Handi-Loan with OpenCash facility
Looking for a loan with fixed weekly or monthly repayments ?
Not yet a member of FAIRshare ?
Then look no further than FAIRshare’s Handi-Loan. FAIRshare’s Hand-Loan allows members to borrow between £300 and £500 over 52 weeks (or 12 months) and repay in fixed weekly or monthly repayments. With a Handi-Loan you build up savings whilst repaying your loan, and it can also help improve your credit rating. 42.6% APR
To apply for a Handi-Loan you must –
- Be 18 years of age or over
- Have a regular income from employment, pensions or benefits*
Your application is more likely to be approved if you –
- Can prove a regular source of income
- Are not currently bankrupt, in a Debt Relief Order (DRO) or an Individual Voluntary Arrangement (IVA)
*Usually refers to Income Support, Job Seekers Allowance (JSA), Employment Support Allowance (ESA) & Universal Credit (UC).
Quick & easy to apply
Apply online now for a quick decision. Processing time will vary depending on demand, but we aim to have made a decision within 24 hours of receiving all supporting paperwork.
Saving as you borrow
Your weekly or monthly repayment includes a minimum saving of £2.52 a week or £10.70 a month – borrow £500 and after 52 weeks you will have repaid your loan AND saved more than £125.
Fixed weekly or monthly repayments
The Handi-Loan has fixed weekly repayments of £14 a week or £61 a month. You can borrow between £300 and £500 with a Handi-Loan, so you will repay a £300 Handi-Loan in 30 weeks, a £400 Handi-Loan in 40 weeks & a £500 Handi-Loan in 52 weeks. If your Handi-Loan Application is approved your OpenCash facility will be £500 regardless of the original loan value.
Need an extra helping hand? FAIRshare’s Handi-Loan includes the added benefit of OpenCash, the easy way to top-up a loan. OpenCash gives you the flexibility of a credit card and the convenience of a Pay Day loan, all at a competitive interest rate.
After 12 regular weekly or 3 regular monthly payments your Handi-Loan will have reduced to below £400 & at this point OpenCash gives you the option to ‘top-up’ your loan again up to a £500 maximum value. There is no extra cost* & no need to complete an application form – just give us a call & funds could be in your account that day. The minimum ‘top-up’ value is £50. You can ‘top-up’ with Open Cash whenever your Handi-Loan value reaches £400.
*No extra fees, but interest payable on full balance
Representative example –
Borrowing £500 over 52 weeks will cost £11.48 a week + £2.52 a week savings – £14 including savings. Total amount repayable is £596.96 which includes interest at 42.6% APR (3% per month). Comparable Rate of Interest for true cost of borrowing 19.5%. Total savings £131.04 after 52 weeks.
Terms & Conditions
- Maximum Handi-Loan value is £500 and interest is charged at 3% per month on the reducing balance.
- Members must save a minimum of £2.52 a week for 52 concurrent weeks (or £10.70 a month for 12 concurrent months) before saving withdrawals can be made, unless the Handi-Loan is repaid in full. A specific ‘Locked Savings Account’ will be opened for this purpose. Subject to a good repayment history and no repayment arrears, the Locked Savings Account will be converted to a Linked Saver Account after 52 weeks (12 months) and 15% of loan value must be kept as security until the loan is repaid in full.
- Applicants must be a member of FAIRshare before funds are released – a £5 membership fee applies.
- All loans are offered subject to status & will be assessed on an individual basis. As part of this credit checks will be carried out. Loan defaults may be recovered through the Eligible Loan Deduction Scheme.
- Faster Payment – If your loan is approved, a £10 faster payment charge must be paid prior to the funds being released – funds can be in your bank account within 24 hours of your loan agreement being signed. If you prefer not to pay this charge, funds may take up to 5 days to be credited to your account, excluding weekends & bank holidays.
- OpenCash is not available if loan payments are in arrears.
- Repayments must be made weekly or monthly by standing order from an account held in the applicant’s name and paid directly to your FAIRshare account. Payments by any other method may affect the availability of the OpenCash facility.
- FAIRshare reserve the right to transfer a member’s savings to cover Handi-Loan arrears if payments are not received on time.
- An early repayment penalty of £20 will be charged if a loan is repaid in full within 12 weeks of the original date of issue.
- Only 1 Handi-Loan will be issued at any time. If the initial Handi-Loan has been repaid in full, you can apply for a new Handi-Loan but FAIRshare’s standard terms will apply to all subsequent loans.
- FAIRshare’s Handi-Loan is offered subject to availability.
- Applicants must by over 18 years old.
- Other terms & conditions may apply.