Multi-Purpose, Affordable Loans
The process for applying for a loan over £1000 is similar to that for a Handiloan although there are different forms to fill in. A credit check is a standard part of any loan application.
All applications for £1000 or more are assessed by our Loans Officer but also checked by our Credit Committee. They meet once a week. It may therefore take just a little longer to process larger loans.
Larger loans for £1500 and above carry an interest rate of 12%,
Borrow £1500 and pay back just £133.28 per month for 11 months plus a final payment of £133.19. Loan repayment period over twelve months, costing you £1599.27 in total. (12%p.a. fixed). Representative 26.8% APR, calculated on the declining balance of the loan.
Larger loans can be repaid over a period of up to 5 years. Just bear in mind that the longer you take to repay, the more interest is paid.You can download an application form here:Download Downloadable Loan Application (30.6kb)
Dont forget to use our loan repayment calculator if you have a certain amount in mind that you would like to borrow. Alternatively you are welcome to call our office for an informal discussion with our loans officer.
When we assess your application for a larger loan, it will help considerably if you have already established regular savings with us, particularly if this has been via payroll deduction or standing order. We will always take a memberís payment history into account when assessing any loan application. Priority is given to those with a good payment history although saving with us first is not mandatory.
Approval is not automatic; our loans officer will review your income and expenditure from your loan application form and will ensure that you can afford to repay what you borrow.
We also use the Equifax Credit Reference Agency to search your credit history.
Should you experience any difficulty in repaying your loan, please call our loans officer on 01384 812767 as soon as possible, we may be able to help. We will always chase any late payment of your loan and may use Debt Recovery Agents in severe circumstances. Ultimately, we will always take court action but only when all efforts to help with repayment have been exhausted.