As a credit union, our focus isn't just on your immediate needs, but also on helping you to make money work for you so you can achieve your long-term goals.
Because of that, we encourage all our members to save, particularly if they aren't in the habit of saving already. One of the simplest ways to get started with saving is to agree to pay a little bit extra on top of your loan repayments each month. This could be as little as £5, or as much as £50.
By doing this over the lifetime of your loan, you will have not only paid off your loan but will also have built up a nice pot of savings too. This should mean that you need to borrow less in future, and that, if you choose to do so, you can repay your loan early. If you save enough, you'll also be able to use your savings to borrow via our Saver loan, with rates that start at just 4.5% APR.
After You've Repaid Your Loan
After your loan is repaid, we keep your monthly repayments going until you tell us otherwise. This money goes directly into your savings. The reasoning for this is that if you've become used to your repayment coming out each month, why stop?
Members tell us it is a great way to get into and keep, the savings habit. But if you disagree and would rather stop, that's fine too. Just let us know.