Simple and affordable, exclusively for those who have saved with us
Our Saver (formerly Gold) and Super Saver (formerly Loyalty) Loans are some of our cheapest loans, and are suitable for those with poor credit records.
To apply for our Savings Based Loans you need to have saved with us consistently for at least 12 weeks, and be prepared to leave these savings in your account until your loan has been repaid.
You can apply for up to 3 times your savings balance initially, but those with good credit records will be notified that they can apply for larger multiples. 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.
Don't want to save with us before applying? Don't worry - you can apply for one of our Progress Loans or Family Loans without needing to save first.
How much can you apply for?
| Borrow | Repay Over | Interest Rate |
|---|---|---|
| £200 - £2,999 | 6 to 36 months | 12.7% to 26.8% APR* |
| £3,000 - £10,000 | 12 to 60 months | 9.4% to 12.7% APR* |
Key Features
- Apply after you have saved with us for at least 12 weeks or equivalent
- Apply for a multiple of your savings (usually 3 times) e.g. if you have £300 in savings you can apply for a loan of up to £900
- Savings will be held as security against the loan and will be withdrawable once the loan has been repaid
- Affordable repayments over a term of up to 5 years
- No loan arrangement fees or set-up costs
- No early repayment fees if you want to settle the loan early
Eligibility Criteria
You can apply for this loan if:
- You have a regular income of at least £500 per month, or equivalent
- You are not currently in an IVA
- You have not had a Debt Relief Order or Bankruptcy order in the last 2 years
- You have built up savings with us
You can apply for a further loan (top-up) when:
- Based on the multiplier you are on (usually 3 times your savings) you are able to apply for a minimum of £200
Before You Apply...
Either make sure you have your last 3 months' bank statements ready to send
OR if you have mobile or online banking, you can give your bank consent to transfer your last 90 days of transaction data, using the secure link provided in the application
You will also need to send:
- Proof of any income not showing on your bank statements
- If you receive Universal Credits, a copy of your breakdown showing the elements you receive
- If you are self-employed, a copy of your latest Self Assessment tax return
What Are Your Chances?
- You are More Than a Score to us, so we won’t make a decision just based on your credit score
- Our Savings Based Loans have our highest approval rates, so if you have a poor credit record this is probably the best loan for you
- If you have a poorer credit file and receive child benefit, you may be more likely to be approved if you are willing to make your loan repayments from your Child Benefit
- If applying for more than £1,000 you will have a better chance of your loan being approved if you have a good recent credit record (e.g. not missing payments elsewhere, no recent defaults, no outstanding County Court Judgements etc.)
Frequently Asked Questions
To become eligible for a Saver Loan (formerly known as Gold) you will have had to build up savings over a minimum of 12 weeks. We do not accept bulk deposits.
Yes! We accept employment income and benefit income. As long as you receive the minimum requirement of £500 per month, and can supply proof of all your income.
A top-up loan is available once a £200 loan is available. Due to the Saver and Super Saver Loans being based on a 3x multiplier, if there is £200 or more available after multiplying your savings by three, minus your existing balance, you are eligible to apply for a further loan.
If approved, the further loan will be added to your existing balance, so you will only need to make one repayment to us each week, fortnight, 4 weeks or month.
Saver and Super Saver Loans have a higher approval rate and a lower interest rate due to the savings held in your secured savings account. Those savings still belong to you, and are accessible once your loan has been repaid in full. Please be aware once you withdraw these savings you will be required to save if you wish to apply for another Saver Loan.
To become eligible for a Super Saver Loan (formerly known as Loyalty) you will have had to build up savings over a minimum of 12 weeks. We do not accept bulk deposits. You will have also needed to repay three Saver Loans (Gold) in full before you qualify for our Loyalty (Super Saver) Loan.
The rate shown in the calculator here and during the application is for Saver Loans (unless you have an existing balance on a Super Saver Loan).
If your application is approved, and you meet the qualifying criteria for our Super Saver Loans, your loan will be switched over to our Super Saver rates. By the time you see the loan agreement it should be at the correct rate, but if you think it may be wrong just let us know before you sign the agreement.
Yes. We offer a paper loan application. You can request one by calling our telephone helpline or emailing our admin team. We will then send your loan application in the post. Alternatively you can collect one from our office.
Alongside your application form, we will also need the following:
- Your most recent three months' bank statements.
- If you receive Universal Credit, a copy of your payment breakdown, showing the elements you receive and any deductions.
- If you are Self-Employed, a copy of your most recent self-assessment tax return, or a letter from your accountant confirming your income.
- If you have any other income not shown on your bank statements, proof of income - such as a wage slip if you are paid in cash, or letters for any benefits or pensions.
Calculator
APR 26.8%
I'd like to borrow (£200 - £10,000)
For loans of £10,000+ please contact the office for latest rates.
Over a period of:
Representative example
- The interest rate you pay, and the amount you are able to borrow may vary depending on your saving and loan record with Sheffield Credit Union.
- All figures given on this website are for your general information only, and give a rough guide to loan repayments. Any statements on this website do not purport to be authoritative or legally binding.
- All information contained on this web page is correct at time of publishing. Sheffield Credit Union accepts no responsibility for errors due to changes in rates or offers which have occurred after this date. You are advised to check with our offices for up-to-date rates and offers.
- All repayment values are inclusive of interest.
All loans are provided subject to status and affordability and in accordance with our Lending Policy and loan product Terms & Conditions. Please be aware that you may pay more interest and be subject to additional charges if your loan repayments are not received on time. Repayments are reported to Credit Reference Agencies including Experian which could affect your credit record if you do not keep up to date with your repayments.