Savings Secured Loan
Borrow money by using your GMB Credit Union savings as security. This gives you access to the best rates whilst you still get an annual dividend on your savings.
Borrow money and still keep your savings growing in your saving account
Enjoy low interest rates making repayments manageable
Unlock larger sums of money to take care of significant expenses or investments, making your financial goals more achievable
Spread your payments over a longer period to reduce financial stress
Your Savings Secured loan
- £5,000 – £20,000
- 3.5% APR
- 84 months max repayment term
- Loan repaid by direct debit monthly, four-weekly, or weekly
- Secure your loan 100% with your savings for the duration of the loan
You’re eligible to apply if you…
- Are 18 years or over
- Are a member of GMB Credit Union
- Have savings equal to or above the loan amount
- Agree to save a minimum of £10 per month or more
- Have no recent County Court Judgements (CCJs), Individual Voluntary Arrangements (IVAs), Debt Relief (DRO) or Bankruptcy
Terms & Conditions
- No fees or penalties for early repayment
- Savings equivalant to the loan balanve are secured until the loan is fully repaid
- Subject to a soft credit search and Open Banking
Savings Secured Loan representative example
- Loan Value: £10,000
- Repayment Term: 60 months
- Monthly Repayment: £179.69
- Interest: 3.5% APR
- Total amount: £10,781.20
The figures above are for illustrative purposes only the actual repayment amounts will vary subject to loan amount and term.
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.