Credit Saver
Credit Saver 
flexible borrowing that builds savings
Get a pre-approved credit limit of up to £2,000 to use whenever you need it—and grow your savings when you don’t. Each month, your repayments either reduce what you’ve borrowed or boost your savings. It’s a simple way to stay in control today, while saving for tomorrow.
How to apply
Just apply for a loan up to £2,000 as usual—we’ll ask if you want it to be a Credit Saver loan when we get in touch.
How it works
It’s a bit like a credit card or overdraft facility, without the plastic card.
You apply for a pre-approved credit limit of £500, £1,000, £1,500 or £2,000, which will be available for you to use whenever you need it. Each month, you’ll pay a fixed minimum amount to your account. If you’re in credit, this goes to build your savings, or if you’ve used the credit facility, this goes towards paying it off.
The fixed minimum amount is based on the repayment needed to clear a loan of the same value as your credit limit over a reasonable period (see table for details). You will also need to save £10 per month in your regular shares account.
Credit Limit |
Monthly Minimum Repayment |
| £500 | £50 |
| £1000 | £70 |
| £1,500 | £90 |
| £2,000 | £115 |
Representative example
Borrow £1,000 over 18 months. APR 35%
18 x monthly repayments of £70
Total repayable £1,256.81. Total cost of credit £256.81
Good to know
As a responsible lender, our Credit Saver account is different to a bank credit card where making only the very minimum payments can leave you paying interest for years and years without reducing the debt. With a clear repayment plan, you’ll stay on top of your borrowing, and when you’re not using the credit, you’ll be building up savings for the future.
Key information
Credit Saver
- Pre-approved credit limit of £500, £1,000, £1,500 or £2,000
- APR 34.8% when the credit facility is used
- Monthly minimum fixed repayment required, from £50 depending on credit limit – see table above
- Your monthly payment builds your savings when the credit facility is not in use
Eligibility
- Both new and existing members can apply
- You agree to save £10/month in addition to the minimum repayment amount
- You have not been declined for a loan with us in the last 3 months · Subject to a credit check and open banking to establish affordability
Benefits of this loan
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Flexible credit: Benefit from pre-approved credit limits of £500, £1,000, £1,500 or £2,000.
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Build savings when not using the credit facility: Giving you a financial cushion for the future.
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No hidden fees: Transparent terms with no penalties for early repayment or hidden charges, just peace of mind.
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Easy access: Your pre-approved balance is there when you need it, for whatever life throws your way.
Credit Saver FAQs
Yes, your savings with Credit Saver are eligible for an annual dividend, just like your regular savings.
Yes, you may overpay without any penalty at any time and may choose to repay at a higher rate than these minimum fixed repayments provided these higher payments are affordable to you.
This depends on how busy we are. We tend to be busiest in October and November in the lead-up to Christmas. In general we aim to get back to you within 24 hours but this might be two or three days at our busiest times of year.
How quickly you get an answer will depend on how promptly you provide your supporting information, including pay slips and connecting your bank account. It’s also good to bear in mind that if you have received your application confirmation, it is in the queue, and you will be contacted as soon as possible. Due to the way our online queues operate, chasing your application up with messages asking for an update may slow down your answer.
Credit Saver applications are subject to our usual lending policy and affordability checks. When you apply and you are eligible to do so (that is, you’re a member and at least 3 months have passed since any previous application) we will conduct a credit search as a routine step for all loan applications. This will leave a mark on your credit file. Therefore you should try not to apply too often – both with us and other lenders – as it will impact on your credit score.
It’s easy to apply –
Not a member yet? You’ll need to Join and Apply for a Loan of up to £2,000. When we get in touch about your application, we’ll ask if you’d like it to be set up as a Credit Saver loan.
Already a member? Just apply for your loan of up to £2,000 as usual. As part of the application process, we will ask you if you would like to set the loan up as a Credit Saver.
Why choose The Money Co-op
At The Money Co-op, we’re committed to helping you take control of your money and build a better financial future. As a member-owned co-op, we offer ethical, affordable loans that put your needs first. You’re not just a customer—you’re part of a community where your financial wellbeing is our priority.
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Need help?
If you have any questions about our Credit Saver account, or any aspect of membership, please check out our FAQs below, or get in touch with our friendly team who will be happy to help.
If you’re worried about making repayments or experiencing financial difficulty, please get in touch. We’re here to help you find the best solution to manage your loan and ease your financial situation.
Credit Saver Summary
APR |
34.8% APR when the credit facility is used |
|---|---|
Credit limit |
You can apply for a credit limit of £500, £1,000, £1,500 or £2,000, which once approved, you are permitted to draw down at your discretion. |
Repayment terms |
You will agree to a fixed repayment amount based on the assumption of repaying the full credit limit within a reasonable time frame, as follows: This fixed repayment will be made continuously, whether or not you have an outstanding credit balance, and where you have no outstanding credit limit your payments will result in an accumulation of savings You may overpay without any penalty at any time and may choose to repay at a higher rate than the minimum fixed repayments provided these higher payments are affordable to you. |
How it works |
Credit Saver gives you a pre-approved credit limit. The credit facility is linked to a flexible savings account which can be drawn upon at any time and into which payments will accumulate when no credit balance is outstanding. You have the choice whether or not to use savings before drawing on the credit facility. You also have flexibility to use the savings while you have a credit balance. As a credit union member, you’ll also continue to save a minimum amount of £10/month into your regular savings. |
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