When can I apply for a loan and how much can I borrow?
When can I apply for a loan?
Provided that you are a member over 18 years old, and agree to save regularly, you are eligible to apply for a loan. Find out the cost, and compare us with other lenders, by clicking here.
How much can I borrow?
All applications for loans are considered by our Credit Committee and are subject to our Loan Policy. You can ask to see the Loan Policy by contacting staff at our collection points or head office. We try to help as many members as possible but, occasionally, we have to limit the amount we can lend. As a new member, the most important details are as follows:
How long do I get to repay my loan?
We normally expect you to repay your first loan within 12 months, but later loans may be repaid over longer periods, up to a maximum of 36 months. Loans for certain purposes must be paid within a specified period. Examples are:
What if I have problems repaying my loan?
If you are ill, lose your job or have some other genuine reason why you cannot make a repayment on your loan, you must let us know right away. We will do all we can to help you, provided that you explain your circumstances promptly and honestly. Any missed payments must be made as soon as you are able.
Remember, all our loans are money saved by our members and we have a duty to recover all loans made. If regular loan repayments are not made, this may cause delays in making loans to other members. This may also prevent us from granting you a futher loan in future. We reserve the right to notify Credit Reference Agencies when repayments are not made according to your loan agreement and this may affect your ability to borrow from other organisations.
As a last resort, we reserve the right to cancel a loan agreement when the borrower has not been making repayments in accordance with the terms of the agreement. In this case we may demand immediate repayment of the whole of the loan. We may also take such legal action as is necesssary to recover such a debt on behalf of our members.