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Save As You Borrow Loan

Save As You Borrow Loan

Save As You Borrow loans (SAYB) are the most popular loan for members on low incomes, who need help to build up their savings, or those with a poor credit record.

We provide two SAYB loan products. These provide higher upper loan limits, longer repayment periods and, for those on monthly net incomes above £800, lower interest rates.

SAYB LEVEL 1 Representative examples over 24 months at 42.6% APR

Loan

Weekly repayment*

Total cost of credit

Total repaid

Monthly repayment*

Total cost of credit

Total repaid

£200

£5.00

£70

£270

£20

£82

£282

£400

£8.00

£139

£539

£32

£163

£563

£600

£11.00

£208

£808

£44

£245

£845

£750

£13.25

£260

£1,010

£53

£306

£1,056

*  Includes £2 per week or £8 per month contribution to your savings.

SAYB LEVEL 2 Representative examples over 26 months at 26.8% APR

Loan

Weekly repayment*

Total cost of credit

Total repaid

Monthly repayment*

Total cost of credit

Total repaid

£800

£12.00

£201

£1,001

£48

£232

£1,032

£1,000

£14.50

£251

£1,251

£58

£290

£1,290

£1,500

£20.70

£377

£1,877

£83

£435

£1,935

£2,000

£27.00

£502

£2,502

£108

£580

£2,580

*  Includes £2 per week or £8 per month contribution to your savings.

Apply on-line or download a Loan Application Form

Paying more than the minimum will clear your loan quicker, and reduce the total amount you have to pay, but will also reduce the amount of savings you build up while you repay the loan.

If you are up to date with your payments and need a top-up to the same level as we have previously approved, you can make Fast Track application here or download a Fast-Track SAYB Top Up Loan Application (also available in branches, for same day issue where agreed.)

When you apply for a loan in person, you will need to provide proof of your income, ID, and current address . You will also need to bring proof of ID and address again when collecting the loan. If necessary, we may also ask for bank statements, evidence of debts or other information to inform our loan decision. Before your loan is issued we will ask you to provide evidence that you have made arrangements for regular electronic loan repayments.

The full SAYB Loan Terms & Conditions are available here.

You can find our branches in Bromley, Sydenham Lewisham and New Cross. We're here to help, with Savings, Loans and Current Accounts for you

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Lewisham Plus Credit Union Limited is a member of the Financial Services Compensation Scheme (FSCS), complies with the Data Protection Act 1998 and is Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Firm reference number 213588. Credit Union Registration Number 295C (IP00295C at Companies House).

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