FAIRshare Saver Loan
A FAIRshare Saver Loan allows members to borrow £50 up to £7500 over a maximum of 60 months. With a Saver Loan, you build up savings whilst repaying your loan, and it can also help improve your credit rating.
*Usually refers to Income Support, Job Seekers Allowance (JSA), Employment Support Allowance (ESA) & Universal Credit (UC).
Your repayment includes a saving amount; £3 a week or £13 a month is the recommended minimum. This means that when you’ve paid back your loan, you’ll have saved money too.
With a FAIRshare loan, we work with you to ensure your weekly or monthly repayments are affordable and suit your budget. The longer the repayment period, the smaller the repayments, but the more interest you will repay overall. Below are 2 examples, or visit the Loan Calculator for more options –
Borrowing £1200 over 156 weeks will cost £12.52 a week + £3 a week savings – £15.52 including savings.
Total amount repayable is £1954.37, including interest at 42.6% APR (3% per month). Comparable Rate of Interest for the true cost of borrowing 21.1%.
Total savings £468 after 156 weeks.
Apply online now for a quick decision. Alternatively you can download an application form and return it to our Southwater, Telford branch for processing. Processing time will vary depending on demand, but we aim to have made a decision within 24 hours of receiving all supporting paperwork.
You don’t have to have repaid your loan in full to qualify to Top Up your FAIRshare loan, but you must have made at least 3 months’ (or 12 weeks) regular repayments to your existing loan before applying. Any outstanding loan balance will be taken into consideration when assessing your application.
Do you have a question about FAIRshare services? Our team is ready to answer all your questions.