Looking for a flexible loan to lend you a hand!
Live or work in Telford or Shropshire but you’re NOT YET a FAIRshare member?
Then look no further than our new FAIRshare Handi-Loan – the fair, manageable first loan for NON-MEMBERS with OpenCash, the easy way to top-up a loan.
With a FAIRshare Handi-Loan, you borrow £500 over a maximum of 55 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 Handi-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 weekly repayment includes a minimum saving of £3 a week – borrow £500 and after 55 weeks you will have repaid your loan AND saved £165.
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 or £56 for monthly or 4-weekly repayments. This amount includes your loan repayment AND your minimum saving amount.
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 a helping hand when you need it, all at a competitive interest rate.
After 25 regular weekly payments your Handi-Loan will have reduced to below £300 and 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 and funds could be in your account that day. The minimum ‘top-up’ value is £50. You can ‘top-up’ with Open Cash whenever regular payments reduce your Handi-Loan balance below £300.
Borrowing £500 over 55 weeks costs £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 for comparison 19.1% Total savings £165 after 55 weeks.
Terms & Conditions
- Maximum Handi-Loan value is £500 and interest is charged at 3% per month on the reducing balance.
- The Handi-Loan is exclusively for non-members. Existing FAIRshare members are not eligible to apply for a Handi-Loan.
- All applications for a Handi-Loan must be made online.
- If the Handi-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 for 55 concurrent weeks 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.
- 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.
- Initial funds will be transferred by BACS payment and take at least 3 working days to be credited to your account, excluding weekends & bank holidays. Optionally, 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.
- OpenCash is not available if loan payments are in arrears. You cannot pay in lump sums to access OpenCash.
- 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 reserve the right to transfer a member’s savings to cover Handi-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.
- Only 1 Handi-Loan will be issued at any time. After 26 weeks (6 months) a member may apply for an alternative 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.
Apply now online for a FAIRshare Handi-Loan.
*Usually refers to Income Support, Job Seekers Allowance (JSA), Employment Support Allowance (ESA) & Universal Credit (UC)