‘Flexi Credit’ Policy For Payroll Deduction Savers

Quick And Easy Loan Access

The ‘Flexi Credit’ facility is designed to provide a quick and easy source of credit from the credit union for members paying through payroll deduction schemes. This credit facility is available in addition to the Saver Loans but the total net loan expenditure levels apply. The Flexi Credit facility means that you only have to provide detailed documentation once every three years rather than with each application to borrow.

1/ To qualify for a Flexi Credit facility a member must have saved with us for a minimum 18 month period through a payroll deduction scheme.

2/ The flexi credit borrowing limit will be based on the member’s savings level, ability to repay, and their previous credit history with the credit union.

3/ The member may apply for a credit limit of up to five times your savings level up to a maximum of £3,000 and must maintain the minimum level of monthly payments whilst using this borrowing facility.

Credit Limit
 

£1,000

£1,500

£2,000

£2,500

£3,000

Monthly Repayment
 

 £40

 £60

 £80

£100

 £120

Minimum Savings
 

£200

 £300

 £400

 £500

 £600

4/ All members must maintain a monthly minimum savings of £20 whilst using the Flexi Credit facility, but are encouraged to save more.

5/ Members may draw upon their Flexi Credit facility in multiples of £100 by completing a simple form.

6/ Interest will be charged at 12.7% APR on the outstanding balance of the credit used. (£1,000 over 1 year = only £66.18p)

7/ Flexi Credit facilities are reviewed every 3 years.

Call the office on 01279 451234 for fuller details.

Please refer to the following forms to apply for flexi credit (click to open):

Flexi Credit Application Form

 

   Members saving through payroll deductions for 18 months or more can use this form to apply for a quick and easy borrowing facility

Flexi Credit Guidance Notes

 

   All applicants should read these notes before completing the flexi credit application form
Income and Expenditure Sheet   This form is to help you manage your money and be sure you can afford to repay the loan at a manageable rate. Please take your time in completing it, as it forms an important part of the credit unions obligation to assess your ability to afford the loan.

 

 

     

 

Last amended on Monday October 24, 2011