All of our loans are covered by insurance automatically up to age 80, and interest is only paid on the reducing balance.

We have different loan rates depending how much you wish to borrow and how much you have saved with us. To qualify you need to have been saving regularly with us for a minimum of 2-3 months.

A first Saver Loan is 2 x savings OR savings + £250 – whichever is LOWER

A second Saver Loan is 2 x savings OR  £500 – whichever is HIGHER (but NOT above 4 x savings)

A third loan or more is just 4 x savings up to £15,000 + savings.

These are our SAVER LOAN options:

Saver Loan 1 (Up to £750)

If you are borrowing £750 or less the Interest rate is set at 2.5% per month (34.49% APR) – usually over a couple of years maximum.

Saver Loan 2 (Between £751 and £2,000)

If you want to borrow between £751 and £2,000, then the Interest rate is set at 2% per month (26.82 APR) – usually over a period up to 3 years.

Saver Loan 3 (Between £2,001 and £3,500)

If you want to borrow between £2,001 and £3,500 the Interest rate is set at 1.5% per month (19.56% APR) – again over a period up to 3 years.

Saver Loan 4 (Over £3,500)

If you are borrowing over £3,500 then the Interest rate is 1% per month (12.68% APR) – these can be spread over 5 years maximum.

Collateral Loan

These are for members who need money but do not want to impact their savings – so any loan will be less than they have in savings with an Interest rate of 0.5% per month (6.17% APR) – the length of the loan will depend how much you are borrowing up to 5 years maximum. Normal saver loan rules do not apply, but you cannot withdraw savings under the remaining loan value.

Other types of loan are also available – click here to find out more.

Applying for a loan

To apply for a loan just email one of our offices, stating your Member Number, how much you wish to borrow and reason to borrow – someone will get back to you with your options.

To qualify for one of our Council Loans you need to be a Member of the Credit Union and then give your Member Number to your Housing Officer so they can refer you to us for whichever loans are applicable – you cannot apply directly to the Credit Union for these.

Should a member experience difficulties in meeting repayment commitments, they should immediately explain the situation to the credit union, which will treat the matter sympathetically and in total confidence. Depending on circumstances, the loan will be renegotiated if possible.

There are no penalties associated with clearing your loan quicker than agreed.

It is up to you to set up repayments online from your own bank using the following details:

Our account name is – Somerset Community Credit Union

Sort Code is – 089002

Account Number is – 67002546

Please add your Member No. and Surname as reference

Repayments can also be made in cash at one of our offices or Info/Collection Points