New Member Loan
Our New Member Loan is available to all new joiners that are staff members of a Scottish-based university or Higher Education Institute. The New Member Loan allows you to borrow up to £1,500 without any prior savings with us!
Unfortunately, new members who are not employees of a University or Higher Education Institute in Scotland are required to save with us for a minimum of 3 months before being eligible to apply for a loan.
What You Need To Know
As a member, you can apply to borrow up to 5x the amount you currently hold in your savings account with us. As a new member, we understand that you won’t have had the chance to save much but may still be looking for a loan. Here at First Scottish, we want to give you a helping hand – that’s why we’ve introduced the New Member Loan, that allows you to borrow up to £1,500 without any prior savings in your account.
- We only charge 1.75% (23.14% APR) per month for our New Member Loan.
- New Member Loans must be paid off over a 12 month period and re-paid completely before you may apply for another loan.
- Part of your monthly repayment goes back into your savings account, meaning you save even as you repay!
- At the end of your repayment period, you’ll have enough in your savings to borrow again.
- We consider loan applications greater than £1,500 for new members on a case-by-case basis. If you would like more than £1,500, please call the office and we would be happy to talk through your options with you.
