Even with the most careful financial planning, unexpected and unavoidable costs can throw our budgeting awry. A car repair bill, appliance failure or a central heating breakdown in the middle of winter can all prove costly. In such instances, it may be tempting to visit a pay-day lender for a quick accessible loan. If these are managed well they can prove to be a lifeline, but the costs involved can soon mount, particularly if you default on a payment.
Are there cheaper alternatives that can help you meet those unexpected costs and get your finances back on track?
Competitive loans from Transave
Transave offers competitive loans to our members. Our loans are ideal for essential workers, key workers and health workers and can help you manage your finances. Whether you’re looking for an affordable small loan to cover an unexpected bill or a larger amount, our products are accessible and affordable.
As soon as you become a member of Transave you can apply for an instant loan up to £3,000. These have significantly lower interest charges than you get from payday style lenders. You can choose to pay off your loan from over 1,2, or 3 months for amounts under £500, or between 1-24 months for loans between £500 and £3000.
Our affordable loans for larger amounts are available to our savers. You can borrow up to 5 times the amount you hold in your savings account. These savings then act as security on your loan and cannot be withdrawn as long as your loan balance exceeds your savings balance. Your loan can be paid back over a number of years, and we don’t immediately reject applications from people who have had financial problems in the past.
A flexible service for health and social care workers
Our key worker loans are ideal for health and social care workers. Salaries across the sector can be relatively low-paid and unexpected bills do occur. Transave understands the pressures that social care and health workers can face. Our savings and loans can help you manage your finances and build resilience in your budgeting.
Our accessible savings products help you get into a savings habit and can help you secure a loan for larger purchases or for consolidating your lending. If you’re a health and social care worker, it’s good to know there’s somewhere you can turn in a financial emergency for an affordable key worker loan.
Save for a rainy day and be ready for those nasty surprises
Getting into the savings habit can help you save for a rainy day and be prepared for those nasty surprises. Transave is a not-for-profit financial co-operative that’s on the side of our key health and social care workers. We offer instant access savings and affordable essential worker loans for our members, alongside a range of support services, podcasts and guides to managing your money.