Our revolving credit facility for members
It’s an ideal way of protecting your hard-earned savings, whilst borrowing money from us to finance a large purchase or necessary expense. If you have made regular savings with us over at least three months, you can apply to borrow up to five times the total amount of those savings.
Our interest rates for Loyalty Loans range from 0.5% per month (6.2% APR) to 2.5% per month (34.5% APR), depending on your level of savings and the amount of loan requested.
General Information
While repaying a Loyalty Loan, you are required to maintain a sum at least equivalent to one-fifth of your outstanding loan amount in your savings account.
Applicants must be a UK resident and at least 18 years old.
To apply for a Loyalty Loan online, log in as a member and then just select the relevant link on the online application section. Alternatively, to find out more, call our offices now on 01793 522216.
Charges
We do not charge any administration fees for accessing our loans. We do not charge for re-paying your loan early.
Interest
Interest is fixed throughout the duration of your Loyalty Loan agreement. Interest rates are between 0.5% and 2.5% per month (6.17% to 34.5% APR)
Repayment Information
The easiest way to make loan repayments is by setting up a regular plan from your online banking website. We can also help you set up a Standing Order or Direct Debit, if you would prefer that, or you can make regular cash repayments through one of our collection points.
Withdrawing funds
When a loyalty loan is granted, the money in your savings account at that point will be secured against the loan.
Member of ABCUL
Authorised and Regulated by
Your money is protected up to £85,000
