Borrow against your savings at a lower interest rate
Savings Secure Loans are perfect if you need some money but want to keep your savings intact.Using your savings as security you benefit from a lower rate of interest on your loan.
- Savings to the value of the loan will be held as security in your Salford Credit Union Savings Account.
- As the Savings Secure Loan balance reduces, the amount of the savings held as security will reduce in line with the outstanding balance.
- Same day decision (subject to daily cut off times).
- Members may receive dividend on savings held as security in the Salford Credit Union Savings account.
Savers Secure loans are from £100 to £10,000
Representative APR for loans at October 2018: 12.68% -£100 to £6,999, 7.7%– £7000 to £10,000
Maximum repayment term of five years
No set up fees
No admin charges
No early repayment penalties
How to apply
NOT A MEMBER?You will need to become a member to qualify for a credit union loan. If your loan application is approved you will automatically become a member.
NON MEMBERS- apply here
EXISTING CREDIT UNION MEMBER?
EXISTING MEMBER- apply here
- You can also apply at the office
- Give us a call on 0161 686 5880 to speak to one of our friendly advisers or email firstname.lastname@example.org if you want more information.
All loan decisions are made on an individual basis and subject to status.
We look at factors including your income and expenditure, ability to repay, previous savings history and history of managing credit. This may include credit scoring but we are regularly able to help members with poorer credit scores.
We may be able to help applicants with recent defaults or County Court Judgements (CCJs) but we will expect you to be repaying them. If in doubt you can carry out your own credit search which should not harm your score –there are free checks available.
If it’s your first loan with us then a loan similar in value to your monthly income might be a realistic starter loan. Once you’ve shown you can pay this back with no issues then you are more likely to be successful with an application if you need larger loans in the future.
After your first loan you can usually apply to ‘Top Up’ future loans once you have paid at least half of it back in line with the loan agreement.
We recommend you use our Budget planner to help check you can afford the loan repayment
IT IS VITAL TO REPAY LOANS IN LINE WITH YOUR AGREEMENT. Failing to repay loans means other credit union members –your friends and neighbours- suffer. Contact us as soon as you think there may be problems, we will try to help if we can.
Representative exampleSee how we compare
£1500 loan repaid over 24 months at 12.68% APR.
Repay £70.60 every month. Total interest £194.29
YOU PAY A TOTAL OF £1694.29
£1500 loan repaid over 24 months at 20.6% APR.
Repay £75.55 every month. Total interest £313.20
YOU PAY A TOTAL OF £1813.20
All approved loans are subject to Terms & Conditions. Current terms of lending can be found here
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