Family Loan & Savings Plan

Helping families to make the most of their money

Apply immediately for a loan of up to £500. With this popular Plan you can save up for holidays, Christmas or other big spends at the same time as repaying your loan.

Simply become a Credit Union Member, arrange to pay a benefit or wage into your SaveEasy account, and we’ll do the rest.

Features:

  • Borrow up to £500

  • Fixed interest rate – 3% per month on reducing balance (42.6% APR)

  • Repayments come straight from your benefit or wage

  • Save as you repay your loan, with access once your loan is paid in full

  • No hidden fees, charges or repayment penalties

  • Free Life Savings & Loan Protection Insurance (terms and conditions apply)

Price comparison

How to apply

Step 1:

Become a member of SaveEasy Credit Union here. Existing members please skip to Step 2.

Step 2:

Complete a loan application (this can also be completed in branch, if preferred). Provide supporting financial evidence online via Credit Kudos (we will email you a link which will ask you to login to your online banking - saving a visit to the bank!)

Step 3:

If your application is approved, we will contact you advise you of your loan offer. You then call your chosen benefits helpline or contact your employer and advise them that you want your payments to go to the Credit Union and give them our bank details (we will provide these for you).

Step 4:

When your benefit or wage payment hits your account, we'll contact you to sign your Loan Agreement, confirm what your loan repayment will be and how much of your benefit or wage you'll have left over. You decide how much per week / fortnight / 4 week / month you want to save. We'll then issue your loan funds!

SaveEasy Tip!

Why not open savings accounts for your children and pay a small contribution into their account whilst you save in yours!

Frequently asked questions

Who can apply for the Family Loan & Savings Plan?

You must: a) be a member of SaveEasy Credit Union, b) be aged over 18, c) have a benefit or wage paid into your Credit Union account until the end of the Plan.

How do I repay the Loan?

Your Loan will be repaid with your benefit or wage payments which will need to be paid into your Credit Union account.

How much could the repayments be on a £500 loan?

A £500 Family Loan over 52 weeks will cost £11.50 per week.

How do I save with the Plan?

When your benefit or wage is paid into your Credit Union account, your loan payments will be deducted plus an amount you agree to save when you sign your loan agreement.

How much might I save?

This is up to you, always decide what is affordable, for you. Below are some examples of weekly savings amount and how much will accumulate by the end of the loan term.

1) £5 per week, £260 saved after 1 year.

2) £10 per week, £520 saved after 1 year.

3) £15 per week, £780 saved after 1 year.

Can I withdraw my savings?

Whilst a loan balance is outstanding, savings are locked in place. Upon completion of your Family Loan, savings are available to withdraw.

Can I save separately to the Plan?

Yes. You can still save with additional payments and also open other Credit Union savings 'pots'.

What will you need as a proof of my income?

Three months most recent and full bank statement clearly showing income & expenditure.

Do I need to be employed to apply for the Plan?

No, as long as you can provide proof of regular income as stated above.

Do you do a credit check?

Yes, as a responsible lender. We aim to help as many members as we can and so we may contact you with further questions once the Credit Report is returned.

How long does it take to make process my loan?

Once your application is complete and you have arranged for your benefit or wage to come into your Credit Union account, we will contact you as soon as the first payment hits your account.

How much can I borrow on the Plan?

You can apply for a Loan of up to £500.

Do you offer joint Loan accounts?

Not currently.

How often must I make repayments?

Either weekly, 2-weekly, monthly or 4-weekly depending how often you receive your benefit or wage.

How do I collect my Loan money?

We can transfer money to your bank account or, if arranged in advance, you may be able to collect cash from a branch. If you want to use your Loan money to pay any existing credit or bills, we can arrange to pay these for you.

What interest do I pay?

3% per month (42.6% APR).

How is interest applied?

It is applied to your Loan daily and calculated on the outstanding balance. This means that if you settle your Loan early you will pay less interest.

What term do I pay my Loan over?

Over one year.

Are there any penalties or hidden charges for clearing my Loan off early?

No.

What happens if my benefit or wage stops, or is no longer paid into the Credit Union?

As you will still be liable to make your Loan repayments, you will need to select an alternative method of payment such as bank standing order.

How often will I get a statement?

Statements are provided upon request, or you can check your balance by registering with us on our website.

What if I cannot afford my repayments?

Contact us without delay to discuss a reduced payment plan. Failure to keep up repayments could have a serious effect on your credit report and ability to obtain future credit.

What about insurance?

Your Loan may be covered by our free Loan Protection Insurance.

All loans provided by SaveEasy Credit Union are subject to status and our lending policy. Applicants must be aged over 18. The Credit Union reserves the right to decline any application or offer a loan that differs from those advertised.

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Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority

FRN: 213676. Members savings protected by the Financial Services Compensation Scheme. Members of the Financial Ombudsman Scheme.