Loans to members
Essex Savers offers highly competitive interest rates on loans made to members. Repayments are tailored to individual circumstances. The interest charged is 1% - 2% per month on the reducing balance (equivalent to 12.68% - 26.8% APR).
Only members aged 18 or over are eligible for a loan. A member can apply for a loan after saving with us for a minimum of eight weeks. The interest charged varies according to the member's savings. We aim to make a decision on a loan within seven days of receiving an application.
More immediate loans may be available, with interest charged at the higher rate.
If you are over 18 and have been a member for at least eight weeks you can apply for a loan by downloading and completing the Budget Sheet and Loan Application Form (click the buttons below) and returning them to us. If you over 18 but have not yet been a member for eight weeks, you can apply for a more immediate loan by downloading and completing the Budget Sheet and Priority Loan Application Form and returning them to us. Loan decisons are based on your ability to repay.