Welcome to Wyvern Savings & Loans
We are the co-operative savings and loans organisation for Dorset and Somerset, a community based organisation, staffed by local volunteers.
We provide our members with a safe and ethical place to save, up to £15,000, and with affordable loans.
We can offer loans from £50 to £7,500 depending on your circumstances. Our repayment schedules are negotiable and we will agree payment details with you – even if you don't have a bank account or can't get credit with high street banks.
Our interest rates are low, with no hidden charges. You need just £5 to join: a £4 joining fee, and £1 to open your own savings account.
We are not here to make big profits; we charge interest starting at just 0.5% per month on the reducing balance (6.2% APR). This interest is used to cover our costs. Any surplus would be paid back to members as an annual dividend.
Friendly. At all times members are treated with respect and courtesy. Your personal details will be kept in strict confidence.
Wyvern Savings & Loans is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. We also belong to the Financial Services Compensation Scheme which guarantees 100% compensation for all your savings (maximum £85,000). The current maximum savings a member can have is £15,000 which means all savings with us are covered under this scheme.
"A couple of years ago I needed a £300 loan, I rang a local lending company and was persuaded to sign their contract. Two days later I had second thoughts about their high interest rate and cancelled the contract under the cooling off clause."
"I was then pestered for two days by their representative who just would not take no for an answer; eventually I had to change my phone number before they gave up."
Click to continue reading about Clare's story...
"I wanted to join a Christmas Savings scheme to save up a little bit of money to buy my kids' presents. Wyvern Savings and Loans have been the perfect choice and now I've enough saved already to start thinking about what I'm going to buy them..."
Click to find out about our Christmas Club...