Loans may be scheduled for up to three years and can be used for a variety of purposes.
Short Term Loans are our affordable alternative to payday loans from payday lenders who often charge very high rates of interest.
Why our members love our loans:-
Highly competitive interest rates.
- Repayments are tailored to individual circumstances.
- The interest charged varies from 2% - 3% per month on the reducing balance (unlike most lenders and equivalent to 26.7% - 36.8% APR).
- Because you only pay interest on the declining balance, you pay a maximum total interest of 18.4% for the year.
- We're one of the best options for small loans.
- Most High Street banks don’t lend less than £2,500 and usually for a minimum of 12 months.
We can help you to manage your loan sustainably.
- We do not charge an arrangement fee.
- We do not make you pay an early repayment penalty. If you repay early then you save interest.
Loan decisions are made quickly.
- You can pay flexibly - weekly, fortnightly or monthly.
- Continue to save as you repay your loan.
- Only members aged 18 or over are eligible to apply for a loan.
- A member can apply for a loan after making six regular savings deposits.
- If you wish to apply for a loan but are not currently a member please contact the office to discuss your options.
- Loans within shares may be granted straight away, loans which exceed the amount of savings take a little longer and have to be discussed by the Credit Committee
- All Loan decisions are based on your ability to repay.