Please make sure you read through your loan agreement carefully and make sure you are happy with the conditions before you sign the agreement. Once you have signed and returned the loan agreement, we will transfer the loan funds into your nominated bank account by the end of the working day (if you complete signing by 3pm). Please contact us immediately if you are unsure which bank details you have provided us with, or if they have changed recently. We can only send funds to your nominated bank account.
Any Questions?
If you have any questions or feel your loan agreement is incorrect in any way please call us on 0114 276 0787 before you sign your loan agreement. Alternatively you can email lending.team@sheffieldcreditunion.com confirming the telephone number you would like to be contacted on and we will call you back. You can also contact us to find out any more information in regards to the loan we have approved for you.
Below is an explanation of the information contained in your loan agreement:
| Loan Amount | This will be the amount of credit you have been approved for, and you should receive into your nominated bank account. |
| Plus Outstanding Balance | If you have an existing balance, the loan amount approved will be added to this to determine the overall loan amount and interest chargeable. |
| Total Interest Charged | The interest charged will be based on the loan amount approved plus any existing balance and the term of the loan. This is the amount of interest you will pay if your loan repayments are all received on time. You will pay less interest than this if you repay your loan more quickly than scheduled, however you could pay more interest if your payments are late. |
| Total Amount Repayable | The loan amount plus any interest will be the total amount repayable. If you have an existing balance this will also be included in the total amount repayable. |
| APR | The APR (Annual Percentage Rate) for our loan products are as follows: Progress Loan 42.6% APR (3% per month) on loans up to £1,499, reduced rate of 30.0% on loans from £1,500 up to £2,999, further reduced rate of 15.0% APR on loans of £3,000+ Saver Loan 26.8% APR (2% per month) on loans of up to £3,000, reduced rate of 12.7% APR on loans of £3,000+ Super Saver Loan 12.7% APR (1% per month) on loans of up to £3,000, reduced rate of 9.4% APR on loans of £3,000+ Payroll/Homeowner Loan 42.6% APR (3% per month) on loans up to £999.99 , rate of 19.6% APR on loans from £1000+ up to £2999 , rate of 15.9% APR on loans from £3,000 up to £4999 , rate of 6.9% APR on loans from £5000 up to £7499 and a reduced rate of 5.9% APR on loans of £7,500 up to £15,000.00. |
| Repayable In Payments Of | Depending on the loan amount approved and any existing balance the repayments will be decided by the total amount and the term of the loan. Saver, Super Saver, Family, Payroll/Homeowner & Progress loans have a maximum term up to 5 years (60 months). |
| Final Payment Of | The final payment will be the last payment made on your loan. This amount may vary if any of your repayments are received earlier or later than expected. Once your loan has been fully repaid the repayments that would have gone onto your loan will then be placed into your Share 1 savings account. |
| Total Number of Payments | The repayment frequency, amount and term of your loan will determine the number of repayments that you will need to make. E.g. Loan over 11 months with repayments made on a weekly basis will usually equal 47 payments. |
| Monthly(M) Fortnightly(F) Weekly(W) | The frequency of your loan repayments will usually depend on when you receive your income or when your payments to Sheffield Credit Union are usually made. This is set to best suit your needs and to reduce the chances of missed payments. Please contact us if you wish to change your repayment frequency at any time. |
| First Payment Due On | The first repayment will normally be timed for when the next Standing Order/Benefit/Payroll Deduction is due to come through to us. However, if you are setting up a new Standing Order, the first repayment will be due on the date you set this up for. If you find an error in this please let us know so that we can correct it. |
Information on Your Repayment History:
To help you improve your credit file and credit scores we report information about your repayments to Credit Reference Agencies like Experian and TransUnion (formerly CallCredit). This means we inform them each month of the repayments you are making on your loan, and whether they have been received on time or not. If your repayments are received on time this should help improve your credit rating.
If you fail to make repayments in full on the date they are due this could seriously harm your credit file, making it difficult for you to obtain further credit with us and elsewhere in the future. You may also pay more interest on your loan than the amount stated on your loan agreement if any of your repayments are received late.
If you experience any difficulties in making your repayments on this loan, please contact us on 0114 252 1932 as soon as you are aware of a problem. We will then do all we are able to, to minimise the harm to your credit file and help keep you on track.
Progressing to Our Cheapest Loans
We like to encourage all of our members to progress on to the cheapest loan product they can.
Our Saver Loans are our savings-based loans which are cheaper and more flexible than our Progress Loans. If you apply for a loan and are eligible to be switched over to the saver product, we will advise you accordingly. Both Saver and Super Saver do require some savings to be secured against the loan, until the loan is repaid in full. The value of savings being held as security against your loan will be indicated on your loan agreement.
If you work for one of our payroll partners, or own your home either outright or mortgaged, you may also be eligible to apply for one of our Payroll or Homeowner Loans.
Please see our website or contact us if you have any queries about your loan or eligibility for our products. All loans are subject to status and affordability.
Your Right to Cancel – If loan agreement is not signed on Sheffield Credit Union Limited
premises.
You will have the right to withdraw from this Agreement for a period of 14 days (according to law in England and Wales). This period of withdrawal begins from the day on which the Loan Agreement is made and at which time you also receive a copy of the Agreement. If you choose to exercise your option of withdrawal, you must notify us either in writing or verbally and you must repay any monies paid to you under the Agreement together with any accrued interest, within 30 calendar days of giving notice to withdraw. If you are unsatisfied with any part of this process, please refer to out complaints procedure available on our website, including your rights under the Financial Ombudsman Service