Loans Covered By Savings
- This type of loan is covered by the amount of shares you have
- You can borrow the amount you have in savings (plus an additional £250 in exceptional circumstances if you have a minimum of £750 shares)
- These loans can be approved and paid immediately at the discretion of Loan Officers who have been appointed by the Board of Directors. You do not have to wait for your loan application to be reviewed by the Credit Committee. You can walk away with your cheque/cash (depending on amount) same time you apply.
- You need to complete an application form which can be handed in to a member of counter staff.
- Photographic Identification is needed when collecting a loan
- This type of loan is not considered to be your 'first' loan
NOTE:
Failure to maintain repayments as per your loan agreement may affect future
loans. When repaying your loan you should continue to maintain a savings record.