Once you have saved with us for three months, members are eligible to apply for a standard loan. For loans of up to £1,000 Members can borrow up to four times the amount of their savings. Loans above £1000 require you to hold £250 of savings with us.
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%)
All loans are subject to status and standard lending criteria.