Starter Loan

This loan is available for new and existing members who wish to begin saving whilst repaying a credit union loan with Beacon Savings & Loans.

Check your eligibility

Are you eligible to apply?

Starter Loans are available up to £800. This credit union Starter Loan must be repaid via Standing Order. If you wish to pay via Child Benefit, please look at our Family Loan

Before applying for your credit union Starter 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 29%APR

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

  • are over 18
  • have enough income to cover your loan and a minimum of £10 per month savings.
  • Pay via Standing Order, you must set up your payment to Beacon Savings & Loans prior to any funds being paid.
  • are NOT currently in an IVA.
  • are not currently bankrupt or in a Debt Relief Order.

Key Features

  • You can apply straight away, there is no need to save first.
  • Affordable payments over a term of up to 1 year.
  • Simple repayments, your Standing Order comes straight to Beacon Savings & Loans
  • Save as you repay your loan – you’ll be amazed how quickly your shares can grow!! Minimum savings of £2.50 per week is required, payment can be made Weekly, Fortnightly, Four-Weekly or Monthly.
  • No hidden charges, set up fees or penalty fees for repaying your loan early.

Our loans are checked by real people, loans will take around a week to turn around, please be patient. This time can increase in busy periods such as Christmas.

PLEASE NOTE: If your banking provider is able to connect your account via open banking, we will no longer accept statements in place of this.

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 £2.50 per week (£10 per month). It’s equally important that by providing your credit union Starter 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.

Please be aware that if you supply bank statements instead of open banking it will increase the time taken to assess your loan application, as we must analyse every transaction to see which category it belongs to.

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 3 monthly payments have been made.  There must have been 13 weeks since your previous allocation

Starter Loan Terms and Conditions

Members are required to make regular payments to their credit union account. When a member has a loan outstanding they are expected to may a share payment of at least £2.50 per week or £10 per month.

Loan Value

Starter Loans are a available to apply up to £800.

Interest Rate

The interest charged on this product is 29%APR (25.7% Annualised 2.14% Monthly).

Loan Term

The maximum loan term will be one year.

Method of Repayment

This loan must be paid via Standing Order.

Repayment Frequencies

This loan may be paid Weekly, Fortnightly, Four-Weekly or Monthly. Payments must align with frequencies offered by your bank.

Savings Requirements

You must save a minimum of £2.50 per week (£10 per month) with your repayments.