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Our Loans

Loans For University and College Staff

Find out today if a loan from us could help you.

Introductory Loan

 

Sometimes in life, you need a little extra. Whether that’s for the holiday of your dreams, a little home renovation or fixing up your beloved car, at SUCB, we want to offer all our members a helping hand.

 

Our Introductory Loan offer is available to all our new members who are employed at the University of Edinburgh, Heriot-Watt University or Edinburgh Napier University. Our Introductory Loan allows you to borrow up to £1,500 without any prior savings in your account with us. Better yet, the Introductory Loan is repaid over 12 months and we take a portion of each repayment and pop it straight into your savings account – meaning you save money even as you borrow!

 

Unfortunately, new members who are not employees of our partner universities are required to save with us for a minimum of 3 months before being eligible to apply for a loan.

 

What You Need To Know

 

  • We only charge 1.75% (23.14% APR) per month for our Introductory Loan.
  • Introductory Loans must be paid off over a 12 month period and re-paid completely before you can apply for another loan.
  • Part of your monthly repayment goes back into your savings account, meaning you save even as you repay!
  • At the end of your repayment period, you’ll have enough in your savings to borrow again.
  • We consider loan applications greater than £1,500 for new members on a case-by-case basis. If you would like more than £1,500, please call the office and we would be happy to talk through your options with you.

 

Applying for our Introductory Loan couldn’t be easier. Log in to your online members’ area here to get started.

Secure Loan

 

If you would like to apply for a loan that is less than or equal to the amount you currently hold in your savings with us, you may be eligible to apply for a Secure Loan.

 

What You Need To Know

 

As our Secure Loans are guaranteed against your savings, you benefit from a low rate of interest, at 6.17% APR.

 

  • All our loans are subject to affordability.
  • You cannot apply for a Secure Loan if you have an outstanding loan already.
  • All loans must be paid over a period no greater than 5 years.
  • Loan repayments are made through Payroll Deduction for university employees or Standing Order for family members and members who have left their work within the university.

Personal Loan

 

For all our long-standing members, we offer personal loans up to £25,000. You can apply for loans up to 5x the amount you hold in your savings account with us.

 

What You Need To Know

 

As always, you’re charged a flat rate of interest depending on the amount you’d like to borrow, meaning you get the same fair deal as everyone else. You can find our interest rates below but if you need a hand, give the office a call – we are always happy to help!

 

  • All our loans are subject to affordability.
  • You cannot borrow more than 5x the amount you currently hold in your savings.
  • All loans must be paid over a period no greater than 5 years.
  • Loan repayments are made through Payroll Deduction for university employees or Standing Order for family members and members who have left their work within the university.

How much will my loan cost?

 

Below you can use our handy Loan Calculator to see what your monthly repayments will be. You can select one of our products from the drop down menu to see how the interest rate changes depending on the type/amount of loan.

 

You can see our Interest rates below the calculator for the various products on offer.

Our interest rates

 

Introductory Loans 1.75% (23.14% APR)
Loans under £1,500  1.75% (23.14% APR)
£1,501 – £4,999  1% (12.68% APR)
£5,000 + and Secure Loans  0.50% (6.17% APR)

How to apply

 

Are you interested in applying for a loan? Sign in to the Members’ Area to start your application or register to become a member here: