Saver Secured Loan

Check your eligibility

Are you eligible to apply?

Saver Secured Loans are available from £5,000 up to £15,000, there are a variety ways to repay your credit union loans. From cash in one of branches, Standing Orders, Child Benefit and via a Salary Savings Scheme, if your company is one of our partners.

This loan is available for existing members who have share balances equal to the amount the wish to borrow from Beacon Savings & Loans.
The interest charged on these loans is from 6.2%APR

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

  • are over 18
  • have at the amount you wish to borrow in your credit union savings account.
  • have enough income to cover your loan and a minimum.
  • are NOT currently in an IVA.
  • are not currently bankrupt or in a Debt Relief Order.
  • are willing to keep your shares with Beacon Savings & Loans.

Key Features

  • Flexible ways to repay your loan.
  • Affordable payments over a term of up to 5 years.
  • A great rate and your shares are still yours
  • No hidden charges, set up fees or penalty fees for repaying your loan early.

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, including the minimum savings amount of £10 per month. It’s equally important that by providing your credit union Salary Saver Loan, we do not contribute to over-indebtedness.

To achieve this, we’ll review your credit file and use open banking (you will need to grant us access as part of the application process). Don’t worry, we’re not looking for perfect credit files – we understand that life happens to everyone. If you have any concerns, feel free to contact us.

Ready to start? Click the ‘Apply’ button at the top of this page to begin.

Secured Loan Calculator

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**Note: For exceeding 120 no. of payments, a group of 12 payments will be combined into a single payment number for better chart visibility.

Period Payment Interest Balance

Saver Secured Loan – Terms & Conditions

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.

Members are able to apply for a top-up loan, as long as they have been making regular repayments for at least 26 weeks.

Secured Saver Loan Terms and Conditions

Available Loans

Loans are available from £5,000 to £15,000 for members with equivalent or better shares in their account

Interest Rate

The interest rate on this product will be charged at 6.2%APR (6% Annualised, 0.5% Monthly)

Loan Term

The maximum term for any loan will be five years. Members may choose to repay their loan quicker.

Methods of repayments

Loans can be repaid by:

  • Cash in one of our branches (see our contact us page for branch details).
  • Standing Order (This is a payment that you set up with your bank).
  • Child Benefit Direct.
  • Salary Savings Scheme (If your company is one of our partners).

Repayment Frequencies

Loans can be repaid Weekly, Fortnightly, Four-Weekly or Monthly. Whilst members usually have the option to choose, this must match your chosen payment method.

Share Holding

Members must retain a value at least equal to their loan balance. Members are able to withdraw any shares above their credit union loan balance amount.