Savers Loan

Our Savers Loan allows Norwich Credit Union members to borrow for provident and productive purposes at a competitive interest rate of 1.5% a month.

Members who have joined and saved for 13 weeks are eligible to apply for our Savers Loan. A member's first loan is generally restricted to twice the amount of their shares; however, once the first loan has been successfully repaid, that restriction increases to three times the value of their shares. We do grant loans outside of this policy but the applicant may be asked to attend an interview, provide additional information and/or find a guarantor and the application may be referred to the Board of Directors for approval.

So whether it's for a holiday, car purchase/maintenance, appliance, household expenses, school uniform, Christmas costs or another purpose, our Savers Loan could be just the thing you need.

If you borrow £100 over 12 months, you pay only £10.02 interest (APR 19.6%)

As well as a competitive interest rate, our loans come with free loan protection insurance (subject to terms and conditions) and there are no loan set-up fees or penalties and no early repayment charges.

Savers Loan main points

  • New members must save regularly for 13 weeks before they can apply
  • The maximum amount for a first-time loan is twice the amount saved
  • The interest rate is 19.6% APR
  • No loan set-up fees or penalties
  • No hidden fees, charges or repayment penalties
  • Free life insurance (terms and conditions apply)
  • Overall cost comparison based on a £500 loan repaid over 12 months

    Lender Repayment APR Interest Payable Total Repayble Free insurance
    Norwich Credit Union £45.84 monthly 19.8% £50.08 £550.08
    Aspire Money £51.53 monthly 49.9% £118.36 £618.36
    Provident Loans £78.00 monthly 299.3% £436.00 £936.00
    Figures accurate as of July 2020

    For full terms and conditions please read our Policy Manual

    Late repayment may lead to money problems. For help and advice go to The Money Advice Service.