Loan Sitting
Loan sittings are held every fortnight, on a Tuesday. The dates for the future sittings are listed below:
| Tuesday | Tuesday | Tuesday | Tuesday | |
|---|---|---|---|---|
| February 2011 | 8th | 22nd | - | - |
| March 2011 | 8th | 22nd | - | - |
| April 2011 | 5th | 19th | - | - |
| May 2011 | 3rd | 17th | 31st | - |
| June 2011 | 14th | 28th | - | - |
| July 2011 | 12th | 26th | - | - |
| August 2011 | 9th | 23rd | - | - |
| September 2011 | 6th | 20th | - | - |
| October 2011 | 4th | 18th | - | - |
| November 2011 | 1st | 15th | 29th | - |
| December 2011 | 6th | 13th | 20th | - |
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
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)
Examples of repayment:
Interest is charged on Crownsavers’ standard 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.
All new loan products of £2000 plus will now have a maximum repayment of 5 years (Not subject to a specific loan product repayment schedule)
INSTANT ACCESS LOAN
An instant Access loan is aimed at new members who will instantly qualify for a loan of up to £1000.00 over a maximum of 2 years at the interest rate of 2% per month on the reducing balance (26.8APR). No further loans will be granted until this loan is cleared.
Examples of typical monthly repayments are shown below:
£1000 = £94.56 per month (over 12 months) or £52.88 per month (over 24 months)
QUICK LOAN
A quick loan (which is the equivalent of a pay day loan) is available for up to £500.00 over a maximum of 2 months at a rate of 2% per month on the reducing balance (26.8%APR)
Example of typical monthly repayments is shown below:
£500 = £257.53 per month (over 2 months; total interest paid £15.05)
KICK-START LOAN
Kick-start loan (first loan only) - The maximum value of this loan is the member’s shares plus £300.
TOP UP LOANS
After paying off two thirds 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. Any future top-up loan must be repaid within the terms of the original loan agreement if 12 months or more is outstanding of the original loan.
LUMP SUM DEPOSITS
Subject to the policy of the Credit Union and Government money laundering regulations, lump sums deposited into Share Accounts, will not be calculated in loan availability if a loan is requested within 6 months of that deposit.