New car

Optimum Loan

An all-purpose loan for all members

Members with little in savings are not excluded from borrowing money and can apply for an Optimum Loan of up to £10,000.

Unlike the Multiplier Loan, you do not need to have much in your savings to be able to apply for an Optimum Loan or if you would like to borrow more than 4 x your membership savings, then the Optimum Loan can provide the answer.

  • Great competitive rate that reduces with larger loan amounts
  • Free loan protection insurance (terms and conditions apply)
  • Interest is charged on your outstanding loan amount so will reduce with your decreasing balance
  • Continue to build your savings and earn a dividend whilst you repay your loan
  • No set up charges, early settlement charges or hidden fees

The Optimum Loan is available to ALL members* with a membership account.

Step 1: Simply decide on an amount you wish to borrow; whether for a new car, a holiday or even home improvements.

Step 2: Ask: "Do I have enough savings in my membership account to apply for a multiplier loan?" If not, you can apply for an Optimum Loan.  

Step 3: Secure your membership savings against your loan until the balance is cleared.

Step 4: As you repay the loan you will also continue to build up your membership savings, meaning you will have a greater savings balance once the loan is cleared.

Note: You will lose access to your membership savings whilst you repay the loan but savings can be withdrawn once the loan is cleared.

Your Credit Union loan is protected in the event of your death1 – helping protect your family from the financial burden of bereavement.

When you take out a loan with us you also get Loan Protection. If you were to die before your Credit Union loan is repaid, this protection can help towards settling the debt, so that it isn’t passed on to your loved ones.

Of course, it won’t take away the pain but it’ll certainly help with the financial strain of bereavement. This benefit is included at no extra cost to you as part of your Credit Union loan arrangement2 so just for once, peace of mind doesn’t cost the earth; it’s just another benefit of being a Credit Union member.

As a Credit Union member, you’re not only borrowing for the things you desire to make life more comfortable for you and your family; by choosing your Credit Union to borrow from, you’re helping your Credit Union provide better value loans for all Credit Union members. With the added peace of mind provided by Loan Protection, loans from your Credit Union can offer better financial security for you and your family.

1Subject to terms and conditions. Cover limits vary and certain restrictions apply based on age and cover.

2Please ask at your Credit Union for more details about the individual limits and restrictions of Loan Protection or click here to view online.

The Annual Percentage Rate charged is based on the amount of credit borrowed. The "Repayment Illustration Table" shows the various APR charges and the credit limit to which each applies.

* Member criteria: The Optimum Loan is available to all members including new members (within 12 months of joining). New members must have made at least 1 regular payment through either payroll deduction or direct debit before any loan can be considered.

We ask all members to make NO more than 1 application for a loan within 6 months of each request.

** Free Loan Protection Insurance: As a Member of Voyager Alliance Credit Union you will be automatically covered by our Life Insurance Policy at no direct cost to you. In the event of your death, any outstanding loan balance you may have with Voyager Alliance Credit Union is cleared and not left to your Next of Kin. This is offered to all members up to the age of 69.

Life Insurance on loan balances does not cover members over the age of 69.

For full terms and conditions or more information about the policy, please click here.

Or for a summary please click here.

Data protection statement

In accordance with the principles of the Data Protection Act 1998, we will use your personal details for the purposes of managing your accounts with Voyager Alliance Credit Union.

Under the Distance Marketing Directive, you have the right to cancel your savings account within 14 days of opening without incurring financial or other penalty.