Acorn Community Nursery
Salary Saver Loan

This loan product is for employees of Acorn Community Nursery only.

Check your eligibility

Are you eligible to apply?

For loans up to £1,500, you can apply to have your loan repaid from your salary.
Before applying for your credit union Salary Saver Loan with Beacon Savings & Loans, please read the following to avoid any potential negative impact on your credit file. You must be an employee of Acorn Community Nursery in Runcorn to be eligible to apply for this loan.
Interest is charged at 21.5%APR (19.6% Annualised)

 

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

  • are over 18.
  • have enough income to cover your loan and a minimum of £10 per month savings.
  • 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 2 years.
  • Simple repayments, deducted straight from your pay.
  • Save as you repay your loan* – you’ll be amazed how quickly your shares can grow!!
  • No hidden charges, set up fees or penalty fees for repaying your loan early.
*Your minimum savings must remain in your Credit Union account; however, any amount saved above this can be withdrawn if needed.
Of course, the more you save, the better it is for you! Plus, in the unfortunate event of your untimely death, the amount in your savings account could be doubled and passed on to your nominated beneficiary (terms and conditions apply).

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 ‘Check My Eligibility’ button on the section below to begin.


Can I apply for a top-ip?

Yes, members can top up their Salary Saver Loans. When you apply for a top-up, your existing loan is fully repaid, and a new loan is created. The amount you receive will be less than the total loan amount because part of it is used to settle your current loan.

Eligibility for a top-up:

  •  You must have made at least 3 monthly payments.
  • At least 13 weeks must have passed since your last loan was allocated.
Salary Saver Terms and Conditions

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

Loan Value

Acorn Community Nursery Employees may apply for up to £1,500.

Interest Rate

The interest charged on this product is 21.5% APR on the reducing balance. This is equal to 19.6% Annualised or 1.63% Monthly.

Loan Term

The maximum loan term is two years. You can pay off your loan early to reduce the total interest, and there are no penalty fees for early repayment.

Method of Repayment

This loan must be repaid via deductions from your Acorn Community Nursery Payroll.

Repayment Frequencies

This loan will be paid in line with your payroll schedule.

Savings Requirements

You must save a minimum of £10 per month with your repayments, which must be retained in your share (saving) account for the duration of the outstanding loan.

IMPORTANT NOTICE: If you leave your employer, please contact Beacon Savings & Loans. We will help you make alternative arrangements to manage your savings or loans directly with the credit union.