FAIRshare First Loan
Looking for a loan?
Live or work in Telford or Shropshire but you’re NOT YET a FAIRshare member?
Then look no further than our new FAIRshare First Loan – the fair, manageable First Loan for NON-MEMBERS.
With a FAIRshare First Loan, you can borrow between £300 – £1000 over a maximum of 143 weeks for £14 a week including savings, 42.6% APR. If your loan application is approved, you’ll need to become a member of FAIRshare before the funds are released.
To apply for a FAIRshare First Loan you must –
- NOT be an existing member of FAIRshare
- Have a regular income from employment, pensions or benefits*
- Be over 18 years and under 70 years old
- Not be bankrupt, in a Debt Relief Order (DRO), an Individual Voluntary Arrangement (IVA) or a Debt Management Plan
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 repayment includes a saving amount, so when you’ve paid back your loan, you’ll have saved money too. For example, borrow £750 and after 93 weeks you will have repaid your loan AND saved £279. The minimum saving amount is £3 a week or £12 a month. We call this Save as you Borrow, and its one of the great benefits of borrowing from FAIRshare.
To help you budget, repayments are fixed at £14 a week for all loan values up to £1000. Fixed 2 weekly (£28), 4 weekly (£56) & monthly (£60) options also available.
Borrowing £500 over 55 weeks will cost £11 a week + £3 a week savings – £14 including savings. Total amount repayable is £600.63 which includes interest at 42.6% APR (3% per month). Rate of interest 19.1%. Total savings £165 after 55 weeks.
Terms & Conditions
- Maximum FAIRshare First loan value is £1000 and interest is charged at 3% per month on the reducing balance.
- The FAIRshare First loan is exclusively for non-members. Existing FAIRshare members are not eligible to apply for a FAIRshare First Loan.
- All applications for a FAIRshare First loan must be made online.
- If the FAIRshare First loan is approved, applicants must become a member of FAIRshare before funds are released – a £5 membership fee applies.
- Members must save a minimum of £3 a week until the FAIRshare First Loan is repaid in full. A specific ‘Locked Savings Account’ will be opened for this purpose.
- All loans are offered subject to status and 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.
- Funds will be transferred by BACS payment and take at least 3 working days to be credited to your account, excluding weekends & bank holidays. Alternatively funds can be in your bank account within 24 hours of your loan agreement being signed by paying a £10 faster payment charge paid prior to the funds being released.
- Repayments must be made by standing order or benefits being paid directly to FAIRshare’s bank account, weekly, 2 weekly, 4 weekly or monthly.
- FAIRshare reserves the right to transfer a member’s savings to cover loan arrears if payments are not received on time.
- A member may repay their loan in full at any time. If full repayment is made within 12 weeks (or 3 months) of the issue date, the member cannot apply for another FAIRshare loan within 26 weeks (6 months) of the original date of issue.
- The FAIRshare First loan cannot be topped up. You may apply for an alternative FAIRshare loan product after making at least 6 months’ repayments. Any outstanding loan balance will be taken into consideration when assessing the new application.
- Applicants must not currently be bankrupt, in a Debt Relief Order (DRO), an Individual Voluntary Arrangement (IVA) or a Debt Management Plan
- Applicants must be over 18 and under 70 years old
- Only 1 FAIRshare First loan will be issued at any time and a member cannot have any other FAIRshare loan at the same time.
- The FAIRshare First loan is offered subject to availability.
- Other terms & conditions may apply.
Apply now online for a FAIRshare First Loan.
*Usually refers to Income Support, Job Seekers Allowance (JSA), Employment Support Allowance (ESA) & Universal Credit (UC)