Borrow against your savings at a lower interest rate
Savings Secure Loans are perfect if you need some money but want to keep your savings intact.Using your savings as security you benefit from a lower rate of interest on your loan.
- Savings to the value of the loan will be held as security in your Salford Credit Union Savings Account.
- As the Savings Secure Loan balance reduces, the amount of the savings held as security will reduce in line with the outstanding balance.
- Same day decision (subject to daily cut off times).
- Members may receive dividend on savings held as security in the Salford Credit Union Savings account.
- Borrow up to £7500 over a repayment period of 6 – 60 months
Savings Secure loans include
- No set up fees
- Noadmin charges
- Noearly repaymentcharges
Savers Secure Loan Interest Rates as of June 2017:
- £100-£2000: 9.66% APR
- £2001-£5000: 8.7% APR
- £5001-£7500: 7.5% APR
Apply online now…Loan application
Responsible borrowing and lending
Check you can afford loan repayments by using our Budget Planner SCU Budget planner to check your income and outgoings.
IT IS VITAL TO REPAY LOANS IN LINE WITH YOUR AGREEMENT- if you don’t it is other credit union members who suffer, not faceless shareholders. You should contact us as soon as you think there may be problems so we can see if we can help- don’t put it off!
All approved loans are subject to Terms & Conditions. Current terms of lending can be found here
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