Standard Loan
2.75% per month (38.5% APR) for loans under £1250
1.75% per month (23.1% APR) for loans between £1251 and £2500
1% per month (12.7% APR) for loans above £2501
For regular savers who wish to borrow an amount based on their level savings
Apply NowMaximum Loan Term :
12.7%
12.7%
12.7%
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.
- New borrower max: upto 2x your savings.
- Existing borrower max: upto 3x your savings.
- You can apply even if you have no credit history.
- You can apply even if you have a low income.
- Free loan protection insurance.
You can apply for our Standard 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.
- Have an income of more than £100 a week.
- Be a member of Discovery Credit Union.
- Have saved regularly for at least 9 weeks.
- Provide your last 2 months bank statements.
- Provide 2 recent wage slips or, your benefit award letter and housing benefit award letter (if applicable)
Loans are subject to affordability. Terms and Conditions apply. Please see our Lending Policy and Borrowing FAQ for more information.
