Your money is protected up to £85,000
Loans
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.
More Information
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.
