loan term – 7 years

Interest rate 2.86% (2.9% APR)

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 2.9% 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 2.86% (2.9% 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  • 100% of the loan value must be kept in Regular Savings Account as security and cannot be withdrawn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
  • Quick & easy online application – apply in minutes with Nivo or apply by completing our online application form

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

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 This will be secured against your loan and cannot be withdrawn until the loan is cleared in full.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
  • Paying ‘lump sums’ into a savings account to qualify for a Savings Secured 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.

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 £2,000 over 104 weeks will cost £20 a week. Total amount repayable is £2,079.76 which includes interest at 4% APR.

Monthly repayments

Borrowing £5,000 over 36 months will cost £147.40 a month. Total amount repayable is £5,306.31 which includes interest at 4% APR.

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