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25 July 2017
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Need a loan?

"We offer a range of loans to suit your circumstances. Our loans do not have any hidden costs or charges."

 

Apply for a loan online

Below are our three main loan services that we currently provide to our members.

If you are not member please complete an online application here. Once you’ve joined us you can then apply for a loan online here.

Download our Loan Process (50.9kb) for more information and how to get your loan quicker.

 

 

 

SaverLoans
(19.9% APR representative)

These loans are available to members who have saved with us for at least three months and are our most popular. Your loan can be up to five times the balance of your Saver Account but is limited to three times for your first loan.

The interest rate on this loan can be reduced to only 9.9% if the loan is fully covered by your savings and you agree to leave these savings with us whilst you repay the loan. However, we understand that some of our members will be unable to save and borrow at the same time. In this case out Standard or Instant Saver Loan may be more suitable.

Loan example
You can borrow £1000 from us with a repayment of 12 months. You will pay roughly £92 a month, with a total repayment of only £1102.

Please remember that this is only an example, and the repayment period and the total repayment of your loan may be different. We will work with you to offer a loan that is manageable and best suited to your financial situation.

See our loan calculator here.

 

 

Instant Saver Loans
(42.6% APR representative)

These are for members who have just started to save with us and who need a small loan to escape from more expensive forms of credit such as store cards, doorstep loans, payday loans and pawnbrokers. Within certain limits, you can choose the level of repayments and we’ll work with you to develop a repayment plan.

Limited funds are available for Instant Saver Loans and the maximum you can borrow is £500.

Loan example
You can borrow £500 from us with a repayment period of 6 months. Your loan will cost you no more than £54 in interest, with a total repayment of only £554.

Please remember that this is only an example, and the repayment period and the total repayment of your loan may be different. We will work with you to offer a loan that is manageable and best suited to your financial situation.

See our loan calculator here.

 

 

Standard Loans
(34.9% APR representative)

These loans are ideal for members who have yet to build up enough savings. Borrow up to £7,500 above your savings and we’ll work with you to develop a repayment plan.

The rate of interest you will be charged will depend on the information you provide on your application form, and any credit check or credit scoring we may do. The rate will be 9.9%, 26.8% or 34.9% pa.

Loan example
You can borrow £1000 from us with a repayment period of 12 months. You will pay roughly £98 a month, with a total repayment of only £1172.

Please remember that this is only an example, and the repayment period and the total repayment of your loan may be different. We will work with you to offer a loan that is manageable and best suited to your financial situation.

See our loan calculator here.

Child Benefit Loan & Savings Plan (42.6% APR)

Savings after your loan is paid (based on £500 loan over 50 weeks)

1 Child – £20.70 per week = £435.00
2 Children -£34.40 per week = £1120.00
3 Children – £48.10 per week = £1805.00

At a 42.6 % APR compared to a doorstep lender at 399.7 % APR.
STEP 1
Download and complete the Child Benefit Savings And Loan Application Form.
STEP 2
Attach proof of ID and proof of address and send it to Hertsavers Credit Union.
STEP 3
Contact the Child Benefit office and redirect your payments to the bank details, which you will find in the Child Benefit Savings And Loan Application Form
STEP 4
Make sure you let us know your 10 digit Child Benefit reference number. This will be on the notification letter or other papers you have from the Child Benefit Office.
STEP 5
Once we’ve received your 1st Child Benefit payment your loan will be processed and paid by BACS to your nominated bank account which can take up to 3 working days to clear.
*Child Benefit loans can be renewed after a minimum of 5 months.

Struggling with debt?

If you are struggling with debt please see our debt advice guide here

Other Services

Updated: 30 March 2017