Secured Loans

Loans secured on your savings

Golden coins in a lifebelt with a large red percentage sign above 
We want to encourage members to build up their savings to prevent them having to borrow in future. To encourage members not to withdraw their savings we offer an alternative “Secured Loan” at 12.6% APR. This allows members to borrow at preferential rates and still keep their savings for a rainy day.

As no proof of income documentation is required for loans that are secured against the member’s savings, we can make a quick decision. And, all of the normal loan benefits - no set up fees, flexible repayment options and no penalties for early repayment - apply to Secured loans. Plus, your savings will still be eligible for future dividend payments.

Please remember that only your savings above the value of your outstanding loan balance will be available whilst repaying your loan.

For an indication of what your repayments could be, please click on the ‘Loan calculator’ button on the left. The interest charged will vary according to your savings and credit history.

We aim to make a decision within 24-48 hours of receiving your loan application and personal budget sheet. These can be downloaded by clicking on the buttons below.

So, if you have sufficient savings with us and need to make a necessary purchase – but don’t want to dip into your savings, our “Secured loan” could be just what you are looking for.

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.