Saver Loans

Saver Loans

Once you have saved with us for three months, members are eligible to apply for a standard loan. As a first time borrower, members can borrow up to twice the amount of their savings. Follow-up loans are usually based on a multiple of three times the amount saved.

Interest is charged on the following basis -:

  • Loans up to £999 are charged at 3% per month (APR 42.6%)
  • Loans between £1000 and £4999 are charged at 2% per month (APR 26.8%)
  • Loans above £5000 are charged at 1% per month (APR 12.7%)

The maximum loan availability is £6000 net (i.e. the amount of the loan less savings cover). All loans are subject to status and standard lending criteria.

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Bedford Credit Union Limited. Our registered office is 6 St Paul’s Square, Bedford, MK40 1SQ. We are authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA (Company No. 213900).