Credit Saver

Credit Saver is our new revolving credit account which gives you fast access to credit whenever you need it.

Get a pre-approved credit balance of up to £2,000 – so there’s no need to re-apply each time you want to borrow. APR is charged at 34.8% when the credit facility is used.

Enjoy same-day access* to withdraw cash up to your credit limit.

Just make a minimum payment each month. It grows your savings when you’re not using the credit facility – and repays your loan when you are. See below for full details.

Join today and apply for Credit Saver with our secure app, Nivo

Applications are via our secure app, Nivo – find out more about Nivo

*Withdrawals will be processed on normal working days. 

New here? Find out more about being a Co-op Credit Union Member here

How does it work?

It’s a bit like a credit card or overdraft facility, without the plastic card.  

You apply for a pre-approved credit limit of £500, £1,000 or £2,000 which will be available for you to use whenever you need it.  

Each month, you’ll pay in a fixed minimum amount to your account. If you’re in credit, this goes to build your savings, or if you’ve used the credit facility, this goes towards paying it off. 

You may overpay without any penalty at any time and may choose to repay at a higher rate than these minimum fixed repayments provided these higher payments are affordable to you

The fixed minimum amount* is based on the repayment needed to clear a loan of the same value as your credit limit over a reasonable period (see table for details).

*You will also need to save £10 per month in your regular shares account. Find out more about Co-op Credit Union Membership here.

As a responsible lender, our Credit Saver account is different to a bank credit card where making only the very minimum payments can leave you paying interest for years and years without reducing the debt. Our repayment plan ensures you keep on top of any borrowing and helps you build up savings when you’re not using the credit facility.

Is it right for me?

The product has been created for members who would like a flexible borrowing and saving facility for occasional borrowing requirements. 

It offers the convenience of knowing credit is available to dip into if needed without the need re-apply each time, and the consistency of a fixed payment amount each month, which is added to savings when the credit facility is not being used.

However, Credit Saver is not suitable for members who wish to access the full credit limit indefinitely.  If you are not intending to make regular savings at the level of the minimum repayment amount, then you should consider if a standard personal loan product may be more suitable for your needs. 

Note: Credit Saver accounts will be reviewed at least once per year to assess whether the product continues to work well for you. If you pay in and draw down at or around your full credit limit consistently then we would work with you to repay the balance sustainably, including possibly converting your loan to a standard personal loan without a credit limit. This is a limited pilot product and therefore we will only be offering it to a small number of members initially. During the pilot the product will only be available to apply for and manage via the Nivo app

Terms and Conditions and Key Features

Credit Saver applications are subject to our usual lending policy and affordability checks. Minimum term of loan – 1 week. Maximum term of loan – 2 years. APR 34.8%. Please see our terms and conditions and privacy policy for details on the use of your personal information by ourselves and credit reference agencies.