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 of 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.

  • Interest rate of 3.1% APR. 
  • 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

 

  • Interest rate of 3% APR.
  • 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 will only be able to withdraw sums in excess of your loan balance during the term of the loan.
  • 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.

Key Facts

 

  • You must be a member of the NHS Credit Union.
  • You must be over 18 years old.
  • To qualify for a Secured Loan the balance in your Member Account (Share 1) must be equal to or greater than the amount of the loan you will be applying for.
  • Free Life Insurance cover for your Personal Loan up to the age of 79. The Loan Protection cover allows us to make a claim upon your death or permanent disability and clear your outstanding loan balance. T&C’s apply.
  • We do not charge a Loan arrangement fee or an early settlement fee.
  • The minimum Secured Loan available is £1 and the maximum is £25,000.
  • Secured Loan terms are 1 month to 10 years.
  • For more key facts click HERE.

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 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 as a member HERE and then just select the relevant link on the online application section.

 

Alternatively, to speak to a member engagement officer, call us on 0141 445 0022 and select option 1.

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 £2,500 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

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