Loans

• 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 an 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 renegotiate the loan to suit the circumstances.

• The maximum repayment term is 36 months (although with our low interest rates the quicker you repay the less interest you pay)

• Our Handi-loan product is for a maximum of £1000.00 and repaid over a period of 12 months.

• There is a £15.00 Next Day Decision Fee, which can be requested on your loan application. If selected, the fee will be added to your loan balance. If you choose not to select this option, your application will be processed within 5–7 working days.

There are no other hidden charges or fees associated with your loan.

• The interest on all our lending products is calculated daily. So, the quicker you repay the loan then the less interest you will pay!

• We do not do cash loans; payments will be allocated to your nominated bank account.

• We ask all our members to save alongside their loan whilst being repaid. This is a minimum of £1.00 per week or £4.00 per month & this will automatically go into your Regular Savings Account.

• Members wishing to top up their loan balance must have either repaid at least one-third of their original loan amount or maintained regular repayments for a minimum of six months.

• No more than 3 loans will be permitted per year.

• All first-time loan applicants are required to provide evidence of their income and expenditure. The Credit Committee will require copies of your three most recent months’ bank statements as part of the application process. We may also request updated bank statements when considering applications for loan top-ups. Failure to provide the required information may result in your loan application being declined.

• Loans are secured against your savings. This means that while you have an outstanding loan, you can only withdraw savings from your Regular Saver that are above your remaining loan balance. Any savings equal to or less than your outstanding loan balance must remain in your account until the loan is repaid.

• Loan applications may be subject to credit checking.

• We cannot top-up any loans where there have been missed payments and/or failed direct debits.

• We charge interest on the loan from the date it is applied to your account.

• If you are experiencing financial difficulties in repaying your loan, please contact our office on 01922 661059. We may be able to agree a revised repayment arrangement that is more affordable for you.

• Please be aware that failure to maintain your agreed loan repayments may negatively affect your credit score and impact your ability to obtain credit in the future. If payments are not maintained, we may need to take further action, which could include court proceedings to recover the debt. Any legal action may result in additional costs being added to your outstanding balance, for which you may be liable.

• All lending products are subject to individual terms and conditions.

We generally require some or all of the following information to accompany Loan Applications i.e.

• An active Walsave Account with at least 3 Saving deposits
• 3 months current bank statements
• Proof of Purchase may be required, additional information may be required depending on the application.

Loans are subject to approval. Terms & Conditions apply.

The more complete the application is, the quicker the decision is made.

• All purpose

  We offer loans for virtually every circumstance.

• Flexibility

  You can 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  and this is only charged on the reducing balance of the loan.

• No early repayment penalty

  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

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.