Our Loans Policy

Set by the Board of Directors and constantly kept under review.

1. Loans may be granted after a qualifying period of 6 months membership.

2. Members may apply for loans up to 5 times their share holding, less any existing loan balance to a maximum amount, determined by the Board of Directors subject to the availability of funds. Initially not to exceed £15,000.

3. Any loan may not be made to a member unless it is repayable within 5 years from the making thereof.

4. Members cannot withdraw or transfer their savings whilst the loan is greater than their savings.

5. Members must relate savings to borrowing, with members required to continue to save whilst repaying a loan. Minimum £10 per month.

6. Starter Loans may be granted up to a maximum of £2000.
   • Provided the member has saved for a minimum of 6 months.
   • Starter loans must be repaid within 2 years from the making thereof.
   • Any furutre borrowing, after the Starter Loan, will be based on the policy of savings to borrowing.

7. All loans are subject to the availability of the funds