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Standard Loan

Our Standard Loan is our most popular loan and is available to all members who have made at least one payment by salary deduction or direct debit.

Members may apply to borrow up to £25,000 and the maximum rate of APR on our Standard Loans can be found in table 1 below. Discounts on these rates are available to members who have more than 10% of the loan value in their membership account when making a Standard Loan Application. (See Table 2 & 3 below)

Remember we do not use representative rates, the rates are applicable to the amount you borrow and all successful applications get the rate we quote, therefore while we cannot guarantee your loan will be approved we can guarantee the rate you will be charged.

Table 1 - Standard Loan Rates

Loan Value Standard APR Rate 
<= £1000 17.9%
£1001 - £2499 12.7%
£2500 - £4999 10.9%
£5000 - £7499 7.9%
£7500 - £14999 6.9%
£15000 - £20000 7.1%

Discounted Rates

Discounts are now available on our Standard Loan rates depending on the amount of savings you hold in your membership account. The discounts available for loans upto £14,999 are detailed in table 2 and for loans from £15,000 to £25,000 in table 3 below.

Table 2 - Loans upto £14,999

Percentage of Shares to Loan Discount Available
0-10%  Standard Rate Applies
11-25% 0.5% Discount
26-49% 1% Ddiscount
50-74% 1.5% Discount
75-100% 2% Discount

 Table 3 - Loans from £15,000 to £25,000

Percentage of Shares to Loan Discount Available
0-10%  Standard Rate Applies
11-25% 0.5% Discount
26-49% 1% Ddiscount
50-69% 1.5% Discount
70-84% 2% Discount
85-100%  2.5% Discount 

Please note all applications are subject to approval and we strongly recommend you have your finance in place before committing yourself to any purchase.

If you already have an existing Standard Loan you can refinance your loan at any time by making a new loan application for the amount you need. Any new funds would be added to your existing loan balance and would be charged at the rate applicable to your new outstanding loan balance, including any discount you were eligible to receive.

Payment Waiver (applicable on Standard Loans from 15/01/14)

Payment waiver is our great loan insurance cover and comes as a feature of your Standard Loan, at no extra cost to you.

If you are unable to work due to an accident or sickness you can claim on your payment waiver insurance to make your loan repayments for up to 18 months (terms & conditions apply). This means no arrears build up, your credit rating is not affected and your loan continues to reduce while you are off work. Ask about Payment Waiver when applying for your Standard Loan. 

Other loans available to you include: Car Loan, Christmas Loan, Flexiloan,

Did you know?information

Interest is charged on a daily basis and on the reducing balance each month therefore you pay more capital and less interest each month as your loan reduces.

There are no administration fees for setting up your loan. If you want to clear your loan early we do not charge you for that either.

Your Standard loan is insured at no cost to you, covering death and total & permanent disability giving your loved ones peace of mind. (Terms & Conditions apply)

Your Standard Loan is covered by Payment Waiver, at no cost to you, covering your payments in the event you are off work due to accident or sickness. (Terms and Conditions apply)

Repayment periods can be up to 5 years for loans under £10,000 and up to 10 years for loans £10,000 and over.

 Applying for a Loan

To apply for a loan, simply complete the online application in the secure members area or call 0141 771 1314 where our friendly staff will talk you through the loan application process.

To acccess our online loan application, you will require to be registered for online banking, if you have not done so already please register here.

Cancellation Rights 

If you wish to cancel your loan application, just let us know you no longer wish to proceed and it will be removed.

However, if your loan has been approved and loan funds have been allocated to your loan account, the folllowing conditions apply under the Distance Marketing Directive.

Loan applications not completed in person at our office can be cancelled in writing within 14 days of signing your loan agreement. Any funds paid to you must be returned within 30 days of cancellation.

Loans completed in person at our office cannot be cancelled under the Distance Marketing Directive. If you change your mind, you simply repay the full amount owing, together with any interest due, as agreed.