Care funding advice

Saga Personal Loans

One loan rate…endless possibilities

Call to speak to an adviser

0800 121 4240

Mon – Fri 9am-9pm, Sat 9am-5pm

Provided by Shawbrook Bank Limited. 

  • Try the Saga Personal Loans Calculator!

    With just one loan rate, you can see exactly what your monthly repayments would be - and without it affecting your credit score!

How does it work?


If you’re looking for a no-nonsense, unsecured loan from £1,000 to £25,000 over one to seven years, take a look at a Saga Personal Loan, provided by Shawbrook Bank Limited. It offers a single, flat interest rate of 7.9% APR that all successful applicants receive. 

So with one loan rate, the only variable is what you do with it!

You can apply for this loan, in sole or joint names, if you are aged between 50 and 75, own your home in England Scotland or Wales, and have a single or combined income of at least £12,000, which includes pensions and income from savings and investments.

Get a decision without affecting your credit score

You can find out if you’d be accepted for a Saga Personal Loan without it affecting your credit score. Your initial application will go through a ‘soft’ credit search, also known as a ‘quotation search’, where we take a look at your credit report but without it leaving any trace visible to other lenders if they look at your credit report later (however you can still see a record of your ‘soft’ searches). With a soft search, we will let you know whether we are likely to approve you for a loan without leaving a mark on your credit score.

Once you confirm you wish to go ahead with the loan agreement, only then will the credit search be registered and visible to other lenders.

Time to spread your repayments

You can choose how long your loan will last. For loans from £1,000 to £15,000, you can choose a term of up to five years. If your loan is £15,100 to £25,000, there’s even more time available to pay it back with terms of up to seven years.


Saga Personal Finance is a trading name of Acromas Financial Services Limited. Acromas Financial Services Limited is a credit broker, not a credit lender.


Representative example

Assumed borrowing of £10,000 over 36 months at a fixed rate of 7.9% per annum would result in a representative rate of 7.9% APR, monthly repayments of £311.65 and a total amount repayable of £11,219.40.

APR stands for Annual Percentage Rate.

The advantages of a Saga Personal Loan are clear. Along with a transparent fixed interest rate of 7.9%, a Saga Personal Loan offers you:

  • The option to repay early
    If you want to clear your loan earlier than you planned, it’s not a problem. To do this, you'll pay no more than the current month’s and following month’s interest on top of the outstanding balance.

  • Unlimited overpayments
    You can reduce the length of your loan term and the amount you owe by paying more than your agreed monthly payment. There are no charges for overpaying and there is no limit to how often you do it, giving you the flexibility to end the loan sooner if you want to.

  • Take a payment holiday
    After you've made six monthly payments on time and your account is up to date, you can arrange to postpone one monthly payment every 12 months, known as a 'payment holiday'. You won't be charged for arranging a payment holiday, however interest will continue to be charged during the month of your payment holiday. Your term will be extended depending on the number of payment holidays taken.

  • No fees to pay
    With a Saga Personal Loan, all you’ll pay on top of the amount you borrow is the 7.9% annual interest. There are no set-up or arrangement fees, no charges for overpayments and no penalties for settling your loan early.

How do Saga Personal Loans compare?



Saga  M&S   Sainsbury's  Tesco Hitachi 
The AA

One fixed rate

Yes No  No  No  No  No

Soft credit search

Yes No Yes No No No

Includes pension as income

Yes No Yes No No No

Payment holidays

 Yes Defer
payments for
 3 months
 Defer
payments for
2 months
Defer
payments for
2 months
 No  No
Joint applications accepted  Yes  No Yes  Yes  No  No
 Electronic signatory offered
 Yes No No  No  Yes  No

Source: competitors' websites. Correct as of 5 January 2017.

Am I eligible?


To apply for a Saga Personal Loan you need to:

• be between 50 and 75 years old when you apply

• live in England, Scotland or Wales (sorry, residents of Northern Ireland, the Channel Islands and the Isle of Man cannot apply)

• own your own home

• have an annual income of £12,000 (combined, for joint applications) or more — including pension income.


Application


If you are having problems viewing the application, please call us on 0800 121 4240

Previous Loan Applications

You can easily retrieve any loan applications you saved by signing in.

Helping you decide

Is a Saga Personal Loan right for you?

Taking out a loan is a long-term commitment so you do need to make sure that you can comfortably budget for the repayments. If Saga is unable to offer you a Saga Personal Loan, Shawbrook Bank Limited, the provider of the Saga Personal Loan, may be able to offer you a similar product.

If you need to borrow money and are unsure whether an unsecured loan is right for you, you could get in touch with one of these organisations to get free and impartial information and advice:

• Step Change: go to www.stepchange.org or call 0800 138 1111
• National Debtline: go to www.nationaldebtline.org or call 0808 808 4000
• Citizens Advice: go to www.citizensadvice.org.uk or check your local telephone directory
• Debt Support Trust: go to www.debtsupporttrust.org.uk or call 0808 025 0226
• Debt Advice Foundation: go to www.debtadvicefoundation.org or call 0808 043 4050

Frequently asked questions


How much could I borrow?

