Which Loan Is For Me?

We offer different types of loans, dependent on your circumstances.  There are loans for homeowners, loans for members who have been saving with us and loans for those who are neither of those.  Click below to see which kind of loan is likely to be best for you.

Saver Loans

Members who have saved regularly with us for at least three months can borrow three times their savings for an initial loan and five times for a subsequent loan. Other members may also qualify for this loan if they can show that they are able to meet certain financial criteria.

Interest on a saver loan will normally be charged at 1% per month. (APR 12.7%)

→ What repayments will I need to make for a Saver Loan?

→ Apply to become a member to open your account

Standard Loans

For those who are in employment and can show that they are able to meet the repayments, but who do not meet the criteria for saver loan. In some circumstances, we may require a suitable guarantor

If you are not already a member of St Albans District Credit Union, you will be required to join before a loan can be issued. Join Today

Interest on a standard loan will normally be charged at 2% per month but in some cases (e.g. people with a good credit history and/or people with a regular income, etc.) the rate can be 1% per month.

→ What repayments will I need to make for a Standard Loan?

→ Apply to become a member to open your account…

Homeowner Loans

Loans of £5000 or more for people who own their own home outright or with a mortgage that is less than 80% of the home’s market value. Such homeowners also need to have a good credit history.

Interest on loyalty and guaranteed loans will normally be charged at 0.48% per month. However, interest rates may vary dependent on individual homeowners’ circumstances.

If you are not already a member of St Albans District Credit Union, you will be required to join before the loan is issued. Join Today

We do not charge fees for arranging loans and loans can be repaid early at any time without penalty.

→ What repayments will I need to make for a Homeowner Loan?

→ Apply to become a member to open your account…

"The people at the credit union were really patient, they took us through the figures and helped us find the loan that was right for us"