Making your savings work even better for you

 

Members of the NHS Credit Union can now make their savings work even better for them … and take advantage of our lowest ever rate for a Secured Loan.

In response to our 2019 member survey we’ve cut the rate charged on a Secured Loan from 5.1%APR to 3%APR.

A Secured Loan allows members to borrow up to £25,000 – and is an ideal alternative if you need some extra cash – but want to continue to build up your hard-earned savings at the same time.

Please read all the terms and conditions BEFORE making your application for a Share Secured loan.

 

Key conditions:

*You must have made your first monthly payment (or four weekly payments) to your NHS Credit Union account – by Payroll or Direct Debit

*The maximum amount you can borrow is the total sum you have in your savings

*You will only be able to withdraw sums in excess of your loan balance during the term of the loan

To apply for a Share Secured Loan online, log into the members’ area, click apply for loan; request a security code – and fill in the application form

  • Enjoy our lowest ever rate of interest – now cut to 3%
  • Borrow up to £25,000
  • Add to your savings while repaying the loan
  • No early repayment fee for settling the loan
  • Your family is protected by our loan protection policy

How much will my loan cost?

Product Features

 

  • Our lowest ever rate of interest – cut to 3%
  • Borrow up to £25,000
  • You don’t need to touch your hard-earned savings
  • Choose your preferred loan term or repayment amount
  • Pay off your loan early without any penalty fees

 

Eligibility

 

  • To qualify for a Secured Loan from the NHS Credit Union, the balance in your Regular Savings Account must be equal to or greater than the amount of the loan you will be applying for.
  • You can’t apply if you have an outstanding unsecured loan with us.
  • Members must not be Bankrupt, entered into a Trust Deed, DAS, IVA or DRO, and must meet the eligibility criteria to repay the loan.

General Information

 

A Secured Loan is the alternative to taking your savings out of the credit union.

 

A Secured Loan allows members to borrow up to £25,000 – at our lowest ever rate of interest – now cut to 3% APR.

 

To qualify for a Secured Loan from the NHS Credit Union, the balance in your Regular Savings Account must be equal to or greater than the amount of the loan you will be applying for. Applicants must be a UK resident and at least 18 years old.

You can’t apply if you have an outstanding unsecured loan with us, and you must secure the loan against your Regular Savings Account savings.

You will only be able to withdraw sums in excess of your loan balance during the term of the loan.

 

Charges

 

We do not charge any administration fees for accessing our loans. We do not charge for re-paying your loan early.

 

Interest

 

Interest is fixed throughout the duration of your loan agreement. Interest is calculated daily and in arrears, then charged to your loan account monthly. Interest is calculated on a decreasing balance. The current rate for a Secured Loan is 3% APR.

 

Repayment Information

 

Loan Repayments are taken from your savings account on the 1st of each calendar month. Your first loan repayment will be deducted on the 1st of the month following the loan completion date. Loan repayments can’t be deferred, and repayment holidays are not permitted.

 

Loan Protection

 

Loan Protection is a free safeguard offered by the NHS Credit Union. Your loved ones can be secure in the knowledge that your NHS Credit Union debt (up to a maximum of £15,000) can be paid off, giving them peace of mind at a difficult and uncertain time.

 

Loan Protection is provided as a member benefit by the NHS Credit Union. It is free to every member, subject to the terms and conditions. However, it should be remembered that the terms of this free member benefit may change from time to time. The applicable rates / amounts covered are those prevalent at the date of death.

 

With effect from 1st June, 2015, the relevant details are:

 

Age when loan taken out – 18-79

 

Loan Term Limit – 7 Years

 

Limit – £15,000

 

NB: Individual members do NOT have an insurance policy – they share in a free benefit offered by the credit union.

To apply for a Secured Loan online, log in HERE to the member area. Click “Apply for Loan”; request a security code to your mobile or email address – and use the dropdown to select Alternatively, to find out more, call our offices now on 0141 445 0022.

Our loan products at a glance

The loan you want – when you need it.

FIND OUT MORE

Our revolving credit facility for members.

FIND OUT MORE

Borrow up to £1,500 to help pay for annual costs.

FIND OUT MORE

The loan that could save you hundreds of pounds in interest charges.

FIND OUT MORE

Borrow up to £5,000 to help fund further education.

FIND OUT MORE

To help you make the most of lockdown easing.

FIND OUT MORE

Member of ABCUL

Authorised and Regulated by

Founder member of CFCFE

Your money is protected up to £85,000

Complies with the requirements of the Cyber Security Scheme

Member of GCofC

Member of SBRC

Healthy Culture Champion 2020