LOANS> LOYALTY LOAN
Loyalty Loan
The Loyalty Loan is designed for members who have demonstrated a history of both saving regularly and repaying their loans with few incidents. This is to encourage members who borrow regularly to continue to return to Stevenage Credit Union for their borrowing needs, where the interest rate will be more competitive, instead of turning to other high-street lenders.
Application Criteria
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You must have been a member of Stevenage Credit Union for a minimum of two years.
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You must have been saving regularly for at least two years by saving an amount either every week or every month in that period. (No minimum deposit)
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You must demonstrate a good history of borrowing by having paid off one prior loan with Stevenage Credit Union with no default.
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Minimum borrowing limit: £2,000
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Maximum borrowing limit: £7,000
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Minimum borrowing term: 6 months
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Maximum borrowing term: 36 months
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APR: 12.68%
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Throughout the period of repaying the loan you must continue to pay an amount, either weekly or monthly, into your savings.
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No withdrawals are permitted if the shares are less than 50% of the loan balance.
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Please note that all applications are subject to a credit check and a review by the loans committee to consider your individual circumstances to make a final decision on your loan being granted.
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You must be 18 years of age or older to be able to apply for a loan.
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As part of the terms and conditions loans can only be paid off in full six months after the loan is issued.