Preferential Interest Rates with our two Saver Loans

To apply for a Saver Loan, you must be an existing ESLCU member, with the savings you would like secured against your loan in your ESLCU account for the past 6 months as a minimum. 

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.

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.