How much can I borrow?
- Our Small Loan Scheme is regulated by the Consumer Credit Act, our rules allow you to choose, subject to being able to satisfy our lending terms and conditions, from a loan value of a minimum of £200 to a maximum of £1,500. Please note this is only available to people who hold a qualifying CWFS Life & Savings Plan(s) or a Tax-exempt Easypay Savings Plan(s).
Can I repay weekly or monthly?
- If you pay direct from pay you can pay either weekly or monthly depending on how you receive your wages. If you pay by direct debit you must pay monthly.
How long is the repayment period?
- You must repay the loan and interest charged within 12 months of receiving your loan.
What rate of interest is charged on the loan?
- The rate of interest charged is 12.8% APR Typical, and is fixed for the full term of the loan. For example, a loan of £1,000 would require 51 weekly payments of £20.38 and a final payment of £20.62. The total amount repayable is £1060.00. Therefore the interest amount payable is £60 in this example.
Do I need guarantors for the loan?
- The Society requires that you have two guarantors for the loan, so that if you cannot meet the repayments on your loan the guarantors are legally obliged to make these payments on your behalf.
How old do I have to be to apply for the loan?
- The minimum age for applying is age 18 years attained. The maximum age is 64 years next birthday. If you are over 64 and have an existing qualifying Life & Savings policy, then you may be considered as eligible for a loan, though you would need to discuss this with us by talking to our member services team on 0800 064 0654.
Do you require security for the loan?
- As security for the loan, you will need to assign a CWFS Life & Savings Plan(s) or a Tax-exempt Easypay Savings Plan(s) to the Society. The policies assigned as collateral must have more than 12 months to run until they mature. If you experience problems in making your repayments please contact our member services team on 0800 064 0654 and we will be happy to discuss how we may help.
Plus – For more information or if you have any further questions, please contact our member services team on 0800 064 0654. Alternatively please click here to download a copy of Loan Information Sheet.