First Loyalty loans can be applied for after a minimum period of 10 weeks. Regular payments must have been paid into the account. A member can then apply for a loan of three their shares up to a maximum loan of £1500.
Top ups on first Loans will only be considered after 20 weeks of regular loan repayments. Top ups will only be granted up to the value of the original loan. Loans must be repaid over a minimum period of 20 weeks and a maximum period of 2 years.These loans are charged at 1% per month on a reducing balance (12.68% APR)
Members can apply for a second Loyalty Loan which is up to three times the value of shares up to a maximum loan value of £3000. Top ups on second and subsequent loans will only be considered after 20 weeks of regular loan repayments. Top ups maybe requested for up to 3 times the shares at time of application minus the outstanding balance. Loans must be repaid over a minimum period of 20 weeks and a maximum period of 5 years. These loans are charged at 1% per month on a reducing balance (12.68% APR). Members can apply for subsequent Loyalty Loans which are up to three times the value of shares up to a maximum loan value of £7500.
Whilst every care has been made in the production of this document, the Credit Union, or its staff, cannot be held responsible for any omissions, errors or other mistakes made herein. This document is for illustrative purposes only, so as to give you, the borrower, an overview of the potential cost of borrowing. ECU would be happy to give you a tailor-made quote to suit your borrowing needs.
Enterprise Credit Union is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority. Firm Reference Number (FRN) is 213291.©2016 Enterprise Credit Union All Rights Reserved. Site by / KeeleSoft / Birdinkweb