We assess each loan application based on its own merits, and we reserve the right to decline loan applications or restrict the amount lent based on any factor we consider relevant.

Loans are granted mainly based on a member's ability to repay the loan.

As a guide for members, affordable loans typically require net income as below:

SAVE AS YOU BORROW (SAYB) LOAN

*becomes SAYB Level 2 if Top-Up takes the loan balance to £800 or more

PERSONAL LOAN

⁽¹⁾ Net Income is the amount of pay you receive each month, after tax and any other deductions. Salary / wages is counted as income. Some state benefits may also be taken into account. However, Housing Benefit / Local Housing Allowance is not counted as income for loan purposes.

• Members will be required to provide evidence of their income prior to the loan being issued, and are encouraged to continue saving while repaying their loan (even if the saving is £1 a week) to develop or maintain a habit of regular saving.
• Loans may be granted to any member of at least 18 years of age, over a maximum period of five years, subject to the terms of the loan product, and can be repaid in weekly, fortnightly, four-weekly or monthly instalments.
• We do not charge a set-up fee for loans.
• Interest is only charged on the outstanding balance of the loan, and loans are insured against death at no cost to the member (subject to policy limits). See Free insurance details.
• We do not lend for business purposes.
• The affordability criteria above are the typical minimum requirements to be eligible to apply for a particular type of loan. Please note that meeting these minimum requirements does not guarantee that a loan will be granted.
• You may be asked to deposit an agreed amount of savings in a secure savings account while the loan is outstanding.
• You can make additional repayments to reduce the loan more quickly if desired, but must make your minimum payments on time. We do not make any charge for early repayment of the loan.
• All loans are legally binding agreements. If you do not keep up with agreed repayments we can take debt recovery actions. These may include transferring your savings to pay off your loan or using debt collectors, county court cudgements and attachment of earnings, which may affect your credit rating and others in your household. We may also recover your loan by direct deduction from your benefits, where permitted by the Department for Work and Pensions.