Harp and Crown Loans
Standard Loans are based on your savings balance multiplied by 5 up to a maximum of £5,000.00, with a maximum repayment term of 60 months or 5 years - therefore, if you have £1000.00 in savings, you are eligible to apply for a loan of up to £5000.00.
When a loan is taken out which is in excess of your savings balance, your savings are locked in as guarantee against it. Once the account reaches a position where your savings balance is in excess of the loan balance, you can use your savings to clear the remainder of the loan, if you wish to do so.
Loans can be repaid early with no settlement fees charged. The interest rate on loan products are as follows:
Student Officer / Probationer Loan 3.9% APR
Standard Loan £5000 or over 6.9% APR
Standard Loan up to £5000 12.68% APR
A 'Starter Loan' can be taken after 3 months membership has lapsed, with a maximum repayment term of 24 months. After membership of 12 months has lapsed, borrowing is based on 5 times the savings balance, and funds can be lodged in order to boost borrowing power.
The process of borrowing is as follows: There are just 3 easy steps!
Registered members can complete the Loan Application securely online.
Alternatively, please download the loan application form, completing it in full and sending it via email to firstname.lastname@example.org, faxing it to 028 9076 1549 or posting it in to the office. You can also telphone, or call in to the office and complete paperwork in person during our opening hours on Wednesdays between 10-12 and 2-4.
Once the application is received in the office, it is processed, and all information checked. Any loans which take the total loan balance up to £8000.00 may be approved immediately by a loan officer. Any loans which take the total loan balance over £8000.00 is subject to an external Credit Check by Equifax, and may then either be approved by a Loan Officer, or referred to Credit Committee. The Credit Committee usually meets every 2-3 weeks - please contact the office for upcoming meeting dates.
Please note that all applications may be subject to Credit Check and/or Credit Committee approval, depending on circumstances.
Upon processing the loan, a 'Loan Agreement' form is completed by the Loans Officer detailing the terms and conditions of borrowing and outlining repayments. A 'Deduction Amendment' form may also be required if your monthly payment needs to change.
The 'Loan Agreement' must be signed before the loan can be issued. Therefore, if you tick on the initial application that you wish to call to the office to sign the 'Loan Agreement', you can do this during the opening hours. If your loan needs to go to Committee for approval, you may want to wait until after the meeting has passed, to avoid making two trips. If you tick on the initial application that you want the 'Loan Agreement' form emailed or posted to you - it will be sent out to you to sign and return. Once the 'Loan Agreement' is returned to the office, after approval, the funds will be transferred to your bank account. Only in exceptional circumstances will a cheque will be issued.
If you do not hear from us, you may assume that your loan has been approved - we will only contact you if there has been a problem or query - you therefore do not need to contact the office to check if your loan has been approved.
Loans approved at Credit Committee will be available for issue, depending on the arrangements you have made, on the day of the meeting - funds will be transferred to your account directly.
All business with the Credit Union is conducted in the strictest of confidence. Your savings and loans are protected at no direct cost to you the member - In the event of your death any outstanding loan balance is cleared and your nominated beneficiary will receive 1.5 times your savings balance. (T's and C's apply)
All loans are subject to approval and to the availability of funds.
To find out if you are eligible to borrow, or for any further queries, please give us a call on 028 9076 4200