Freedom Loan
For members employed with our payroll partners and saving through payroll deductions looking to borrow larger sums of money but have not yet built up enough savings.
Loans to first time borrowers (no previous Discovery CU loan history) may be restricted to a maximum of £1,250.00 and a loan term of 12 months. This loan would need to be repaid in full, before further loans will be considered.
Interest rate 2% pm (APR 26.8%) applies to first time borrowers.
Loans between £500 - £4,999 interest is applied at 1.75% pm (APR 23.14%)
Loans £5,000 -£7,499 - interest is 1.25% pm (APR 16.08%)
Loans £7,500 - £10,000 - interest is 1% pm (APR 12.7%)
Loan terms run from 3 - 60 months.
All loans are subject to affordability and credit checks.
Apply NowMaximum Loan Term :
42.6%
42.6%
42.6%
This calculator is for illustrative purposes only, to give you, the borrower, an overview of the potential cost of borrowing. The Credit Union, or any of its staff, cannot be held responsible for any errors. Please note that this calculator only provides an indicative quote and actual repayments may vary.
- Build your savings as you repay your loan
- No early repayment or arrangement fees
- Competitive interest rate.
- You can apply if you do not have enough savings to take advantage of our Standard Loan.
- Re-pay direct from your salary.
- You can apply if you have no, or a bad credit history.
- Free loan protection insurance.
You can apply for our Freedom Loan, online via Members Area or the App, by post or at our office. To apply for a loan you must:
- Be 18 or over
- Be an employee of one of our employer partners
- Provide your last 2 months bank statements.
- copies of your two most recent salary slips; if paid weekly copies of the last 8 week’s payslips
Loans are subject to affordability. Terms and Conditions apply. Please see our Lending Policy and Borrowing FAQ for more information.
So, just how much more affordable is a credit union loan? We may be able to offer you a loan at a lower rate than you can get anywhere else.
- Payday loan companies can charge you up to 1,500% APR. (MoneyAdviceService)
- Online lenders most offer personal interest rates which may be high if you're credit score isn't great.
- High Street banks may charge lower APR, but you will need a good credit history to be eligible for their best offers.
Lender | Loan Amount | Term of loan | Monthly repayments | Total amount repayable | Representative |
EveryDay Loans* | £3,000 | 24 months | £237.75 | £5706 | 99.9% APR |
Bamboo** | £3,000 | 24 months | £185.19 | £4,444.49 | 49.7% APR |
Bank of Scotland*** | £3,000 | 24 months | £158.46 | £3,803.04 | 26.7% APR |
Freedom Loan**** | £3,000 | 24 months | £154.00 | £3,690 | 23.14% APR |
*Source: www.everyday-loans.co.uk/loans-for-3000 (31/01/2025)
**Source: www.bambooloans.com (31/01/2025)
***Source: www.bankofscotland.co.uk/loans/loans-calculator (31/01/2025)
**** rate applies to existing members with previous loan history
