How much could you save?
Posted on Jun 28, 2023Our loans just got better so let’s take a look at how much you can save with our Personal and Advantage Loans compared to the typical credit card.
If you’ve got savings with Voyager Alliance, great news, our Advantage Loan rewards savers with advantageous interest rates! Members can borrow up to 5 times their savings, up to £25,000 and with save as you borrow your savings will continue to grow while you repay your loan.
No savings with Voyager Alliance? No problem! Borrow up to £10,000 with our flexible Personal Loan at competitive interest rates.
APR price comparison
Let’s compare a £2,000 loan, repaid over 24 months, and see how much you could save…
- Voyager Alliance Advantage Loan – 10.9% (fixed) & Voyager Alliance Personal Loan – 21.9% (fixed)
- Santander All in One Credit Card – 27.7% (variable)
- American Express Credit Card – 29.7% (variable)
- Tesco Bank Credit Card – 29.9% (variable)
Above rates taken from Finder.com (June 2023)
Advantage Loan – Borrow up to 5x your savings!
A £2,000 Voyager Alliance Advantage Loan, repaid over 24 months will cost £92.66 a month, total amount repaid £2,223.83, total interest £223.83 at 10.9% APR.
Now let’s compare to a credit card with a 20.9% APR.
Using Uswitch’s Credit Card Calculator and keeping monthly repayments at £91.74 (the same as the Voyager Alliance Advantage Loan), total interest is £482. By choosing a Voyager Alliance Advantage Loan could save you nearly £260 in interest and you’d have cleared your loan 3 months quicker compared to the average credit card!
Personal Loan – No savings? No problem!
A £2,000 Voyager Alliance Personal Loan, repaid over 24 months will cost £101.79 a month, total amount repaid £2,443 total interest £443 at 21.9% APR.
Now let’s compare this to Sainsbury’s Everyday Credit Card at 29.4% variable.
Using Uswitch’s Credit Card Calculator and keeping monthly repayments at £101.79 (the same as the Voyager Alliance Personal Loan), total interest is £632. By opting for a Personal Loan with Voyager Alliance, you could save yourself £189 in interest and you’ll have repaid your loan 3 months quicker compared to the typical credit card!
And, as with all Voyager Alliance loans, interest is charged on a reducing balance so you may be saving even more!
So, if you’re looking to book a summer holiday, planning some home improvements, or hoping to upgrade the car, whatever the purpose, make sure to check out our loans.
Looking to borrow a different amount or over a different repayment period? No problem! Try out our handy loan calculator to see how much you could borrow and how much you would pay back.