Savings Secured Loan
Take advantage of our lowest ever rate of 5.1% APR. A Savings Secured Loan allows members to borrow up to
£25,000, and is great option if you are planning to spend but don’t want to utilise your savings.
Eligibility
- Interest rate of 5.1% APR.
- Borrow up to £25,000.
- To qualify for a Savings Secured Loan from the NHS Credit Union, the balance in your Regular Savings Account must be equal to or greater than the amount of the loan you will be applying for.
- You can hold on to your hard-earned savings.
- Choose your preferred loan term or repayment amount.
- Pay off your loan early without any penalty fees.
- You will only be able to withdraw money that in excess of your loan balance during the term of the loan.
- You are not eligible if you have an outstanding personal loan.
- Your savings must have the equivalent of a first months loan repayment.
- Members must not be Bankrupt, entered into a Trust Deed, DAS, IVA or DRO, and must meet the eligibility criteria to repay the loan.
Key Facts
- You must be a member of the NHS Credit Union.
- You must be over 18 years old.
- To qualify for a Secured Loan the balance in your Member Account (Share 1) must be equal to or greater than the amount of the loan you will be applying for.
- Free Life Insurance cover for your Personal Loan up to the age of 79. The Loan Protection cover allows us to make a claim upon your death or permanent disability and clear your outstanding loan balance. T&C’s apply.
- We do not charge a Loan arrangement fee or an early settlement fee.
- The minimum Secured Loan available is £100.00 and the maximum is £25,000.
Secured Loan terms are 1 month to 10 years
Loan Protection
As a member of the credit union your borrowing is protected by our Loan Protection and Life Savings insurances. Life Insurance Benefits: In the event of the death of a life insured while this policy is in force, life insurance benefits up to the insured loan balance are payable.Money Health @ NHS Credit Union
Welcome to Money Health @ NHS Credit Union, the podcast that’s all about equipping our members with the tools to achieve financial resilience and thrive! Join us for uplifting conversations, actionable advice, and inspiring stories, as we encourage you to take control of your money and build a brighter future.
Introducing our Savings Secured Loan.
Perfect for those who have plans to spend but don’t want to use their hard-earned savings. Improve your savings as you borrow!