Promotional Loans (19.6% APR)

The Promotional Loan is a new loan only available to members paying into their account via Payroll Deduction.

Applicants do not need to save regularly (although it is encouraged). Any savings they do have are not taken into consideration against the loan. Interest is charged at 1.5% per month on the decreasing balance of the loan.

A £500 loan being repaid over a year would cost just £10.75 a week, and the total interest charged for the year would be £46.12*

Proof of Income is required for all Promotional Loans.

*Repayment Figures provided are correct so long as repayments are made on time. Late repayments will accumulate more interest.