Loans

• Loans may be applied for after three months regular savings (13 weeks).
• Loan applications are completed at the main office in St Paul's Square. Members may also telephone requesting a loan form to be sent to their home address.
• Once the loan form is completed you will be notified of the result of the application within a week.

How much can I borrow?

 The amount members can borrow is dependent on the amount they have saved and their ability to repay the loan.

• Members may apply for twice their current savings in the first instance. However, the maximum loan currently allowed by law is £5000 above your share holding. The interest charged on a loan is 1% per month on the decreasing balance. So, for example, on a loan of £100 over 12 months the interest would only be £6.50p (APR 12.68%).
• There are no administrative costs or fees, and no penalties for early repayment of your loan or for re-arranging it if that becomes necessary. Your loan will normally be covered by life insurance at no extra costs to you.
• Please remember that a Loan Agreement is a legally binding document and you must keep up with your regular repayments. If your circumstances change, come and talk to us about any difficulties you may be having in making the repayments.