FAIRshare Saver Loan

Save as you Borrow

Build up savings with a FAIRshare Saver Loan

A FAIRshare Saver Loan allows members to borrow £50 up to £7500 over a maximum of 60 months.  With a Saver Loan, you build up savings whilst repaying your loan, and it can also help improve your credit rating.  

To apply for a Saver Loan you must –

  • Become a member and open a savings account if approved for a loan.
  • Be a member of FAIRshare Credit Union.
  • Be 18 years of age or over.
  • Have a minimum weekly income of £125, from employment, pensions or benefits*
  • Not be currently bankrupt.
  • Not be in a Debt Relief Order (DRO), Individual Voluntary Arrangement (IVA) or a Debt Management Plan.
> Applications are more likely to be approved if you:

Applications are more likely to be approved if you –

  • can prove a regular source of income by using our Open Banking portal.
  • are registered on the Electoral Roll at your current address.

*Usually refers to Income Support, Job Seekers Allowance (JSA), Employment Support Allowance (ESA) & Universal Credit (UC).

Saving as you borrow

Your repayment includes a saving amount; £3 a week or £13 a month is the recommended minimum. This means that when you’ve paid back your loan, you’ll have saved money too.

How much will it cost?

With a FAIRshare loan, we work with you to ensure your weekly or monthly repayments are affordable and suit your budget.  The longer the repayment period, the smaller the repayments, but the more interest you will repay overall.  Below are 2 examples, or visit the Loan Calculator for more options –

Example 1

  • Borrow £1000 over 99 weeks
  • £13.93 a week loan repayment
  • + £3 a week savings
  • Total £16.93 a week
  • Total cost of credit £379.03
  • Total savings after 99 weeks £297

Example 2

  • Borrow £1500 over 42 months
  • £62.95 a month loan repayment
  • + £13 a month savings
  • Total £75.95 a month
  • Total cost of credit £1143.91
  • Total savings after 42 months £546

Representative Example –

Borrowing £1200 over 156 weeks will cost £12.52 a week + £3 a week savings – £15.52 including savings.
Total amount repayable is £1954.37, including interest at 42.6% APR (3% per month). Comparable Rate of Interest for the true cost of borrowing 21.1%.
Total savings £468 after 156 weeks.

Quick & easy to apply

Apply online now for a quick decision.  Alternatively you can download an application form and return it to our Southwater, Telford branch for processing. Processing time will vary depending on demand, but we aim to have made a decision within 24 hours of receiving all supporting paperwork.

Additional Borrowing with a Top Up Loan

You don’t have to have repaid your loan in full to qualify to Top Up your FAIRshare loan, but you must have made at least 3 months’ (or 12 weeks) regular repayments to your existing loan before applying.  Any outstanding loan balance will be taken into consideration when assessing your application.  

We’d love to hear from you.

Do you have a question about FAIRshare services? Our team is ready to answer all your questions.