LOANS

1. Members must be eighteen years of age and over, have been a member for thirteen weeks or more, and have saved regularly before applying for a loan.
2. All loan applications will be subject to Loans Officer approval.
3. A first loan of £500, or using the multiplyer (whichever is greater). Second and subsequent unsecured loans are a multiplyer of the member's shares up to a maximum of £6,000 and repayable over a maximum period of three years. Maximum interest payable on loan is 1% per month (12.68% APR).
4. The decision of the Credit Committee on the granting of loans shall be final but member has recourse through the complaints procedure.
5. All loans are subject to funds being available.
   This policy will be subject to review from time to time by the Committee.
6. All loans passed will be made available to the Supervisory Committee.

Loans

All monies to be paid to members will be paid by cheque or directly into bank accounts if requested.

Shares

Members applying for share withdrawals must do so , by contacting our office via the website or by telephone.

Any member with existing loan balance will not be granted a share withdrawal if the loan balance exceeds the share balance held as security.