Holiday Loan

Saver Loan

Available for members who have built up savings in their Credit Union account

Saver Loans are available for members who have built up savings in their Credit Union account.

To qualify for a Saver loan you must have a third of what you want to borrow in your savings with us. If you have only a small amount of savings with us you may be entitled to a Standard Loan. Saver Loans are available from £500 to £7,500, and interest ranges between 1.5% and 2% per month on the reducing balance, dependant on the amount you are borrowing (19.6%APR to 26.8%APR). One third of the amount you borrow will be held in an Attached Share account, this is held as security against the loan.

  • I am over 18
  • I am a member of Wyvern Savings & Loans
  • I am looking to borrow between £500-£7,500
  • I have a third of what I want to borrow in savings with Wyvern Savings & Loans

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 £300 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 another 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.

Who can apply?

Any member over the age of 18 may apply for a loan.

Can I join and apply online today?

You can complete the application form, to join and take out a loan today. Our staff will be in touch to complete your membership. If you would rather join at one of our branches, please see our opening times.

How long does the loan application process take?

A final loan decision is typically made within three to five working days. If you have not completed the form in full, or we require further information to support your application it may take longer.

What is the current APR?

Interest is charged monthly on a reducing balance ranging between 0.5% - 3% per month. This equates to between 6.2%APR - 42.6% APR. However as the interest is charged on a reducing balance the amount of interest you pay is generally less than the APR equivalent.

Will my repayments be deducted at source from my pay?

This is one method of repayment and a good way of budgeting your salary. You can chose to have a deduction to your wages or your full wages paid into us. Loans repaid by Payroll deduction may be eligible for a lower rate of interest.

How much do I need to have in savings before I can apply for a loan?

You need to have a minimum of £1.00 in your account at all times. There is no requirement to have any additional savings in your account before you apply for a loan, however a regular savings history shows your affordability and intention to repay a loan.

Can I make a joint application?

Yes, we accept Joint loan applications. Both applicants would need to be members of Wyvern Savings and Loans. You will both be liable for repayment of the loan.

Are my personal details safe/secure?

Yes. We will treat all personal (or other) information from you with the utmost respect and where appropriate, in accordance with data protection legislation, including the Data Protection Act 1998.

Do I have to apply online?

You may apply online, or you can complete a paper application form. Applications can be submitted at any of our branches or through the post as well as using our online application form.

How will I know if my loan application has been approved?

We will contact you once a decision has been made, this will usually be within 3 to 5 working days.

Do I have to pay my loan off in full before I can apply for a further loan?

No, you can apply whilst you have an outstanding loan balance. It is advised that you make payments for at least 3 months on your current loan before applying for further funds, but we do recognise that emergencies arise.

I think I can get a lower APR on the high street. Why is that?

It is likely that the APR quoted on the high street is for a high value loan. Check that the interest rate would apply to the value you wish to borrow.

You should also check the monthly repayments, loans on the high street often have interest applied at the start of the loan term, and have fixed repayment terms. Wyvern Savings and Loans apply interest on a reducing balance, so the total amount repaid is often less, and there are no charges for repaying quicker.

Do you perform a credit check?

Yes, all our loans are subject to credit checks.

My credit history is not particularly good. Will this affect my application?

If you have poor credit we can still offer a loan. There are restrictions which will be applied if you are under a debt management plan or an arrangement, or if you have an outstanding County Court Judgement. Please get in touch with our loans team if you have worries about your credit report.

If you are not sure what your credit report may show, you can get a credit report for yourself. We recommend www.noddle.co.uk where you can register for free to see your Credit report.

Are there any penalties for paying my loan off early?

No, there are no early repayment charges.

If I pay off a lump sum, will my repayments be reduced?

We would expect your repayments to remain at the agreed rate unless we agree to reschedule your loan. By paying a lump sum you would reduce the total interested paid and the length of the loan.

Can I access my savings whilst my loan is running?

You may be required to move some savings into an Attached Share Account to be held as security against the loan. During the term of the loan you will be encouraged to save.

Does it matter what I want to borrow the money for?

