Introductory Loan for New Members
Introductory Loans are primarily offered to people who are looking for some extra help with their finances, perhaps for a large purchase or emergency situation. If you are in financial difficulties or already have bad debts, then you should consider whether it would actually be helpful to borrow more money or whether you should seek advice instead.
Interest is fixed throughout the duration of your loan agreement and calculated daily, in arrears. Interest is charged monthly and charged on your decreasing balance, so it will reduce over the duration of your loan.
We encourage you to save a little while you are borrowing. This will enable you to qualify for better interest rates when you next need to borrow.
Our current introductory loan rates are 3% per month for loans of up to £1,000.