Saver Secured Loan

This loan is available for members who have substantial savings of at least £5,000 with Beacon Savings & Loans who want access to funds, but do not wish to withdraw their savings.

Check your eligibility

Are you eligible to apply?

Saver Secured Loans are available for members who hold equal or more shares (savings) with Beacon Savings & Loans, they are available between £5,000 and £15,000.

Before applying for your credit union Saver Secured Loan with Beacon Savings & Loans, please read the following to avoid any potential negative impact on your credit file.
The interest charged on these loans is 6.2%APR

You are likely to be accepted for a Saver Secured Loan if you…

  • are over 18
  • have at least equal the amount you wish to borrow in your share account with Beacon Savings & Loans
  • Pay via Standing Order
  • are NOT currently in an IVA.
  • are not currently bankrupt or in a Debt Relief Order.

Key Features

  • You do not need to withdraw your shares from the credit union
  • Affordable payments over a term of up to 5 years.
  • Simple repayments made by Standing Order
  • No hidden charges, set up fees or penalty fees for repaying your loan early.

Do not apply for this loan, if you do not have savings of between £5,000 and £15,000 in your share account with Beacon Savings & Loans and you do not have another loan outstanding with Beacon.

Before you apply…

We will need to perform some checks before we can allocate your loan.

As an ethical lender, we take responsibility for ensuring that you can afford the repayments.

To achieve this, we’ll  use open banking (you will need to grant us access as part of the application process). We must do this to ensure that your repayments are affordable.

If bank statements are supplied instead of open banking, it will increase the time required to review your application as we must manually analyse all transactions within the statement.

Ready to start? Click the ‘Check My Eligibility’ button on the section below to begin.


Can I apply for a top-up?

Members are able to top up these loans. When you take a top up, your previous loan is repaid and a new loan is created. The amount you receive will be less than the total loan allocated.

You will be able to apply for a top-up after 6 monthly payments have been made.  There must have been 26 weeks since your previous allocation

Saver Secured Loan Terms and Conditions

Loan Value

Saver Secured Loans are available between £5,000 and £15,000, applicants must already be a member and have the equal amount in their savings.

Interest Rate

The interest charged on this product is 6.2%APR (6% Annualised 0.5% Monthly).

Loan Term

The maximum loan term will be five years.

Method of Repayment

This loan must be paid via Standing Order.

Repayment Frequencies

Payments may be made Weekly, Fortnightly, 4-Weekly or Monthly.

Savings Requirements

There are no additional savings requirements. Your share balance must not drop below the value of your loan.