From £1,000 to £25,000

How long can I take a loan for?

You can choose the loan term, depending on the amount you borrow. For loans of £1,000 to £15,000 you can choose a term of up to five years. For loans of £15,100 to £25,000, you can choose a term of up to seven years.

Who can apply?

Anyone who:

  • is aged 50 to 75
  • lives in England, Scotland or Wales
  • owns their own home
  • has a yearly income (including a pension) of £12,000 or more.

Why has my application been declined?

There could be a number of reasons why you have been declined as each decision is based on your personal circumstances and by reference to a credit reference agency. The most common reasons for a decline decision are:

  • Information from Credit reference agencies
  • Your credit score
  • Internal policy rules

Which Credit Reference Agencies are used?

Equifax and Call credit are the Credit Reference Agencies used. Their details are as below


Equifax Limited

www.equifax.co.uk

0800 014 2955

0333 321 4043


Callcredit Ltd

www.callcredit.co.uk

0870 0601414

How can I improve my credit score?

There are ways you can go about improving your credit score. Below are some helpful articles from Saga Magazine that explain more about credit scores, how they work and how you can improve them.

Checking your credit report
How can I improve my credit report?
Top five mistakes that damage your credit report
Why your credit report affects the cost of borrowing

Where can I get more advice?

You can contact these organisations to get free, impartial information and practical advice:
• Step change: go to www.stepchange.org or call 0800 138 1111
• National Debtline: go to www.nationaldebtline.org or call 0808 808 4000
• Citizens Advice: go to www.citizensadvice.org.uk or check your local telephone directory
• Debt Support Trust: go to www.debtsupporttrust.org.uk or call 0800 085 0226
• Debt Advice Foundation: go to www.debtadvicefoundation.org or call 0800 043 4050

What is an APR?

APR stands for Annual Percentage Rate. It’s a way of showing how much it will cost to borrow money. The figure represents how much interest is charged and any fees or charges that form part of the loan. It’s not just the interest rate, but a way of showing what the overall cost of the loan is. As all loans and credit cards give an APR, it makes it easier to compare them even if they are from different companies.

What is a Representative APR?

Most loan or credit companies assess each customer before deciding how much they will charge them for the loan, based on their credit history and other factors. This means the APR will not be the same for everybody. The Representative APR is a guideline, an indication of what the company thinks at least 51% of its qualifying customers would get.

Will I receive the advertised APR?

Saga Personal Loans only offer one fixed rate of 7.9%, so as long as you are accepted, you are guaranteed to receive this rate.

What is a credit score and how does it work?

When you apply for a loan, the details you provide are put through a system that awards points to each of your answers. All these points are added up to give you a score that gives the lender an idea of your suitability to receive the loan. All applications are subject to approval and a credit scoring system, like many other companies, to speed up the decision about your application being accepted.

Why does making an application not affect my credit rating?

We process your application using a ‘soft’ credit search, also known as a ‘quotation search’, where we take a look at your credit report but without it leaving any trace visible to other lenders if they look at your credit report later (however you can still see a record of your ‘soft’ searches). With a soft search, we will let you know whether we are likely to approve you for a loan without leaving a mark on your credit score.

Once you confirm you wish to go ahead with the loan agreement, only then will the credit search be registered and visible to other lenders.

How do I pay or change my repayments each month?

Your repayments are made by monthly Direct Debits, using the bank details you gave on your application. 

You can also change the bank account that your Direct Debits are taken from and you can change the date when your repayments come out. To do this, just telephone the customer services team on 0345 848 0269. 

Can I take a payment break?

Once you have made six monthly repayments and as long as your account is up to date and not in arrears, you can request to take a month off from payments. You can have one payment break every 12 months and you can do this up to five times, depending on the term of the loan. There are no fees charged for an arranged payment break – to arrange it, please call 0345 848 0269.

Can I pay my loan off early?

You can repay all or part of the outstanding balance of your loan at any time. If you wish to repay all or part of the outstanding balance you should contact us at P O Box 919, NEWPORT NP20 9LJ or alternatively by telephone on 0345 848 0269. We will provide you with a settlement quotation, which will tell you the amount that you have to pay. 

The early repayment charge will include 28 days’ notice and an additional 30 days interest that is entitled to be charged.


Who is the provider and how are they regulated?


Saga Personal Loans are provided by Shawbrook Bank Limited. Registered in England and Wales under number 388466 whose registered office is at Lutea House, Warley Hill Business Park, The Drive, Great Warley, Brentwood, Essex CM13 3BE. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.


Acromas Financial Services Limited is a credit broker, not a credit lender.


Saga Personal Finance is a registered trading name of Acromas Financial Services Limited, which is registered in England and Wales (Company No. 3023493). Registered office: Enbrook Park, Sandgate, Folkestone, Kent CT20 3SE. Authorised and regulated by the Financial Conduct Authority.

You may also be interested in