Savers' Loan
Once you have saved with us for three months, members are eligible to apply for a Savers' loan. As a first time borrower, members can borrow up to twice the amount of their savings. Subsequent loans are usually based on a multiple of three times the amount saved.
Features:
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The more you save, the more you can borrow (subject to affordability)
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Fixed interest rate – 2% per month on reducing balance (26.8% APR)
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Quick decision
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You can apply even if you have no credit history
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No hidden fees, charges or repayment penalties
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Interest charged on outstanding balance only
How to apply
Savers' Loans are available to existing members only.
1) Save regularly with the Credit Union for 13 weeks / 3 months.
2) Complete a loan application online here. Applications can also be completed in-branch, if preferred.
3) We will contact you with a loan decision
4) If approved, we will send you your loan documents to e-sign or you can sign in-branch.
5) We issue your loan funds!
Frequently asked questions
Who can apply for a Savers' Loan?
You must be: a) a member of SaveEasy Credit Union, b) have a savings history of at least 13 weeks / 3 months, c) agree to save whilst repaying your loan, d) aged over 18.
What can the Savers' Loan be used for?
You are free to use your Savers' Loan for any purpose needed. We will assess suitability and affordability of your application irrespective of the reason for applying. We have preferential rates in certain instances subject to meeting eligibility criteria. By declaring correctly the purpose of your loan we can provide guidance in these instances.
Can I borrow for business purposes?
At present, we only provide personal loans to our membership.
How can I apply for a loan?
Complete a Loan application form online or in-branch.
Do I need to prove my income?
Yes. First time borrowers will need to provide three months bank statement (most recent).
Do I need to be employed to apply for the loan?
No.
Do you do a credit check?
Yes, however, your savings record is also taken into account when reaching a loan decision.
How long does it take to make a decision?
If you are applying in branch, you will usually receive a response upon completing the application form.
How much can I borrow?
First loan is up to double your savings, subsequent loans can be up to triple your savings. Subject to affordability.
When can I apply for another Saver's Loan?
Provided you have created further 'borrowing power' with your savings, we can accept a Top-up loan application.
Can I apply for the Saver's Loan if I already have another SaveEasy Credit Union loan?
Yes! For example, if you have taken out our Family Loan & Savings Plan and have made good progress on both; paying back the loan & building your savings, providing there is 'borrowing power', we may be able to accept a Saver's Loan application.
Do you offer joint loan accounts?
Not currently.
How do I repay my loan?
All loans are to be repaid by bank standing order, cash, cheque, card payment or by payroll deduction.
How often must I make repayments?
According to the frequency of when you receive your income. Repayments should be made regularly (weekly, fortnightly, 4-weekly or monthly).
How do I collect my loan money?
We can transfer money to your bank account. By arrangement, you can collect cash from our offices. If you wanted 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?
26.8% 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?
First loan is payable within one year, subsequent loans payable within up to five years.
Are there any penalties or hidden charges for clearing my loan off early?
No.
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.
Can I still save with the Credit Union if I have a loan?
Yes. We encourage members to save regularly.
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.
'Borrowing Power' refers to a multiple of your savings balance - 2x for first loans, 3x for subsequent loans.
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.