Your money is protected up to £85,000
Our interest rates are low, with no hidden charges
About our Loans
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 and any surplus would be paid back to members as an annual dividend.
At all times our Credit Union members are treated with respect and courtesy and your personal details will be kept in strict confidence.
Loans will be granted according to your ability and intention to repay. If you have an Active County Court Judgement (CCJ), or are in a debt management plan, it is likely that you will not be able to borrow more than £800 in excess of your shares.
Repayments will be agreed with you, usually to fit in with your income. Loans are usually repaid over two years, but it may vary depending on your circumstances.
You will be asked to save whilst you make repayments. Any savings you have may help you towards a saver loan in the future, and may affect the decision of a future loan.
All loan applicants will be credit checked, to help us make our decision. The decision is not automated, or based solely on this credit check. Our team of loans officers will look at all the information provided to ensure the right decision is made for you, and the members you are borrowing from.
If you have a current loan with Wyvern Savings and Loans, you can apply for a ‘top up’ loan.
Available to all members
Available to all members. Standard Loans are available from £100 to £7,500, and interest ranges between 2% and 3% per month on the reducing balance dependent on the amount you are borrowing (26.8% APR to 42.6% APR).
Available to members who receive Child Benefit
You can apply for a loan of up to £500 if you receive Child Benefit for one child, or up to £1000 if you receive Child Benefit for two or more children. You have your Child Benefit paid directly into your Wyvern Savings and Loans Account.
Available for members who have built up savings
Saver Loans are available for members who have built up savings in their Credit Union account, interest ranges between 1.5% and 2% per month on the reducing balance dependent on the amount you are borrowing (19.6% APR to 26.8% APR). To qualify for a Saver loan you must have a third of what you want to borrow in your savings with us.
Ideal for someone wishing to build up their credit rating
Guaranteed Loans are available for members who have built up savings in their savings account. Interest ranges between 0.5% and 1% per month on the reducing balance, dependent on the amount you are borrowing (6.2% APR to 12.7% APR). The guaranteed amount you borrow will be held in an Attached Share account, this is held as security against the loan.
Available to employees of our Payroll Partners
Available to employees of our Payroll Partners. Payroll loans are available, at interest rates of 9.4%APR to 12.7%APR
Available to EMFF applicants
Available to EMFF applicants. Fisheries Loans are available from £100 to £7,500, and interest is 1.5% per month on the reducing balance (19.6% APR).