What is a Loyalty Loan?
Borrow against your savings at competitive rates
A Loyalty Loan allows you to borrow money using your existing savings as security, while your savings continue to earn a dividend or interest.
This type of loan is available to members who already save with Capital Credit Union. There are two Loyalty Loan options, depending on how much you want to borrow.
Loyalty Advance Loan
The Loyalty Advance Loan allows you to borrow up to the full value of your savings.
- You must have at least £100 in savings.
- Your savings are used as security for the loan.
- Representative 5.9% APR.
- You need savings equal to the amount you want to borrow.
Example: To borrow £2,000, you must have £2,000 in savings.
Loyalty Plus Loan
The Loyalty Plus Loan allows you to borrow up to double your savings balance.
- Available for loans from £100 to £7,499.
- Representative 9.9% APR.
- You need savings of at least half the loan amount.
Example: To borrow £2,000, you must have £1,000 in savings.
What happens to my savings?
With both Loyalty Loan options, your savings remain in place while you repay your loan. You can continue making regular savings contributions. When the loan is fully repaid, your savings are still yours.
As a responsible lender, Capital Credit Union will always assess your income, outgoings, and ability to repay before approving any loan.
Need more help?
If you’d like more information or your situation isn’t covered here, please contact us and a member of the team will be happy to help.