Save To Borrow
If you’re serious about getting a loan, we’re serious about helping.
Save regularly, show what you can manage and build towards borrowing in a practical way.
How does it work?
It is simple. Start saving, build a bit of a track record, then when you are ready you can apply for a loan.
Start saving
Open a Save To Borrow account and build up a handy savings pot with regular deposits.
Apply when ready
Once you have built your balance, you can apply for a loan of up to 3 times your savings.
Move forward
It is a practical way to work towards borrowing while building better habits and improving your financial wellbeing.
Simple example
See what £100 a month could build.
This is just an example to show how your savings balance could translate into borrowing.
Based on up to 3 times the £300 savings balance.
Using the Cashback example shown for this loan.
* Loan applications are subject to status, affordability and Wessex Community Bank lending criteria.
A few things you’ll probably want to know before you begin.
Save To Borrow is simple, but there are a few important details worth knowing before you get started.
How does it work?
Save To Borrow is a way to build your savings and strengthen a future loan application at the same time.
By saving regularly, you show us that you can put money aside and manage regular payments. When you are ready to apply, we can take that saving history into account.
You may be able to borrow up to 3 times your savings balance, subject to affordability and our normal lending criteria.
If a loan is approved, your savings will normally be held as security while the loan is being repaid, so you would not usually be able to withdraw them during that time.
How long do I save for?
As long as you like.
You can apply for a loan when you feel ready. The amount you may be able to borrow will depend partly on the savings balance you have built up at the time you apply.
Is a future loan guaranteed?
No. Saving with us can strengthen your application, but it does not guarantee that a loan will be approved.
We will still need to check that any loan is affordable and meets our lending criteria.
What your saving history does give us is something useful to look at. It shows that you can put money aside regularly and helps us understand how you manage your money.
What happens to my savings if I get a loan?
They are still your savings.
If your loan is approved, the savings used to support the loan will normally be held as security while the loan is outstanding.
Once the loan has been repaid, those savings are yours to use again.
Do I still get cashback?
Yes. Save To Borrow loans also include Wessex Cashback.
That means you continue building savings while you repay your loan, giving you an extra pot of money at the end.
Open a Save To Borrow account and start building your savings.