We offer this type of loan if you have not saved with us for at least 3 months. The interest rate we charge is a little higher than that on other loans as we do not know these members as well as our longer-standing members.
Such loans must be for a specific purpose, for example to buy a new washing machine or repay a loan with a higher interest lender, and the maximum we will offer is £2,000 with a repayment period not exceeding 12 months or 52 weeks.
The interest rate we charge is 3% per month which represents an annual percentage rate (APR) of 42.6%. We will also ask you to commit to saving at least £1 per week or £5 per month for the period that the loan is in existence.
We will even allow you to apply to top-up your loan after 6 months provided that you have repaid 50% of your loan by then. The whole loan will then become a Member Loan at a lower interest rate.
3% per month 42.6% Representative APR
|Loan Term||12 months|
|11 Monthly Payments of||£51.47|
|1 Final Payment of||£30.20|
|Total Interest Payable||£96.37|
|Total Repayment Amount||£596.37|
Figures are shown as a guide only and may differ slightly from an actual quotation. Terms and conditions apply.
On any loan made by us, you must be able to demonstrate that you have the ability to repay that loan.