| A guide to our loans
Any member who is a regular saver with FAIRshare can take out a loan. Repayments are calculated to meet your individual circumstances for a period of up to 5 years. You pay a fixed rate of interest - equivalent to 1% per month (APR 12.68%) for loans of £3,001 or more, 1.5% per month (APR 19.6%) for loans from £1,001 to £3,000 and 2% per month (APR 26.8%) for loans up to £1,000. There are no arrangement fees and interest is only charged on the reducing balance of the loan - so if you decide to repay the loan quicker than the agreed period you will not pay the full amount of interest. We also offer you the flexibility to borrow small or large amounts over different periods and the option to increase or decrease payments if your circumstances change. Examples of repayment rates for loans up to £1,000 at 2% per month
(APR 26.8%) Loan | 12 monthly payments of | Interest charges | Total repayment | £100 | £9.46 | £13.47 | £113.47 | £300 | £28.37 | £40.41 | £340.41 | £500 | £47.28 | £67.36 | £567.36 | £800 | £75.65 | £107.77 | £907.77 | £1,000 | £94.56 | £134.71 | £1,134.71 |
Example of repayment rate for loans from £1,001 to £3,000 at 1.5% per month
(APR 19.6%) Loan | 12 monthly payments of | Interest charges | Total repayment | £1,200 | £110.02 | £120.19 | £1,320.19 | £1,400 | £128.36 | £140.22 | £1,540.22 | £1,600 | £146.69 | £160.25 | £1,760.25 | £1,800 | £165.03 | £180.28 | £1,980.28 | £2,000 | £183.37 | £200.31 | £2,200.31 | £3,000 | £275.05 | £300.47 | £3,300.47 |
Examples of repayment rate for loans for £3,001 or more at 1% per month
(APR 12.68%) Loan | 24 monthly payments of | Interest charges | Total repayment | £4,000 | £188.30 | £519.04 | £4,519.04 | £5,000 | £235.37 | £648.81 | £5,648.81 |
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