Family Loan of up to £500
with 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.
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 checked 15.09.2020
How to apply
Step 1: Become a member
Existing members please skip to Step 2.
Step 2: Apply for your Family Loan
Also 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: Decision returned within 48 hours
Within 48hrs we will contact you advise you of your loan offer. If approved, 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: Receive your loan!
When the first payment of your benefit or wage payment hits your account, we'll contact you to sign your Loan Agreement (this can usually be signed via email), 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!
Why not open savings accounts for your children and pay a small contribution into their account whilst you save in yours!
What happens to the rest of my benefit / wage after you deduct the loan repayment and savings?
Once your loan has been paid and a contribution has been made to your savings, we will send the remainder of the funds back to your nominated bank account via faster payment the same morning we receive your benefit / wage.
We will only deduct what has been agreed as per your loan agreement and aim to return funds to you by 11am on your payment date.
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.
What can the Family Loan be used for?
You are free to use your Family Loan for any purpose needed. We will assess suitability and affordability of your application irrespective of the reason for applying.
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 £11.49 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?
We use Credit Kudos (Open Banking) to capture your financial data. We will email you a link and ask you to sign in to your online banking to share access for the purpose of assessing your loan.
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 we aim to return a decision within 48hrs. If a loan is approved, we will ask you to pay a benefit or wage in to your Credit Union account. Once the direct payment is received for the first time, we will email you a loan agreement to sign so you can receive your funds.
How much can I borrow on the Plan?
You can apply for a Loan of up to £500.
Do you offer joint Loan accounts?
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?
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.