How much do I have to repay and how often?

If we give you a loan, we will tell you in the same letter how much you will have to pay and how frequently.

What happens if I can’t afford a repayment?

If for any reason you can’t afford a repayment, please let us know as soon as you can. We know that things change in peoples lives and we may be able to lower the amount you have to repay until you can afford to make bigger repayments. We do insist that we are paid back the total amount of the loan, but we may be able to be flexible about the time it takes you to pay the loan back.

Please note the total amount of interest payable and the length of time it will take you to repay the loan will go up if you have to reduce your payments.

What happens if I miss or forget to make a repayment?

Please make a payment as soon as you remember. The total amount of interest payable and the length of time it will take you to repay the loan will go up if you miss a payment. If you are struggling to make your repayments, please contact us, we may be able to lower the amount you have to repay.

Do I have to add to my savings at the same time as repaying my loan?

We encourage you to add to your savings when you repay your loan, but we cannot make you. Adding even small amounts to your savings on a regular basis over time can have a big impact on the amount you have saved.

What happens if I die?

We hope you don’t die. Subject to some age and health restrictions, we provide free insurance so your loan would be paid off if you died.