We offer two main types of loan:
- Loans for personal purposes
- Loans for your business
You may need a personal loan for many reasons, a holiday, a car, to help you move… If you find yourself overstretched, owing money to different lenders, a debt-consolidation loan may be for you.
We also lend money for small and medium-sized businesses. The maximum we can lend for business purposes is £15,000 per individual (it is always a personal loan for business purposes, rather than a loan to the company itself).
All loans have the following in common:
- There is no minimum membership period before you can apply for a loan (you can complete a membership and loan application at the same time).
- You will need a bank account capable of processing direct debit payments or to be a member of one of our payroll schemes (see here for more information).
- Lending limits are not related to the amount of savings you hold, (although we reward loyalty by offering higher limits and lower interest to our existing members).
- There are no administration fees or any other charges, except interest (apart from a membership fee charged to businesses outside our usual area, please see the ‘business loans’ page here for more information).
- Interest is charged on the reducing balance.
- You are expected to save during the repayment period of your loan.