- The Savers Loan is only for members with savings. The amount you can borrow depends upon the amount you have saved.
- You can apply to borrow up to twice your savings, and possibly three times if you have a good loan repayment history (up to a maximum of £7,500).
- The savers loan is exclusively for members who’ve saved regularly with us for at least three months.
- You can apply to borrow up to twice your savings,
- If you have a good payment history with us you may be able to borrow up to £7,500
- Interest is based on the amount you borrow.
- No fees, early repayment charges or penalties
- Payments made by standing order
To be eligible for a Savers Loan of £100 to £4,999 you will need to:
- have a good record of saving with Stroud Valleys Credit Union
- have sufficient disposable income
To be eligible for a Savers loan of £5,000 to £7,500 you will need also to:
- have a minimum household income of £18,000 mainly from employment or pension
- be up to date with any existing or previous loans
- make repayments by standing order unless cash repayments on previous loans were made without defaults
- have no adverse credit findings for 3 years
- have lived at your current address for at least 2 years
Use the loan calculator below to get an estimate of how much interest you may pay (for illustration purposes only)
Loan applications can be made online or by filling in an application form. Savers loans are only available to members who have saved with us for at least 3 months.
Click here for details of the information you will need to supply and the application process.
You must agree not to withdraw your savings until the amount left to repay is less than you have in your savings
Savers loan interest rates are:
£100-£4,999: 1.25% per month which equals 15% a year (APR). If the loan is the same as the amount in your savings account, the interest rate is 0.65% a month which equals 8% a year (APR)
£5,000-£7,500: 0.65% a month which equals 8% a year.
Repayment periods are 1 year for loans of up to £1000 and up to 5 years for larger loans