How much will I pay back?
Once you have been a member for three months, have a minimum number of shares and you are over 18 years old, you can apply for a loan. The Loans Committee will look at your savings record and your ability to repay when deciding whether or not to grant a loan. The maximum loan we provide is £5,000, repayable over 3 years.
You can obtain a low-cost loan, with interest rates of between 1% & 3% per month added to the outstanding balance. The actual interest rate depends on the size of the loan.
To see which rates apply go to current interest rates.
There are no hidden fees or transaction charges and no penalty for paying a loan off early. This is ideal for paying for holidays, cars, home improvements, Christmas presents, or make repayments on existing debts such as credit cards (larger loans may be repaid over a period up to 36 months).
To see an explanation of how the interest charges are calculated take a look at the page on interest rates explained.