Borrow against your savings, with reduced Interest Rate on Loans between £1,000 – £4,000.
With our two Saver Loans you can continue to qualify for a dividend payments and keep the life insurance on your savings while getting our best rates. We offer two types of Saver Loan, one for members who would like borrow the amount they have saved against the loan, and one for members who would like to borrow double what they have saved. Please Note: Savings built with other providers do qualify, we will just need to see evidence with the loan application! .
Borrow from £1,000 with competitive interest rates and fixed repayments that suit your budget. There are no hidden fees, and you can pay off early without penalty. These two special Loan rates are available to everyone. Savings built with other providers do qualify!
Full Saver Loan 12.7% APR
For members looking borrow the same amount they have saved. You need between £1,000 – £4,000 saved. If saved with another provider, savings will need to be transferred prior to loan release.
Half Saver Loan 26.8% APR
This loan for members looking to borrow double the amount they have saved. You will need to have saved between £500 – £2,000. If saved with another provider, savings will need to be transferred prior to loan release.
Qualify for Dividend
Save with confidence and still qualify for a Dividend* payment. With FSCS protection and free life insurance on your savings (Ts and Cs apply), it’s a secure way to grow your money whilst staying in control. Potential annual *Dividend based on our financial performance.
Savings Available
As you repay the loan, your savings above the loan balance become available. If you wish, you can use your savings to repay the loan early at any time. However, you can not use your savings to make the scheduled repayments.
No Set Up or Early Repayment Fees
Our loan products, including our Saver Loans, have no hidden fees and you can pay off your loan early without penalty. You are also welcome to make additional payments if and when it suits you. Doing this reduces the interest owed too!
Flexible Repayments
Pay back your Full or Half Saver Loan in a way that suits you. We offer monthly or weekly repayment options across all of our loan products.
To apply for a Saver Loan, you just need to be ESLCU member, with the savings you would like secured against your loan. If saved with another provider, evidence of the savings will need to be provided and transferred to your ESLCU account before the loan is released.
No, as a regulated lender we do run both affordability & Credit checks. While we are more flexible than many lenders, there are times when we have to say no. You are always able to re-apply 3 months after a refusal, once you have started to address the issues on your Credit File.
Once your Saver Loan is approved, the funds will be released within 2 hours, provided we have received the signed loan agreement and confirmation of repayment setup. For members with Savings built with another provider, these will need to be transferred to their ESLCU account before the loan is released.
If you already have a loan with ESLCU and need additional funds, you can apply to increase your borrowing once you’ve repaid half of your current loan. You can track your loan balance online through the Members Area or by calling 03336 000690. You may need to increase your savings amount to get the same rate.
Yes! You can make one-off or regular additional payments, or pay off your loan early without any extra charges. Interest is calculated on the reducing balance, meaning the more you repay, the less interest you’ll pay. This gives you flexibility to manage your loan in a way that suits you.
If you have recently completed a Debt Restructuring Order (DRO), Individual Voluntary Arrangement (IVA), or declared bankruptcy, it’s unlikely that you will be eligible for a loan. However, you can still open an account with us and use it as a “rainy-day” fund.
Yes, as with all our loans you can add to your savings as you repay.
Yes! As you repay the loan, your savings above the loan balance become available. If you wish, you can use your savings to repay the loan early at any time, however you can not use your savings to make the scheduled repayments.
