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Since we don't do external credit checks but depend on members' savings patterns and loan repayments to establish an 'internal credit rating', the Board has adopted a new loan structure linked more closely to regular savings.
You can apply for your 1st loan when you have saved regularly for 8 weeks (2 months if paying monthly). You can then borrow up to £100 more than you have saved. For instance, if you have saved £60, you can borrow £160.
If you pay off that loan properly, you qualify for a 2nd loan of up to 2 x value of your savings, so it helps to continue saving while paying off your first loan
After paying off that loan, you qualify for a 3rd loan of up to 3 x value of savings.
After paying off that loan, you can borrow up to 4 x times value of savings, up to a maximum of £3,000.