Once you have saved with us for three months, members are eligible to apply for a standard loan. As a first time borrower, members can borrow up to twice the amount of their savings. Follow-up loans are usually based on a multiple of three times the amount saved.
Interest is charged on the following basis -:
- Loans up to £999 are charged at 3% per month (APR 42.6%)
- Loans between £1000 and £4999 are charged at 2% per month (APR 26.8%)
- Loans above £5000 are charged at 1% per month (APR 12.7%)
The maximum loan availability is £6000 net (i.e. the amount of the loan less savings cover). All loans are subject to status and standard lending criteria.