Fully Secured Loan

Fully Secured Loans are for existing members who have sufficient shares to cover the whole of their loan, plus a bit (10%) to cover interest after it’s been added. Why don’t they just draw their shares out without bothering with a loan? The reason is that they are getting a loan at a very low rate of interest, and getting free, valuable, Life Insurance as well, subject of course to Terms and Conditions. Their savings are still there, providing a nest egg they can fall back on as well. Interest rates are very low, for loans over £1,000, it’s only 5% flat per annum (5.12% APR), while loans below £1,000 are charged at 12% per annum (12.68% APR).

Just so you can get some idea of the amount you can borrow and how much it will cost in terms of monthly repayments and interest costs, we have included a calculator below. Pull the sliders around to see an illustration of what the loan could cost you, but bear in mind that there are minimum payment constraints which may apply.

£500 £10,000
4 months36 months
Your repayments are every month at APR
Total interest is
Total you will Pay:


Let’s look at the details for a Fully Secured Loan to see whether it will meet your requirements. The full Terms and Conditions are shown below, but here’s a brief run-down.

  • Fully Secured Loans are for members who have sufficient shares to cover 110% of the loan advance they are seeking. This way they keep their capital intact and also benefit from valuable Life Insurance on both their loan and their savings, subject of course to the Terms and Conditions shown on that page, especially the age limitations.
  • As the loan is fully secured, the Loan Application process is much simpler than for the other loan types. In fact, the Loan Application firm is just one page long!
  • A lump-sum amount of shares equivalent to 110% of the loan advance will be used to secure a loan and will be be set aside in a Pledged Savings account. This can be reviewed on a quarterly basis with the objective of releasing some of the pledged shares, provided that the 110% ratio of shares to outstanding loan balance is maintained.
  • Members must have a good history of making regular loan repayments with minimal arrears.
  • You can borrow between £500 and £10,000 with a Fully Secured Loan.
  • You can top up to a maximum of your initial loan amount ONCE provided you have repaid at least half of it and you’ve been making your payments on time with no arrears.
  • You can fully repay the loan from shares ONCE. This will require authorisation by the person nominated to supervise the loan.
  • We may carry out a Credit Check, although a poor credit score will not necessarily mean you won’t be granted a loan.
  • We will take into account your previous payment history if you have had loans with us in the past.
  • When filling in the form, it’s important you are truthful. Any discrepancies found will necessarily affect whether you will be granted a loan


  • Open to existing and new members
  • Loan fully guaranteed by shares
  • Our lowest interest rates – just 5% flat (5.12% APR) for loans over £1,000
  • Quick application process
  • Must be over 18 years old
  • No arrangement fee
  • No penalty for early settlement
  • Overpayments welcome
  • Weekly, fortnightly, 4-weekly or monthly repayments
  • Covered by Life Insurance, subject to Terms and Conditions
  • We will normally process loan applications within 5 working days (allow 10 working days in run-up to Christmas), however larger loans may take longer.

Loan Advance Payment

We can pay your loan advance by Faster Payments Transfer to your Bank Account or by transfer to your City of Plymouth Credit Union Savings Account. You can then use your Savings Account to top up your prepaid Visa Debit Card if you have one.

Apply for Loan

To apply for a loan, click the button below, print the form and fill it in as fully as possible. Alternatively, forms are available at any of our Service Points where you can also ask for help in filling in the forms.

Please don’t send the form as an email attachment as we need original signatures and, as email is an insecure communication medium and many of the forms contain sensitive information, could lead to data protection issues.

Fully Secured Loan Terms and Conditions