Key facts
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Credit score – poor+
You can apply for this loan with a poor or better credit score. If you have a good credit score, we may offer you the chance to borrow more than three times your savings.
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Member exclusive?
You will need to be a member who has saved with us for at least 12 weeks before you can apply for this loan.
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Save first?
Yes, you need to save for at least 12 weeks before you can apply for this loan.
Loan calculator
Use our loan calculator to get an idea of how much you could borrow and what your repayment terms could look like with a loan from us.
Representative example
- The interest rate you pay, and the amount you are able to borrow may vary depending on your saving and loan record with South Yorkshire Community Bank.
- All figures given on this website are for your general information only, and give a rough guide to loan repayments. Any statements on this website do not purport to be authoritative or legally binding.
- All information contained on this web page is correct at time of publishing. South Yorkshire Community Bank accepts no responsibility for errors due to changes in rates or offers which have occurred after this date. You are advised to check with our offices for up-to-date rates and offers.
- All repayment values are inclusive of interest.
Key features
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Save for 12 weeks to apply
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Borrow up to 3 times your savings
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Your savings are held as security
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Affordable repayments for up to 5 years
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No arrangement, set-up or early repayment fees
How does it work?
Our savings-based loans are some of our cheapest loans and are suitable for those with poorer credit records. That’s because we ask that you have saved with us for at least 12 weeks before applying for a loan.
- You can apply for up to three times your savings balance initially. For example, if you have saved £100, you could apply for a loan of £300.
- If you have a good credit record, we may let you know that you can apply for larger multiples of your savings.
- If your credit record is excellent, we will consider larger loans, up to 10 times your savings – even on your first loan with us. For example, if you have an excellent credit record, and have saved £100 with us, you could apply for a loan of up to £1000.
You must be prepared to leave your savings in your account until your loan has been repaid. After that, you can withdraw your savings, or use them to apply for a top-up loan.
If you don’t want to save with us first, our Progress Loan or Family Loan may be for you.
What our happy members say
“I can get loans against my savings which gives me peace of mind if I have any unplanned costs. It has helped me manage my money.”
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Am I eligible?
You can apply for this loan if:
- You have a regular income of at least £500 per month, or equivalent
- You are not currently in an IVA
- You have not had a Debt Relief Order or Bankruptcy order in the last 2 years
- You have built up savings with us
You can apply for a further loan (top-up) when:
- Based on the multiplier you are on (usually 3 times your savings) you are able to apply for a minimum of £200
Application process
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Apply Online
Applying online is quick and easy and takes less than 10 minutes.
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Decision Time
Once we have received your completed application, including your bank statements, we will send you an expected decision date.
Loans are currently taking 1 to 2 working days for a decision.
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Payment
If your loan is approved, we will contact you to let you know how to sign your loan agreement.
As soon as you have returned your signed agreement to us, your loan money is usually sent to your bank account on the same working day.
What you’ll need to apply
Make sure you have either:
- Your last 3 months’ bank statements ready to send, OR
- If you have mobile or online banking, you can give your bank consent to transfer your last 90 days of transaction data, using the secure link provided in the application
You may also need to send:
- Proof of any income not showing on your bank statements
- If you receive Universal Credits, a copy of your breakdown showing the elements you receive
- If you are self-employed, a copy of your latest Self Assessment tax return
Get the app
Did you know you can manage your savings and loans with our app?
Scan the QR code on your mobile device to download the app now.
Savings-based Loans FAQs
Below you will find out most frequently asked questions about our Savings-based Loans. For more FAQs, explore our Resources hub.
If you don’t see the answer you need, just get in touch.
I think I am on a Super Saver Loan (formerly known as Loyalty), but the interest rates it is showing in the calculator is for a Saver Loan (formerly Gold)
The rate shown in the calculator here and during the application is for Saver Loans (unless you have an existing balance on a Super Saver Loan).
If your application is approved, and you meet the qualifying criteria for our Super Saver Loans, your loan will be switched over to our Super Saver rates. By the time you see the loan agreement it should be at the correct rate, but if you think it may be wrong just let us know before you sign the agreement.
