General loans

Borrowing from us

We consider loan applications for any reasonable purpose. Each application is treated in the utmost confidence and will be considered on its own merits.

See how we compare
Typical cost of £500 loan borrowed over 12 months
 Typical interest rate (APR)Monthly repaymentInterestSaving on interest
Essex Savers23.1%£46.56£58.72-
Credit card29.9%£47.87£74.44£15.72
Door to door lenders272.2%£68.76£825.12£766.40

For an indication of what your repayments could be, please click the “Loan calculator” button on the left.

The interest charged varies according to your savings and credit history. We aim to make a decision on a loan within 24-48 hours of receiving your loan application and all the required documents, ie personal Budget Sheet, bank statement and proof of income. The Loan Application and Budget Sheet forms can be downloaded by clicking the buttons below.

Our loans team make a careful and personal assessment of whether you can afford to repay the loan and keep up with your other commitments. They also look at your credit history, but having had difficulties in the past won't necessarily prevent you from having a loan. If your circumstances are unusual or about to change, please tell us!

As part of the application process, we will ask you to complete a personal Budget Sheet and provide evidence of your financial situation. This must include a current payslip and bank statement.

As a condition of a loan, all borrowers have to save a minimum of £10 per month - where loans are below £1,000 and £20 per month for loans above £1,000. Your savings account is “locked” until the loan is paid off, and helps us to lend to other members. It’s also a nice bonus when you have finished repaying your loan.

If you are over 18 and already a member, you can apply for a loan by downloading and completing the Budget Sheet and Member Loan Application Form (click the buttons below) and returning them to us.

If you wish to apply for a loan but are not currently a member, you can join us by clicking the “Individual membership” button on the left and downloading, completing and submitting a membership form.

Once a loan is granted you will be asked to sign a loan agreement form, which is a legally binding document, being a promise to repay the loan on time and in full. Once this has been returned the loan will be drawn down and the funds credited to your Engage Account (if you have one) or sent to your nominated bank account.

Please note: Loans for new members will not be paid out until the first loan repayment has been received. This can be done by payroll deduction, Standing order or direct benefit payment (you will need to arrange for your benefits to be paid into your Essex Savers account). Click here for the DWP payment of benefits form.

As part of our assessment process we may use credit reference and fraud prevention agencies to help us make decisions.

All loans are subject to Loan Officer / Credit Committee decision and the availability of funds.

Planning and managing repayments

Essex Savers is flexible with regard to repayment plans and when our members face financial challenges. Should you experience difficulties in meeting your repayment commitments you should contact us immediately to explain your situation to us. We will treat the matter sympathetically and do our best to help.

Please remember that it is vital to repay loans in line with your agreement with us. If you don’t, it is other credit union members who suffer.