Our Loans at a glance
Try out our quick and easy loan calculator below
Maximum Loan Term :
This calculator is for illustrative purposes only, to give you, the borrower, an overview of the potential cost of borrowing. The Credit Union, or any of its staff, cannot be held responsible for any errors. Please note that this calculator only provides an indicative quote and actual repayments may vary.
How to Apply for a Loan
- Simply register for online access to your Walsave account by clicking 'Online Banking > Register' at the top of our webpage or using the button below. If you have any trouble with this then please give us a call.
- Once you have been activated by us your will then be able to Login to your own secure member area. There is where you will find the Loan Application form. You fill this in online and it is sent to us once you submit it.
- 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 £10.00 next day decision fee this can be requested on the lending application, if you select no the decision will be within 5 to 7 working days. There are no other hidden charges or fees.
- The interests on all of our lending products are calculated daily. So the quicker you repay the loan the less interest you will pay!!
- We do not do any cash loans; payments will be allocated to either your nominated bank account or Engage card
- We ask all of our members to save alongside your 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 lending balance will need to have repaid at least a third of their original lending amount.
- No more than 3 top ups will be permitted per year
- All first time lenders will have to provide proof of all income and outgoings. The credit committee will need you to provide 3 months of bank statements. Also we may ask for statements again when members apply for top ups. Failure to provide this information will result in the lending not being accepted.
- Loans are secured against the savings, withdrawals aren’t permitted unless the outstanding loan is less than regular savings share balance
- Loan applications may be subject to credit checking
- We cannot top up any loans with missed payments 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 whilst repaying the loan please contact the office on 01922 661059 and we may be able to renegotiate the loan payments to a more affordable amount
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.
We offer loans for virtually every circumstance.
You can borrow small or large amounts over different periods and the ability to increase the payments if your circumstances change.
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.
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.