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Loan Sitting
Loan sittings are held every fortnight, on Tuesday. The dates for the future sittings are listed below:
| Tuesday | Tuesday | Tuesday | Monday | |
|---|---|---|---|---|
| May 2009 | 5th | 19th | - | - |
| June 2009 | 2nd | 16th | 30th | - |
| July 2009 | 14th | 28th | - | - |
| August 2009 | 11th | 25th | - | - |
| September 2009 | 8th | 22nd | - | - |
| October 2009 | 6th | 20th | - | - |
| November 2009 | 3rd | 17th | - | - |
| December 2009 | 1st | 8th | 15th | 21st |
| January 2010 | 12th | 26th | - | - |
| February 2010 | 9th | 23rd | - | - |
| March 2010 | 9th | 23rd | - | - |
| April 2010 | 6th | 20th | - | - |
| May 2010 | 4th | 18th | - | - |
| June 2010 | 1st | 15th | 29th | - |
Please note that loan applications will need to be returned to the office on the day before the loan sitting, by 4pm, at the latest. We are unable to process applications received on the day of the loan sitting.
Members will be contacted by the Credit Committee if there are any queries with your loan application. If the loan is approved, cheques will be available for collection on the Friday of the loan sitting week. If it’s a direct payment into your account, funds will be cleared into your bank account on the Friday of the loan sitting week
Kick-start loan
Kick-start loan (first loan only) - The maximum value of this loan is the member’s shares plus £300.
Standard loan
Members of 3mths-2yrs may borrow a maximum of 2x shares (minus any outstanding loan balance)
Members of 2yrs+ may borrow a maximum of 3x shares (minus any outstanding loan balance)
Top up loans
After paying off a third of your loan, you are eligible to apply for a new loan. Repayment schedules will be based on members paying back the full amount (the new loan, plus any outstanding loan balance on the previous loan). For the amount you are eligible to apply for, see the standard loans above.
Examples of repayment
Interest is charged on all Crownsavers’ loans, at a rate of 1% a month on the reducing balance (12.68% APR)
Examples of typical monthly repayments are shown below:
- £2000 = £178 per month (over 12mths) or £95 per month (over 24mths)
- £1000 =£89 per month (over 12mths) or £48 per month (over 24mths)
The maximum repayment period for a loan is three years. Loans of under £500 are to be paid back within 1 year.
Lump Sum Deposits
Subject to the policy of the Credit Union and Government money laundering regulations, lump sum deposited into Share Accounts, will not be calculated in loan availability if a loan is requested within 6 months of that deposit.