Saver’s Loan 1% per month, 12.68% APR

This is open to anyone who is a member of Calderdale Credit Union and has been saving regularly with the Credit Union for 13 weeks or more.

You may be eligible to borrow up to three times the amount you have saved, up to a maximum of £15,000, at an interest rate of 1% per month - 12.68% APR.

For example:

With £1,500 in savings you may be eligible to borrow three times this amount or up to £4,500.

Withdrawals from your savings will only be possible when your savings balance exceeds the amount outstanding on the loan. The amount available for withdrawal from savings will be the difference between the savings balance and the loan balance.

You can apply for additional funds at any time, throughout the life of your loan.

You can choose to repay your loan either weekly, fortnightly, four weekly or monthly by standing order, payroll deduction or via benefit income.

Depending on your financial circumstances, you may be eligible to borrow more than three times your savings balance. However, this may incur a higher interest rate.