Savings Based Loans

Our Gold and Loyalty Loans are some of our cheapest personal loans products – maybe that’s why they are so popular with members like you!

Here is how our savings based loans work:

Gold Loans

Our flexible Gold Loans are our most popular personal loan product!

To apply for this loan you must have saved with us consistently for at least 12 weeks, and be eligible to apply for at least £100. You can apply for up to 3 times your savings balance.

**NEW**  If you have an excellent credit record we will consider larger loans of up to 10 times your savings, even on your first loan with us.  The interest rates that we offer on loans up to £5,000 are extremely competitive, and beat most of the rates offered by the high street banks! (checked 27/10/2016)

Features:

  • Apply for £100 to £10,000*
  • Apply as soon as you have saved for the equivalent of at least 12 weeks
  • Repayments from as little as £2.50 per week
  • Spread your repayments over up to 5 years
  • 26.8% APR (2% interest per month)
  • APR reduced to 12.7% on loans of £3,000 or over (1% interest per month)
  • Interest payable on declining balance – meaning you pay less if you make your repayments on time
  • No loan arrangement fees or set-up costs
  • No early repayment fees if you want to settle the loan early (may impact on eligibility for Loyalty Loans – see below)
  • Gain access to Loyalty loans (see below)

Eligibility:

You can apply for this loan if:

  • You have joined as a member of Sheffield Credit Union (or were a Rothersave member)
  • You have saved regularly for at least 12 weeks, or you have existing savings in your ‘Secured Savings’
  • You have sufficient eligible savings to apply for a loan of at least £100 (eligible savings are savings that have been built up consistently over at least 12 weeks, excluding any one-off bulk deposits).
  • You have income of at least £400 per month (excluding housing benefit)

How much will your loan cost? Get an estimate of the cost here:

gold Loan Calculator  Apply for a loan

* In order to apply for more than £1,000 above the level of eligible savings held, you must have repaid 2 savings based loans – or have a very good credit record.

Loyalty Loans

Our Loyalty loans are an exclusive product offered only to those who have repaid at least 3 Gold Loans in full and have been a member for 3 years or more. You can apply for up to 3 times your savings, or larger multiples for those with very good credit records, at great rates – often cheaper than those widely advertised by the high street banks (taken at 27/10/2016).

Features:

  • Apply for £100 to £10,000
  • Apply once you have been a member for 3 years and have repaid 3 Gold Loans in full
  • Repayments from as little as £2.50 per week
  • Spread your repayments over up to 5 years
  • 12.7% APR (1% interest per month)
  • APR reduced to 9.4% on loans of £3,000 or more (0.75% interest per month)
  • Interest payable on declining balance – meaning you pay less if you make your repayments on time
  • No loan arrangement or set-up fees
  • No early repayment fees if you want to settle the loan early

Eligibility:

In addition to the Gold Loan criteria above, to apply for a Loyalty Loan:

  • You have been a member of Sheffield Credit Union (or Rothersave) for at least 3 years
  • You have repaid 3 savings based loans in full (i.e. paid the balance down to £nil on 3 separate occasions, excluding lump settlements)

How much will your loan cost?   Get an estimate of the cost here:

loyalty Loan calculator Apply for a loan