Savings Secured Loan
Unlock the value of your savings 
with a great rate on a loan.
Borrow against your savings with a Savings Secured Loan, giving you access to extra cash without touching your savings.
Enjoy our best rate of 4.9% APR, flexible repayment terms, and no early repayment fees. It’s a smart way to borrow while preserving your financial security.
Representative example
Borrow £5,000 for 3 years. APR 4.9%.
36 x monthly repayments of £149.41.
Total repayable £5,378.85. Total cost of credit £378.85.
Key information
You can borrow up to the value of your savings, with a maximum of £85,000. As you repay the loan, your savings above the loan balance become available. If you wish, you can use your savings to repay the loan early at any time.
Benefits of this loan
-
Low interest rate: Enjoy our best rate of 4.9% APR.
-
Flexible terms: Borrow up to the value of your savings, with no early repayment fees.
-
Preserve savings: Your savings stay intact and continue to grow as you repay.
-
Fast approval: Benefit from a fast loan approval process
Savings Secured Loan FAQs
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 upon 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.
When you apply and you are eligible to do so (that is, you’re a member and at least 3 months have passed since your last 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 upon your credit score.
Yes, you can overpay or repay your loan early at any time and there are no charges for doing so aside from the interest that has accrued against the outstanding loan balance since your last repayment. The interest is calculated and applied daily at the rate you agreed to when you took out the loan.
To make an ad hoc overpayment, simply contact us for payment details and let us know when you have made a payment which you want to be applied to your loan. This will reduce the amount of interest owing overall.
In order to repay in full early, please contact us and explain that you would like a settlement figure to repay your loan early. This will stop new interest being applied to your loan for 7 days to give you a set figure that you need to pay to clear the balance. If you do not pay the loan off within the week, we will reset the interest and leave the account running as it was, therefore if you need longer than 7 days to repay you should get back in touch and request a new settlement figure.
Full details of how to make your payment will be provided along with your settlement figure.
Why choose The Money Co-op
The Money Co-op offers ethical, fair, and flexible financial solutions tailored to your needs. As a member-focused credit union, our Share Secured Loan gives you access to cash while preserving your savings.
With our lowest interest rate of 4.9% APR and no hidden fees, you’ll have the peace of mind that you’re borrowing responsibly and securely and at a great rate, all while supporting a community that puts people first.
-
Need help?
Any questions? Our friendly team is here to help. Here’s how to get in touch
Savings Secured Loan Summary
APR |
4.9% APR |
|---|---|
Loan amounts |
You can borrow up to the amount of your savings, from £50 to £85,000 |
Term of loan |
Maximum term of loan – 5 years. |
How it works |
Our ‘Savings Secured Loan’ allows members holding savings with us to have a loan up to the value of their savings. As your loan is secured against the value of your savings, we do not need to run a credit check. However, we may still wish to assess the affordability of your loan repayments, so may request access to your Open Banking data, which allows you to share your bank account transactions. See “about Open Banking’ for more details (link to FAQ on Open Banking) As a credit union member, you’ll also build up savings as you repay your loan. The minimum amount is £10/month, which will be taken from your repayments. |
Community hub
-
We’re recruiting: Finance, Banking & Cre...
The Money Co-op is a growing co-operative financial business regulated by the Financial Conduct Authority (FCA) and…
-
On the road with The Money Co-op at the USDAW ADM
Last week, we were proud to attend the 2025 USDAW Annual Delegate Meeting (ADM) in Blackpool –…
-
We’re up for three national awards – and you could...
We’re proud to share that The Money Co-op has been shortlisted in the 2025 Consumer Credit Awards…
-
Head to our socials this month to win £25
Each month we run a member prize draw on our socials to thank our members for being…