How much will my loan cost?

Product features

For current members who have not saved enough to qualify for a Loyalty Loan

• Borrow from £100 up to £3,000
• The maximum length of the loan is 3 years
• The interest rate is between 2.5% to 3% per month, depending on the amount borrowed
• The interest rate is fixed for the duration of the loan, so repayments are predictable
• Choose to repay monthly, weekly, fortnightly or 4 weekly, whatever works best for you

Eligibility

The main requirement for a Standard Loan, is that you have borrowed from us before, and you repaid the loan on time. In addition:

• However much you borrow, we will ask about your income and regular spending, so we can be sure the loan will be affordable
• We will also check your credit history, as we do not lend to anyone who is an undischarged bankrupt, or entered into a trust deed, a Debt Arrangement Scheme (DAS), an Individual Voluntary Arrangement (IVA) or a Debt Relief Order (DRO).

Helpful tips

• Use the loan calculator before you apply to see how much the repayments will be, so you can be confident you can afford this loan.
• Plan your finances better and work out affordability, by building your own budget. We recommend the Money Course to help with this.
• If you have been saving, and want to borrow less than 5 times your savings, you should apply for a loyalty loan which has a lower interest rate
• Our lowest rate comes with a secured loan, for members who want to borrow less than they have saved.

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.