Changes to our Loans

Following a consultation with members in the spring, and a review of our product range, we are introducing the following changes to our loans:

Applying to all loans:

• 3 months' of recent bank statements will need to be provided with all loan applications.
• Members are encouraged to use our consents.online process to easily and securely send their bank statements. The link for this is available at the end of the online application form.
• Our minimum loan will now be £200 (previously £100).

Other changes to specific loan products will apply as follows, in addition to the above:

Gold Loans:

• Our Gold Loans will be renamed as 'Saver Loans'. Our Saver Loans will be found in the 'Savings Based Loans' section of our loans pages on the refreshed website.

Loyalty Loans:

• Our Loyalty Loans will be renamed as 'Super Saver Loans'. Our Super Saver Loans will also be found in the 'Savings Based Loans' section of our loans pages.

Family Loans:

• The maximum amount you can borrow on a Family Loan has been increased, from £500 above your savings to £750 above your savings. This change will apply for existing members, who are topping up a Family Loan. Our Family Loans will be found in the 'Family Loans' section of our loans pages.
• Before applying for a further loan / top-up, you will need to make at least 16 weeks (or equivalent) of repayments.

Payroll Loans:

• Before applying for a further loan / top-up, you will need to have paid off at least a third of your initial Payroll Loan balance. For example if your last loan took your loan balance up to £4,500, you will need to have paid this balance down to below £3,000 before you will be eligible to apply for a further loan. This is in line with many of our other loan products. Our Payroll Loans will be found in the 'Personal Loans' section of our loans pages.

Homeowner Loans:

• Before applying for a further loan / top-up, you will need to have paid off at least a third of your initial Homeowner Loan balance. For example if your last loan took your loan balance up to £4,500, you will need to have paid this balance down to below £3,000 before you will be eligible to apply for a further loan. This is in line with many of our other loan products. Our Homeowner Loans will be found in the 'Personal Loans' section of our loans pages.

Essentials Loans:

• Our School Essentials Loans and Household Goods Loans will no longer feature in our website menus, but will remain as products.
• We will send emails to members regarding our School Essentials Loans each summer, with a link to apply. If you do not accept email marketing you will not receive this email, however you can contact our helpline and they will send you the link.
• Should you have an emergency and need to apply for one of our Household Goods Loans, please also contact our helpline and they will provide you with the link.

All loans are provided subject to status and affordability and in accordance with our Lending Policy and loan product Terms & Conditions. Please be aware that you may pay more interest and be subject to additional charges if your loan repayments are not received on time. Repayments are reported to Credit Reference Agencies including Experian which could affect your credit record if you do not keep up to date with your repayments.