For responsible borrowing

There are many good reasons for needing a loan. It may be time to replace a car. Carry out home improvements. Treat you and your family to a well-earned break. Or even just organise your finances and consolidate any debts you may have.

Borrowing with SCVO CU has many benefits:

• Affordable Interest Rates: Competitive rates are often lower than traditional lenders.
• No Hidden Fees: Transparent loan agreements with no early repayment penalties.
• Flexible Repayment Options: Repayments can often be made through payroll deduction or direct debit, aligning with your income schedule.

Use our loans calculator and find out what your monthly payments might be over a suitable period. If you have an outstanding loan, add to the amount calculated.

For example: outstanding £530 add on loan of £1,000 to make your new loan £1,530.

Use our loans calculator to see how affordable your loan would be.

Loans products and examples

Personal Loan

Ideal for general expenses like home improvements, bills, travel, or large purchases. Loan amounts range from £250 to £15,000, with competitive interest rates based on the amount borrowed.

There are no early repayment penalties, and repayment terms are flexible to suit the borrower’s income.

Members can refinance personal loans no more than twice.

Debt Consolidation Loans

Helps members consolidate multiple debts into one manageable loan, potentially with lower interest rates. It also simplifies repayments by combining various debts into one. And it reduces overall interest costs with fixed monthly payments to make budgeting easier.

Welcome Loan

Tailored for new members who have recently joined the credit union and need access to funds quickly with lower loan amounts (e.g. up to £1000). It’s available after one regular payment into the credit union. It provides new members with an opportunity to borrow without an extensive financial history.

Secured Loans

For members who wish to borrow against their savings or other collateral. It has lower interest rates compared to unsecured loans. The member’s savings secures the loan amount, reducing the credit union’s risk.

Budgeting Loans

Assists members with short-term financial needs or helps manage ongoing household expenses like bills, groceries, or utilities. Available to members who have been saving regularly for over a year. It can provide small loan amounts to cover immediate expenses with flexible repayment terms.

Green loans

SCVO Credit Union offers green loans to support members in making environmentally friendly and energy-efficient choices. These loans are designed to help fund home improvements for energy efficiency, deposits for electric vehicles, and renewable energy installations like solar panels.

SCVO Credit Union loans are designed to be fair, accessible, and supportive, ensuring members can access affordable credit when needed. Loans may be agreed upon in principle subject to members providing, where requested, updated bank statements, Credit reference reports and recent payslips.

Loans products and interest/APR rates:

Loans Products	Amount	Interest	APR	Repayment Period
Personal Loan 2%	£100 to £2,499	2%	26.82% APR	Maximum of 5 Years
Personal Loan 1.5%	£2,500 to £4,999	1.50%	19.56% APR	Maximum of 5 Years
Personal Loan 1.25%	£5,000 to £7,499	1.25	16.08% APR	Maximum of 5 Years
Personal Loan 0.75%	£7,500 to £9,999	0.75%	9.38% APR	Maximum of 5 Years
Personal Loan 0.5%	£10,000 to £20,000	0.50%	6.16% APR	Maximum of 10 Years
Green Loans 1%	£5,000 to £15,000	1%	12.68% APR	Maximum 10 Years
Consolidated Loans 1.5%	£3,000 to £10,000	1.5	19.56% APR	Maximum 5 Years
Savings Secured Loan 0.5%	Amount less or equal to savings	0.50%	6.8% APR	Maximum 5 Years
Welcome Loan 2%	£100 to £2,000	2%	26.82% APR	Maximum of 3 Years

Loan support

SCVO Credit Union members need to conduct a brief budget assessment and undergo a credit check when applying for a loan to ensure they can comfortably manage repayments without financial strain.

A budget assessment helps members understand their income, expenses, and how much they can afford to borrow.

A credit check allows the credit union to evaluate the member’s creditworthiness, offering a loan that suits their financial situation while promoting responsible borrowing. This process protects the member and the credit union by reducing the risk of economic difficulties in the future.

Apply for a loan

Print off an application form, email credit.union@scvo.scot, or call 0131 474 8003 to request a form.

The credit union will require a hard copy of the signed loan form or credit agreement before issuing a loan.