Borrow against your savings at competitive rates
The Loyalty Loan offers members the opportunity to borrow against their existing savings with Capital Credit Union while continuing to attract a dividend or interest each year. There are two Loyalty Loan options:
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Loyalty Advance Loan: Members with over £100 in savings can use these as security to borrow at a representative 5.9% APR. To qualify, you need the full loan amount in your savings. For example, to borrow £2,000, you must have £2,000 in savings.
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Loyalty Plus Loan: This loan allows you to borrow up to double your current savings balance (from £100 to £7,499) with a representative 9.9% APR. For this option, you need at least half the desired loan amount in savings. For instance, to borrow £2,000, you need £1,000 in savings.
With both options, members can continue making regular savings contributions while repaying their loans, building up a nest egg for when the loan is fully repaid. As a responsible lender, Capital Credit Union makes all loan decisions based on your income, expenditure, and ability to repay.