Essex Savers short-term loans

Our short-term alternative to payday loans

Cash to tide you over - and quickly

An Essex Savers Short Term Loan is designed to see you through until your next pay day or for a few months. Although you can apply to borrow from £100 to £1,000, the maximum for the first Short Term Loan is £500.

By being a member of Essex Savers and using our Short Term Loan you will be able to make considerable savings on interest payments compared to, say, Doorstep and Payday lenders.

Our Short Term Loan gives you the opportunity to pay back your loan over 1-6 months. It is a flexible product that helps you control your finances.

As a condition of a loan, all borrowers have to save a minimum of £10 per month. 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.


To apply for an Essex Savers Short Term Loan you must:

  • be over 18;
  • be employed and earning a minimum of £12,000 a year;
  • have your salary or wages paid into a bank current account; and
  • work for an employer who is willing for your loan repayments to be made via payroll deduction or have a bank current account with a standing order facility.


By law the maximum interest rate that a credit union can charge for a loan is 3% per month or 42.6% APR. The illustration below shows how much you will save in interest charges if you take out an Essex Savers Short Term Loan compared to a typical payday loan.

See how we compare
Typical cost of £400 payday loan for 30 days
 Typical interest rate (APR)Interest
Essex Savers Short Term Loan42.6%£12
Typical payday lender1,270%£96
An Essex Savers Short Term Loan could save you up to £84 in interest charges.

If you have an Engage Account we can credit your account free of charge on the day your loan is approved.

If you need your loan paid into your current account on the same day, the credit union incurs a small charge for this service which we will pass on to you. If you prefer not to pay this charge, we could pay your loan using a BACS payment which would take a maximum of 3 working days for the money to be credited to your current account.

Apply now

If you are a member of Essex Savers you can apply for our Short Term Loan now. 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.

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.

To apply for an Essex Savers Short Term Loan download and complete the application form and budget sheet below. Take them together with three current payslips and a current bank statement to your local Service Point. (Click the “Service points” button above for a list).

Alternatively they can be sent or taken to our head office in Chelmsford; they can be scanned and emailed, faxed, posted or delivered in person. Our head office address is shown below.

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.