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Loan Application Requirements

Minimum Age: You must be 18 years old or over to apply for a loan.

Maximum Loan:  You can apply for a loan of up to £15,000 above your savings.

Character:  Your character – your savings and loan history – is your primary collateral. By saving regularly and repaying each loan as agreed, you increase the likelihood of future loans.

You must be able to afford the loan. We are a responsible lender. We do not lend to members who will become over-indebted.

Pledged Shares:  When you apply for a loan, you will be asked to pledge some or all of your shares against the loan.

Pledged shares may not ordinarily be withdrawn.

Generally, all loan applications are considered by the Loans Committee who meet on a weekly basis. In certain circumstances an emergency loan may be granted more quickly.

The maximum loan limit is £15,000 in excess of a members’ savings. If for example a member had £5,000 in his or her account and wanted to borrow the maximum amount, they would be eligible to apply to borrow £20,000. In such circumstances that member could not withdraw any of the £5,000 they had in savings.

Please note that all loans are subject to our normal terms and conditions.

Members are encouraged and expected to save (no matter how little) while repaying their loans.