General Information
Standard Loans are for members who have borrowed successfully before, but have not yet built up enough savings to qualify for a Loyalty Loan
While repaying such a loan you will be asked to pay into your savings account at the same time, in order to build up some resilience in your finances. We request £5 per month for loans up to £500, £10 per month for loans up to £1000 and £15 for loans above £1000. We would always encourage you to save more if you can.
Applicants must be a UK resident and at least 18 years old.
Our handy online loan calculator tool gives lets you check rates out for yourself. Simply slide to the amount you intend to borrow, and how long you want the loan to run, and you can easily try out various repayment scenarios. This facility can also be used to check out credit union rates against other lenders. Remember to include any existing borrowing to find your total repayments.
To apply for a standard loan online, log in as a member and then just select the relevant link from the online application section. Alternatively, to find out more, call our offices now on 01793 522216.
Charges
We do not charge any administration fees for accessing our loans. We do not charge for re-paying your loan early.
Interest
Interest is fixed throughout the duration of your loan agreement. Interest is calculated daily and in arrears, then charged to your loan account monthly. Interest is calculated on a decreasing balance.
Repayment Information
You may make repayments on your loan using Direct Debit or Standing Order, both of which our office team can help you with. Alternatively you can make regular repayments using your own online banking facilities, or pay in cash at one of our collection points.
