Loans

Loans available from us

A smiling European nuclear family There are times when any individual or family may want or need to borrow some money.

Perhaps you are looking to do some DIY or planning a family holiday. Maybe you’re trying to cover an unexpected expense? Whatever your reason, a loan from Essex Savers could help.

We provide very competitive loan facilities, even if you have a difficult credit history or no prior credit history. The key factors in agreeing to provide a loan are your record of savings with the credit union and any previous loan repayments, as well as your ability to comfortably make your savings and loan payments.

Here are some of the key features of our loans:

  • There are no administrative charges on our loans.
  • The interest rate remains the same for the duration of the loan.. So if you repay early you will pay less interest and save money.
  • Unlike loans from many other lenders, you only pay interest on the reducing balance.
  • Most High Street banks won’t lend less than £1,000. We can offer loans from as little as £100 and for as short as just 1 month.
  • Our interest rates are between 1% and 3% per month (equivalent to 12.68% - 42.6% APR). The highest rate is charged for new members, those without a savings record and short-term loans.
  • Repayments are tailored to individual circumstances. You can pay flexibly - weekly, fortnightly or monthly.
  • Loan decisions are made quickly, within 24-48 hours of receipt of a loan application and required documents, eg bank statement and proof of income.
  • Members are expected to save regularly when they borrow so, as the amount you owe on your loan is reducing, the value of your “savings pot” will be going up.

Members of Essex Savers may apply for any of our four types of loan

  • Short term loans are our affordable alternative to loans from payday lenders, who charge very high rates of interest. Loans are from £100 to £1,000 and may be for up to six months. (Please note: The maximum first loan is limited to £500.)
  • General loans are from £100 to £10,000 and may be for up to five years, although one to three years is usual.
  • Benefits loans are for individual and families in receipt of Welfare Benefits. They offer an excellent way to make the most of your money. Having your Welfare Benefits paid directly into your Essex Savers Budget account can give you access to an affordable credit union loan of up to £500.
  • Secured Loans are for members looking for a loan that's less than or equal to their savings with us. Securing your loan against your savings enables you to borrow at an exclusive low rate.

Please remember that it is vital to repay loans in line with your agreement with us. If you don’lt, it is other credit union members who suffer.

For more details of the loans we offer please click on the appropriate button below.