Super Savers Loans are for existing members who have made regular payments into their accounts over a period of 3 months or more and have a good loan history. Suitably qualified members can borrow up to £10,000 for up to 3 years with a minimum loan period of 4 months. Interest rates are 1% per month flat (12.68% APR) for loans over £2,000 and 2% per month flat (26.82% APR) for loans under £2,000.
Just so you can get some idea of the amount you can borrow and how much it will cost in terms of monthly repayments and interest costs, we have included a calculator below. Pull the sliders around to see an illustration of what the loan could cost you, but bear in mind that there are minimum payment constraints which may apply.
Let’s take a look at the Super Savers Loan in more detail to see whether you’re eligible and whether it meets your needs. The full Terms and Conditions are shown below, but here’s a brief run-down.
- Super Savers Loans are for members who have been making payments into their credit union accounts of at least £62 per month (equivalent to £57 every 4 weeks, £42 every fortnight or £15 every week) for a minimum of 3 months. Lump sum payments (also know as “share loading”) will be disregarded in making the assessment.
- A lump-sum amount of shares used to partially secure a loan will be be set aside in a Pledged Savings account and cannot be withdrawn until the loan is repaid in full.
- Members must have a good history of making regular loan repayments with minimal arrears.
- For the first Super Savers Loan, you can borrow up to twice your savings to a maximum of £3,000 for between 4 and 12 months.
- For the second Super Savers Loan, you can borrow up to 3 times your savings to a maximum of £5,000 for between 4 months and 2 years.
- For the third and subsequent Super Savers Loan, you can borrow up to 4 times your savings to a maximum of £10,000 for between 4 months and 3 years.
- You are required to make savings payments equivalent to 10% of the loan repayment, to be added to your regular loan repayment.
- You can top up to a maximum of your initial loan amount ONCE provided you have repaid at least half of it and you’ve been making your payments on time with no arrears.
- You can fully repay the loan from shares ONCE. This will require authorisation by the person nominated to supervise the loan.
- We will carry out an affordability check based on the information you provide us to help prevent you getting into financial difficulties.
- We will carry out a Credit Check, although a poor credit score will not necessarily mean you won’t be granted a loan.
- We will take into account your previous payment history if you have had loans with us in the past.
- When filling in the form, it’s important you are truthful. Any discrepancies found will necessarily affect whether you will be granted a loan.
We can pay your loan advance by Faster Payments Transfer (our preferred method), or Cash (we need at least 3 days notice for cash payments over £1,000). In exceptional circumstances, we can pay it by cheque for paying into your personal bank account or by cheque for cashing at a Post Office (a charge will apply for this service).
To apply for or top up a Super Savers Loan, click the button below, print the form and fill it in as fully as possible. Alternatively, forms are available at any of our Service Points where you can also ask for help in filling in the forms.
- Open to existing members with good loan history
- Highly competitive interest rates
- Must be over 18 years old
- No arrangement fee
- No penalty for early settlement
- Overpayments welcome
- Weekly, fortnightly, 4-weekly or monthly repayments
- Covered by Life Insurance, subject to Terms and Conditions
- We will normally process loan applications within 5 working days (allow 10 working days in run-up to Christmas), however larger loans may take longer.
Terms and Conditions
- Applicants must be at least 18 years old.
- Lump sum deposits (share loading) will not be taken into account when considering the grant of a loan.
- All loan applications must be made in writing on the appropriate Loan Application form and passed to a Service Point or sent to the main office (14 Cumberland Street, Devonport, Plymouth, PL1 4DX).
- You must supply a contact email or telephone number on the Loan Application form.
- A Loan Agreement must be completed and signed both by the applicant and the credit union before any loan advances are paid.
- In order to qualify for a lower interest loan type in the future, you will be required to pay an amount equal to 10% of the agreed loan repayment into your savings account in addition to your loan repayment.
- The credit union reserves the right to refuse any application and to refuse a loan for certain purposes.
- As part of the approval process, we may require proof of income and expenditure such as (but not limited to) bank statements for the previous 3 months. We may ask for further proof if considered necessary.
- We may require you to attend an interview as part of the loan application process.
- You agree that we contact a Credit Checking agency to check your credit worthiness as part of the loan application process.
- In the event that you default on your loan, details of such default or defaults may be passed to credit reference agencies, debt recovery agencies, and the courts. In such circumstances we may disclose details of your account and any other matters relating to your account to any credit reference agency.
- You agree that should you fail to make any repayments due under this agreement or become insolvent, the total amount outstanding may immediately become repayable (unless agreement on payment mechanisms can be agreed between us).
- You also agree that we will pass on to you any costs incurred in collection of overdue payments including the costs associated with any legal action we may take.
- In signing the Loan Agreement you agree that, should repayments on the loan fall into arrears, all current and future savings in all share accounts deposited with the credit union up to the value of the outstanding loan may be used to offset the debt.
- I agree that if I default on repayments, information about my loan may be passed on to the Department for Work and Pensions for their consideration of deductions from the benefits that I am or will become entitled to.
- We may terminate the Loan Agreement and demand immediate repayment of all sums due if:-
- You fail to keep any part of the Loan Agreement
- You have given us false or inaccurate information in connection with the Loan Agreement.
- Statements are available on request. We will provide statements either by post, in an office or at a service point. You must inform us immediately of any incorrect item on your statement.
- The interest rate for Partially Secured Loans for loans up to £2,000 is 2% flat per month or 24% flat per annum calculated daily (26.82% APR).
- The interest rate for Partially Secured Loans for loans over £2,000 is 1% flat per month or 12% flat per annum calculated daily (12.68% APR).
- As detailed in full on the Life Insurance page, loans for members over 70 years of age are not covered by life insurance.
- All members must declare any pre-existing medical conditions when applying for a loan.
Above all, bear in mind that the credit union is here to help. If you experience any financial difficulties, please get in touch with us as soon as possible and we will do our best to help.