Am I eligible for a Savings-based Loan?
To become eligible for a Saving-based Loan. We do not accept bulk deposits. To become eligible for a Saving-based Loan, you need to build up savings with us over a minimum of 12 weeks. As we need to see a regular savings habit, we don’t accept bulk deposits.
Can I apply for a top-up Savings Based Loan?
A top-up loan is available once a £200 loan is available. Due to the Saver and Super Saver Loans being based on a 3x multiplier, if there is £200 or more available after multiplying your savings by three, minus your existing balance, you are eligible to apply for a further loan.
If approved, the further loan will be added to your existing balance, so you will only need to make one repayment to us each week, fortnight, 4 weeks or month.
Bit in red doesn’t make sense to anyone who desnt understand the workings of the products. Bit in orange is extremely confusing. Do we mean:
Yes! Though a top-up loan becomes available to you under very specific circumstances.
To be eligible for a top-up on a Saver or Super Saver Loan, you will need to work out whether you meet the ‘threshold number’ that balances your savings against your loan. To work it out, multiply your savings by three, then subtract your existing balance. If the answer is £200 or more, you meet the threshold number and are eligible to apply for a top-up. For example, if you have £75 in your savings account and a balance of £25 on your loan, you will meet the threshold number, because £75 x 3 = £225. Subtract your £25 loan balance from £225 to get £200. Or you can ask us and we’ll work it out for you.
If your application is approved, the further loan will be added to your existing balance, so you will only need to make one repayment to us for the original and top-up loan on your usual payment date.
Also, at what point can you borow up to 10x? Is it a sliding scale? We need to be super clear on this in the FAQs as it’s quite confusing.
Why are my savings for my Savings-Based Loan held in a secured savings account?
Our Savings-Based Loans require you to save while you borrow. That’s because Saver and Super Saver Loans are more likely to be approved and have lower interest rates. The savings you build up in your secured savings account still belong to you, but only become accessible once your loan has been repaid in full.
At that point, you can withdraw some or all of your savings from your secured savings account, leave them there, or take out another Saver Loan. If you choose to withdraw these savings, you will be need to save again if you wish to apply for another Saver Loan.
Is the last but correct?
What is a Savings-Based Loan?
A Savings-Based Loan is a type of loan that requires you to save with us first, for a minimum of 12 weeks. This shows us you can make regular payments, and builds up a pot of money you can use as ‘security’ against your loan.
We have two types of Savings-based Loan. A Saver Loan and a Super Saver Loan. The Loan you are eligible for will depend upon how much you have saved and your credit record. You cannot make bulk deposits in your savngs to gain quicker access to a Savings-based Loan.
What is a Saver Loan?
A Saver Loan is a type of loan that requires you to save with us first for a minimum of 12 weeks. This shows us you can make regular payments, and builds up a pot of money you can use as ‘security’ against your loan.
Anyone who would like a Savings-based Loan will first apply for our Saver Loan. With a Saver Loan, you can apply for three times your savings balance. For example, if you have saved £300, you can apply to borrow up to £900. Our Saver Loan used to be known as a Gold Loan.
If your credit record is good or better, you may be offered a Super Saver Loan.
What is a Super Saver Loan?
A Super Saver Loan is a type of loan that requires you to save with us first for a minimum of 12 weeks. this shows us you can make regular payments, and builds up a pot of money you can use as ‘security’ against your loan.
If you have applied for a Saver Loan and have a good credit record, you may be offered a Super Saver Loan. This means you may be offered better borrowing interest rates than with our Saver Loan and be able to apply for more than three times the balance of your savings account. This may be as up to 10 times your savings if you have a excellent credit record, even if this is your first loan with us.
How is my loan interest rate determined?
Interest rates can vary depending upon how much you borrow (which is shown clearly in the tables on each product’s page) and your credit score.
Terms & Conditions
All loans are provided subject to status and affordability and in accordance with our Lending Policy and loan product Terms & Conditions. Please be aware that you may pay more interest and be subject to additional charges if your loan repayments are not received on time. Repayments are reported to Credit Reference Agencies including Experian, which could affect your credit record if you do not keep up to date with your repayments.