No, we will lend for any purpose. However the purpose of the loan may influence the term in which the loan is granted.

May I borrow to pay off other debts?

We will consider loans for debt consolidation, however we will take into consideration the interest rates on your current debts, and whether there is a better solution for you.

What happens to my loan in the event of my death?

Loans are covered by life cover at no extra cost up to age 70 (conditions apply). In the event of a claim, loans are paid off without further liability.

What is the maximum I may borrow?

The maximum Wyvern Savings and Loans can lend is £7,500 above your savings.

When the loan and the savings reach an equal amount, will the loan be paid off automatically?

No, your repayments will continue as agreed. If you wish to repay from your savings you must contact the office.

What is the maximum/minimum loan term?

Typically loans are repaid within two years, however we can extend this to three years. Guaranteed loans can be repaid over seven years

Wyvern Savings and Loans is a savings and loans co-operative providing a credible and responsible way of banking and working to benefit its members.

Applying for a loan

  • You must be over 18 to apply for a loan.
  • You must be a member of Wyvern Savings and Loans to apply for a loan.
  • Only members who have completed a loan application in full will be considered for a loan.
    • You must provide your National Insurance Number
    • You must provide an address history for the last three years
    • You must read, understand and sign the declaration
    • You must provide details of your income and expenditure
    • You must provide details of any existing debts or liabilities which you have, including County Court Judgements (CCJ’s)
    • If you use your partners income and expenditure to help us assess the loan, they must sign the application
  • You must be able to afford the repayments.
  • You must not have an undischarged Bankruptcy or Debt Relief Order.

Loan Agreement

  • The Lender will lend and the Borrower acknowledges that they have received the sum borrowed under the Agreement. The Borrower will repay the Loan (i.e. the Total Amount Owing) by the repayments set out in the Loan Details.
  • Two Members agreeing to take out a loan on a joint account shall be held jointly and severally liable for repayment of the loan.
  • Interest will be charged daily on the unpaid balance of the Loan and any unpaid interest at the rate shown in the Loan Details.
  • The Borrower has the right to settle the Agreement early at any time by paying the full balance of the Loan and any interest outstanding. The Lender will on request provide the Borrower with a written statement of the sums which have been paid and which remain outstanding.
  • The Borrower acknowledges that the details given on the Loan Application for the Agreement are correct and will inform the Lender immediately of any change in financial circumstances which may affect their ability to repay the Loan or any change in their address.
  • The Borrower may not withdraw monies from an attached share account unless the credit balance held in that account exceeds the amount outstanding under the loan, and then only to the amount of that excess, and only following a prior application to the Credit Union Office.
  • If the Borrower fails to pay any amount due to the Lender under the Agreement or breaches any of its terms, the Lender has the right to demand early repayment of all or part of the balance of the Loan outstanding together with any unpaid interest. The Lender will give the Borrower written notice not less than seven days before taking any action to recover any such sum. The Borrower acknowledges that, if any Loan Repayments are not paid or are not paid after the agreed time this may result in the Total Amount Payable under the Agreement being greater than the sum set out the Loan Details.
  • In the event of default the Credit Union reserves the right to pass information held about the defaulting member to third parties.
  • In the event of default the Credit Union may, if applicable, apply to The Department of Work and Pensions to deduct payment from the individual Borrower’s benefits.
  • The Borrower will be liable for any and all costs the Lender incurs in recovering sums due under the Agreement. If a loan and/or the interest due has not been paid as signed for in the loan agreement then the following charges may be added to the loan:-
    • Sending a default letter - £15.00
    • Notified visit by a Credit Union agent - £25.00
    • Preparation of a County Court claim - £10.00
    • Telephone Call - £0.20
    • Text Message (SMS) - £0.08

If a Borrower moves and fails to inform the Lender of their new address causing the Lender to undertake a trace, then the tracing charge of £25 will be made.

  • In taking out a Loan the Borrower has committed to an agreed programme of Repayments including capital and interest. In the event of default the Wyvern Savings and Loans Ltd reserves the right to notify its Credit Referencing Agency of that default.
  • Any Guarantor under the Agreement will be liable for sums under it which the Borrower fails to pay.