Standard Loan
For first time borrowers loans of up to £1,250 will be considered. Interest is 2.75% per month (APR 38.5%). Only 2x savings will be applied. This loan will need to be repaid in full.
Existing borrowers with regular savings who wish to borrow an amount based on their level savings
Loans from £300 - £1.249 - interest is 2% pm (APR 26.8%)
Loans from £1,250 - £2,499 - interest is 1.75% pm (APR 23.14%)
Loans from £2,500 - £4,999 - interest is 1.5% pm (APR 19.56%)
Loans from 5,000 - 9,999 - interest is 1.25% pm (APR 16.08%)
Loans from £10,000 - £14,999 - interest is 1% pm (APR 12.7%)
Loans above £15,000 may be considered by discretion, but will be subject to more stringent criteria - interest is 0.75% pm (APR 9.4%)
Up to 3x savings may be applied, but all loans are subject to affordability and credit checks. We reserve the right to offer a revised loan amount.
Loan terms from 3 to 60 months.
Share loading will be excluded from regular savings contributions.
Apply NowMaximum Loan Term :
42.6%
42.6%
42.6%
This calculator is for illustrative purposes only, to give you, the borrower, an overview of the potential cost of borrowing. The Credit Union, or any of its staff, cannot be held responsible for any errors. Please note that this calculator only provides an indicative quote and actual repayments may vary.
- Build your savings as you repay your loan
- No early repayment or arrangement fees
- Competitive interest rate.
- New borrower max: upto 2x your savings.
- Existing borrower max: upto 3x your savings.
- You can apply even if you have no credit history.
- You can apply even if you have a low income.
- Free loan protection insurance.
You can apply for our Standard Loan, online via Members Area or the App, by post or at our office. To apply for a loan you must:
- Be 18 or over.
- Have an income of more than £100 a week.
- Be a member of Discovery Credit Union.
- Have saved regularly for at least 9 weeks.
- Provide your last 2 months bank statements.
- Provide 2 recent wage slips or, your benefit award letter and housing benefit award letter (if applicable)
Loans are subject to affordability. Terms and Conditions apply. Please see our Lending Policy and Borrowing FAQ for more information.
Comparing lenders that are banks and other lenders that are not banks, but are registered and regulated through the FCA.
Comparison is made on a new client basis, interest rates may differ for existing clients / members.
Many lenders may price their representative offer based on a good to excellent credit score, pricing may vary on application
Below are representative examples from other loan providers, actual rate offered might differ.
The payments for Discovery Credit Union exclude savings contribution, which is required with any loan taken with Discovery. This ranges from £5.00 / week to £20.00 / month minimum.
The Discovery Credit Union Standard loan will require that the applicant holds a minimum of £1000.00 in shares (savings), which will serve as security for the duration of the loan.
| Lender | Loan Amount | Loan Term | Payment | Total Payable | Representative APR | Fixed Interest Rate | Admin fee |
| Admiral Personal Loan | £3000.00 | 24 months | £141.49 / month | £3395.76 | 12.9% | 12.90% p.a fixed | n/a |
| NatWest | £3000.00 | 24 months | £148.34 / month | £3560.16 | 18.4% | 18.4% p.a fixed | n/a |
| 118-118 Money | £3000.00 | 24 months | £185.47 / month | £4451.28 | 49.9% | 49.7% p.a fixed | n/a |
| EVLO LOANS | £3000.00 | 24 months | £237.75 / month | £5706.00 | 99.9% | 71.3% p.a fixed | n/a |
| Bamboo | £3000.00 | 24 months | £185.24 / month | £4445.76 | 49.7% | 49.70% p.a fixed | n/a |
| Discovery CU | £3000.00 | 104 weeks | £32.47 / week | £3377.00 | 19.56% | 1.5% p.m | n/a |
| Discovery CU | £3000.00 | 24 months | £141.25/ month | £3390.00 | 19.56% | 1.5% p.m | n/a |
source:
| https://moneyfactscompare.co.uk/loans/personal-loans/ |
| https://www.evlo.co.uk/ |
