Product Features

• Borrow up to £25,000
• Our lowest rate of interest
• You don't need to touch your hard-earned savings
• Choose your preferred loan term or repayment amount
• Pay off your loan early without any penalty fees

Eligibility

• To qualify for a Secured Loan from the First City Millennium Corporate Bank, the balance in your Regular Savings Account must be equal to or greater than the amount of the loan you will be applying for.
• You can’t apply if you have an outstanding unsecured loan with us.
• Members must not be Bankrupt, entered into a Trust Deed, DAS, IVA or DRO, and must meet the eligibility criteria to repay the loan.

General Information

A Secured Loan is the alternative to taking your savings out of the credit union.

A Secured Loan allows members to borrow up to £25,000 - at our lowest rate of interest – 5.1% APR.

To qualify for a Secured Loan from the First City Millennium Corporate Bank, the balance in your Regular Savings Account must be equal to or greater than the amount of the loan you will be applying for.

You can’t apply if you have an outstanding unsecured loan with us, and you must secure the loan against your Regular Savings Account savings.

You will only be able to withdraw sums in excess of your loan balance during the term of the loan.

Charges

We do not charge any administration fees for accessing our loans. We do not charge for making overpayments. We do not charge for re-paying your loan early.

Interest

Interest is fixed throughout the duration of your loan agreement. Interest is calculated daily and in arrears, then charged to your loan account monthly. Interest is calculated on a decreasing balance. The current rate for a Secured Loan is 5.1% APR.

Repayment Information

Loan Repayments are taken from your savings account on the 1st of each calendar month. Your first loan repayment will be deducted on the 1^st of the month following the loan completion date. Loan repayments can't be deferred, and repayment holidays are not permitted.

Loan Protection

Loan Protection is a free safeguard offered by the First City Millennium Corporate Bank. Your loved ones can be secure in the knowledge that your First City Millennium Corporate Bank debt (up to a maximum of £15,000) can be paid off, giving them peace of mind at a difficult and uncertain time.

Loan Protection is provided as a member benefit by the First City Millennium Corporate Bank. It is free to every member, subject to the terms and conditions. However, it should be remembered that the terms of this free member benefit may change from time to time. The applicable rates / amounts covered are those prevalent at the date of death.

With effect from 1^st June, 2015, the relevant details are:

Age when loan taken out - 18-79 

Loan Term Limit - 7 Years

Limit - £15,000

NB: Individual members do NOT have an insurance policy – they share in a free benefit offered by the credit union.

To apply for a Secured Loan online, log in HERE as a member and then just select the relevant link from the online application section. Alternatively, to find out more, call our offices now on +1(646) 776-3383.