Borrowing MoneyCurrent Loans Policy

All loans are subject to approval by the Loans Committee.

Our current interest rate  for all first applications for unsecured loans is 13.4% (approx) flat rate, 26.8% APR, payable on the reducing balance and there are no set up, arrangement  or early repayment fees.  Providing this loan is paid aff as per the terms of the agreement, further loans may be offered at the reduced interest rate of 19.6% APR.

Our current interest rate for secure loans (loans up to the current value of the members savings) is 9% APR on the reducing balance and there are no set up, arrangement or early repayment fees.

To find out how much you would pay for a Dragonsavers Credit Union Loan click on the "Loan Calculator" icon (middle left of this page), enter the amount you would like to borrow, and the repayment period in months, press "Calculate" and the repayment amount and total interest will be shown.

We require all new members to have saved regularly for a minimum of 8 weeks before we can accept an unsecured loan application.  Secure loan applications may be made at any time.

Once this period has elapsed members can apply for a loan to a maximum of £5000 plus whatever they have saved. Members will be required to show an ability to repay the loan.  We encourage all members to continue saving on top of their loan repayment amount.  Savings secured against a loan in a share 1 account may not be withdrawn unless the balance of the loan is less than the savings balance and then the difference may be withdrawn.  Should a member require a withdrawal during the term of a loan, the credit union would advise the member to save in to a second share account for this purpose.