Save as you Borrow with our Christmas Loan
We’ve got Christmas all wrapped up for you this year, with a great Christmas Loan of up to £1000 (dependent upon affordability. Lower values may be offered). With fixed, affordable repayments with no surprises, a choice of repayment options to suit your budget and Save as you Borrow, our Christmas Loan helps spread your festive season costs and save for next Christmas at the same time. If affordable, your Christmas Loan can run alongside most of our other loans (Terms & Conditions apply).
To apply for a Christmas Loan you must –
- Be 18 years of age or over
- Live, Work or Study in Shropshire (Or work for a Shropshire Based Company)
- Have a regular income from employment, pensions or benefits
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 72 hours of receiving all supporting paperwork.
Saving as you borrow
Your weekly or monthly repayment includes a minimum saving of £3.00 a week or £15.00 a month – so after a year, you will have repaid the loan AND saved more than £155.00
The Christmas Loan has conveniently fixed repayments, with no surprises, to help you budget easily. You can select weekly, 4 weekly or monthly repayment options as follows –
Weekly repayments – £25.91 a week including savings of £3.00 a week.
4 weekly repayments – £104.41 four weekly including savings of £12.00 every 4 weeks.
Monthly repayments – £115.33 a month including savings of £15.00 a month.
Representative example –
Borrowing £1000 over 52 weeks will cost £22.91 a week + £3.00 a week savings – £25.91 including savings. Total amount repayable is £1191.32 which includes interest at 42.6 APR (3% per month). Comparable Rate of Interest for the true cost of borrowing 19.2%. Total savings £156.00 after 52 weeks.
Terms & Conditions
- Applications for Christmas Loans must be made online through FAIRshare’s website.
- The maximum value of a Christmas Loan is £1,000 with interest charged at 3% per month on the reducing balance. Lesser amounts may be applied for.
- The maximum term of a Christmas Loan is 12 months (52 weeks).
- Members must save a minimum of £3.00 a week, which cannot be withdrawn until the loan is repaid in full. A specific ‘Locked Savings Account’ will be opened for this purpose.
- Top Ups are NOT permitted with the Christmas Loan, but one additional loan product may be available to a member dependent on affordability.
- If the Christmas Loan is approved, applicants must be or become a member of FAIRshare before funds are released – a £5 membership fee applies to non-members (this will be waived for all applications received before 10th December 2021).
- All loans are offered subject to status & will be assessed on an individual basis. As part of the assessment, both affordability and credit checks will be carried out.
- Repayments must be made by standing order or benefits being paid directly to FAIRshare’s bank account, weekly, 4 weekly or monthly.
- FAIRshare reserve the right to transfer a member’s savings to cover loan arrears if payments are not received on time.
- FAIRshare’s Christmas Loan is offered subject to availability.
- Applicants must be over 18 years old.
- Pre-Christmas application deadline is 2 pm on Tuesday 14th December 2021 for Non-Members and Tuesday 21th December for current members. Only applications supported by a ‘view-only’ Open Banking authority or, alternatively, electronic copies of bank statements will be processed (bank statements submitted via post or hand, will also need to arrive at FAIRshare’s Telford Branch by 2 pm on the 14th December 2021)
- Other terms & conditions may apply.