Savings Secured Loan
Borrow money by using your GMB Credit Union savings as security. This gives you access to the best rates whilst you still get an annual dividend on your savings.
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Benefits for you
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Borrow money and still keep your savings growing in your saving account
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Enjoy low interest rates making repayments manageable
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Unlock larger sums of money to take care of significant expenses or investments, making your financial goals more achievable
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Spread your payments over a longer period to reduce financial stress
Your Savings Secured loan
- £5,000 – £20,000
- 3.5% APR
- 84 months max repayment term
- Loan repaid by direct debit monthly, four-weekly, or weekly
- Secure your loan 100% with your savings for the duration of the loan
You’re eligible to apply if you…
- Are 18 years or over
- Are a member of GMB Credit Union
- Have savings equal to or above the loan amount
- Agree to save a minimum of £10 per month or more
- Have no recent County Court Judgements (CCJs), Individual Voluntary Arrangements (IVAs), Debt Relief (DRO) or Bankruptcy
Terms & Conditions
- No fees or penalties for early repayment
- Savings equivalent to the loan balance are secured until the loan is fully repaid
- Subject to a soft credit search and Open Banking
- Members with a loan are asked to save a small amount each month or week on top of their loan repayment. Savings are locked and act as security for the loan. Members can withdraw from their savings when their loan balance falls below their savings balance.
Savings Secured Loan representative example
- Loan Value: £10,000
- Repayment Term: 60 months
- Monthly Repayment: £179.69
- Interest: 3.5% APR
- Total amount: £10,781.20
The figures above are for illustrative purposes only the actual repayment amounts will vary subject to loan amount and term.
Apply
Apply for our Saver Loan today. It’s fast, easy and you can do it all on our website. Get the money help you need right here.
Why choose us?
GMB Credit Union is more than just a financial institution – we’re a community where members help each other. We make sure that money circulates for the benefit of the community by pooling member savings and then lending to other members. Support your GMB community and boost access to affordable credit with your GMB Union membership.
Download our app
Get a Handy Loan with our GMB Credit Union mobile app. It’s simple and secure to use. This makes applying for our loans a breeze. Plus, you can manage your loan and check your repayments easily and safely, all from your device.