Secured Loan

Our regular loan account – any shares in your Savings Account (Share 1) will be attached in respect of this loan

Rather than removing your savings, you may wish to apply for a Secure Loan against your savings. This will allow you to retain both your savings and the associated Life Savings Insurance benefit. These loans are fully covered by savings held in Savings Account (Share 1) and interest is charged at 1% per month (12.7% APR) calculated daily on the reducing balance. No credit check is required.

  • I am over 18
  • I am a member of Ayrshire Credit Union
  • I am looking to borrow between £100 and the maximum held in my Share1 and secure my loan against my savings

Secure Loan Example

Borrowing Amount£1,000.00
Number of Payments12
Monthly Repayment£90.00
Savings Amount£5.00
Interest Rate (Monthly/Annual/APR)1% / 12% / 12.7%
Total Interest over life of loan£65.38
1) There are no penalties for early repayment after 3 months.
2) Missed Payments will mean additional Interest will accrue
3) Interest is calculated on the daily reducing balance.
4) Savings are mandatory on all loans.
based on average loan figures YE 21/22)