Save & Borrow Loan
Foster a healthier relationship with your money using our Save & Borrow Loan. It’s a great way to save and build your credit score if you’re on a smaller income and want to manage your money better.
Get financial flexibility with a loan for easy borrowing and repayment, allowing you to manage your money your way
Foster good money habits and build a strong financial foundation, creating a safety net
Boost your credit score over time by consistently meeting your flexible loan repayments
Learn more about money and feel more confident using our easy-to-understand loan process.
Your Save & Borrow loan
- £250 – £2,000
- 42.6% APR
- 12-36 months repayment term
- Loan repaid by direct debit monthly, four-weekly, or weekly
You’re eligible to apply if you…
- Are 18 years or over
- A member of GMB Credit Union
- Can provide proof of ID and regular income
- Agree to save a minimum of £25 per month for at least six months before borrowing
- Have no recent County Court Judgements (CCJs), Individual Voluntary Arrangements (IVAs), Debt Relief (DRO) or Bankruptcy
If you are not a member of GMB Credit Union, we will open a savings account for you as part of the loan agreement process.
Terms & Conditions
- No fees or penalties for early repayment
- Loans are based on a maximum of three times your savings
- You should always have savings equivalent to one-third of your loan balance, which we’ll keep hold of
- Subject to a credit search and we may request additional information to support your application
Save & Borrow Loan
- Loan Value: £1,200
- Repayment Term: 18 months
- Monthly Repayment: £87.26
- Interest: 42.6% APR
- Total amount: £1,570.46
The figures above are for illustrative purposes only the actual repayment amounts will vary subject to loan amount and term.
Borrowing money from your Credit Union has never been easier. Apply for our Save and Borrow Loan today. It’s fast, easy and you can do it all on our website. Get the money help you need right here.
Why choose us?
GMB Credit Union is more than just a financial institution – we’re a community where members help each other. We make sure that money circulates for the benefit of the community by pooling member savings and then lending to other members. Support your GMB community and boost access to affordable credit with your GMB Union membership.