10 Mar Loan Policy Change
Borrow Up to £1,500 Without a Savings Requirement
At Scottish Universities Community Bank (SUCB), we believe our services should reflect the needs of our members. Following feedback from our recent member survey, we reviewed how our lending policies work in practice.
In response to this feedback, Members can now apply to borrow up to £1,500 regardless of the amount they currently hold in savings with us.
Previously, members could borrow 5x the amount in their savings. Removing this requirement makes it easier for members to access smaller loans when they need them, even if their savings balance is still growing.
How This Differs from the Introductory Loan
This change applies to existing members and is separate from our Introductory Loan offer.
The Introductory Loan is designed for new members joining us. It allows them to borrow up to £1,500 without prior savings, with the loan repaid over 18 months. As part of the repayment, a portion is placed directly into the member’s savings account, helping them build savings while they repay.
The updated policy simply gives existing members more flexibility to borrow up to £1,500 without their savings balance determining the amount they can access.
What Next?
As always, we aim to provide borrowing that is straightforward and manageable. All loans are assessed for affordability, and repayment is made through payroll deduction or standing order. If you are struggling, please see our available resources
If you are considering borrowing or would like to understand your options, our team is always happy to help. Please contact us
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