Sometimes in life, you need a little extra. Whether that’s for the holiday of your dreams, a little home renovation or fixing up your beloved car, at First Scottish, we want to offer all our members a helping hand.
Our Introductory Loan offer is available to all our new members who are employed at the University of Edinburgh, Heriot-Watt University or Edinburgh Napier University. Our Introductory Loan allows you to borrow up to £1,500 without any prior savings in your account with us. Better yet, the Introductory Loan is repaid over 12 months and we take a portion of each repayment and pop it straight into your savings account – meaning you save money even as you borrow!
Unfortunately, new members who are not employees of our partner universities 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
- We only charge 1.75% (23.14% APR) per month for our Introductory Loan.
- Introductory Loans must be paid off over a 12 month period and re-paid completely before you can 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.
Applying for our Introductory Loan couldn’t be easier. Log in to your online members’ area here to get started.