Tel: 01922 653310 Email: services@walsave.com

25 July 2017
Loans

Personal Loans

You can borrow for less with Walsave. One of the major benefits of being a Walsave member is access to our flexible, low cost loans.

Key Features

  • All purpose - we offer loans for virtually every circumstance
  • Flexibility - to borrow small or large amounts over different periods and the ability to increase the payments if your circumstances change.
  • Fixed rate - you pay a fixed rate of interest, equivalent to 2.9% per month, and this is only charged on the reducing balance of the loan
  • Repay early - there are no fees if you are able to pay off your loan early, so you'll pay even less interest
  • No small print - we don't charge arrangement fees on general lending or have any hidden costs
  • Free Life insurance cover on loan accounts

When a member borrows from Walsave they do so as a member/owner and not just as a customer paying for goods or services. Walsave’s loans are available to members to help when a need arises and not to make a profit at the borrower’s expense.

Truth in lending, with no hidden cost, is the policy of Walsave. By law Walsave may not charge more than 3%  per month interest on the outstanding balance of the loan. Walsave’s APR (annual percentage rate) is 34.9 % compared with 20% - 49% charged by commercial organisations. Borrowing from other sources can cost in excess of 100% APR.

Only members may apply for loans and loans may be granted for any good purpose if:

  • the member shows that they have a need
  • the member can prove their ability and intent to repay
  • Each application for a loan is treated as confidential and on its merits. It is Walsave’s policy to meet the needs of as many members as possible. Within the central policy of equity amongst members small loans are usually given priority over large ones.
  • The applicant’s record of saving and previous loan repayment as well as need and ability to repay are taken into account when considering application.
    A member who experiences difficulty in repaying should immediately explain the situation to the staff at Walsave’s office where the member will be treated sympathetically and every effort can be made to re-negotiated the loan to suit the circumstances.

Saving whilst repaying a loan

Members are encouraged to continue to save whilst repaying a loan.
Remember that when you borrow:
you are borrowing the money saved by all the members

  • you have demonstrated your ability to save
  • you have shown integrity and can be relied on to repay
  • you have signed a legal and binding agreement promising to meet your obligation to Walsave

The savings and repayments of all members are the source of funds for those who wish to borrow.

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Walsave Credit Union Tel: 01922 653310 Email: services@walsave.com Web: http://www.walsave.com
Authorised by the Prudential Regulation Authority & regulated by the Financial Conduct Authority registration no 213796