Flexiloan

Ideal for those of you who have a need for small but regular borrowing without the need to complete a new loan application every time you need funds.

A great way to cover those everyday emergencies such as your car failing its MOT or your washing machine breaking down, giving you that financial lifeline when you need it most.

A great alternative for members who find themselves in circumstances where they are thinking of or have accessed payday loans and are paying exorbitant rates of interest.

This is an additional loan product and can run alongside our more traditional standard and special loan products.

Remember, if you are experiencing financial difficulties we are here to help and as a member you can access our confidential money advice service by calling 0194 326 2101 and asking for a money advisor.

How It Works

• 5 credit limits between £500 and £2500 available in intervals of £500
• Only commitment is to pay at least the minimum payment applicable to the chosen limit.
• Choose to pay more than the minimum amount when applying for your limit or increase your payment at any time while your Flexiloan is active.
• Increase or decrease your limit at any time (if decreasing your limit any outstanding balance must be brought to level equal to or less than the new limit being applied for).
• Payment Waiver applicable to this loan product.

Flexiloan Limits & Minimum Repayments

Credit Limit	APR%	4 weekly	Monthly
£500	17.9	£17	£18
£1000	17.9	£33	£36
£1500	12.7	£46	£50
£2000	12.7	£62	£67
£2500	10.9	£75	£82

Getting access to funds

When your Flexiloan account has been approved accessing funds is simple. There are two methods available to withdraw funds.

Method 1

• All Flexiloan account holders are issued with a small book of withdrawal slips which can be completed and returned to the Credit Union office.
• Funds will be transferred on the day of receipt if received before 3.30pm Monday to Thursday and 2.30pm on a Friday.
• Requests received after this time or during weekends and public holidays will be processed on the first available working day. The minimum amount you may withdraw is £50.

Method 2

• Flexiloan account holders who have registered to our secure members area have the ability to request a transfer of funds from their Flexiloan using the online withdrawal process.
• If you have not already registered for online access to your Credit Union accounts you can do so here.
• Online Flexiloan withdrawal requests received by 3.30pm will be processed on the day of receipt. Requests received after 3.30pm or received during a weekend or public holiday will be processed on the first available working day. The minimum amount you may withdraw is £50.

We use the faster payments system in both cases and aim to have your money in your account the same day we transfer your funds, please note however this is not guaranteed.

Applying for a Flexiloan

To apply for a Flexiloan, simply call 0194 326 2101 and our friendly staff will talk you through the application process.

Cancellation Rights?

If you wish to cancel your loan application, just let us know that you no longer wish to proceed and it will be deleted.

However, if your loan has been approved and funds have been allocated to your loan account, the following conditions apply under the Distance Marketing Directive.

• Loan applications Not completed in person at our office can be cancelled in writing within 14 days of signing your loan agreement. Any funds paid to you must be refunded to the Credit Union within 30 days of cancellation.
• Loans completed in person at our office cannot be cancelled under the Distance Marketing Directive. You simply repay the full amount owing, including any interest due, as agreed.

Payment Waiver (Applicable on Flexiloans from 15/01/14)

Payment waiver is our great loan insurance cover and comes as a feature of your Flexiloan, at no extra cost to you.

If you are unable to work due to an accident or sickness you can claim on your payment waiver insurance to make your loan repayments for up to 18 months (terms & conditions apply).

This means no arrears build up, your credit rating is not affected and your loan continues to reduce while you are off work. Ask about Payment Waiver when applying for your Flexiloan.