We know how difficult it can be to pay for festive season, and that’s why we’re happy to offer affordable Christmas loans. Our Christmas loans can help you make that magical Christmas a reality, whilst avoiding pay day lenders or purchasing gifts on credit with high in-store interest rates.
Many of our members save for Christmas throughout the year using our Christmas Saver accounts, however we appreciate that some expenses can be higher than anticipated, leaving you looking for a bit of extra money to cover last minute festive costs. With the price of gifts, food and drinks quickly adding up, a Christmas loan may be an easy way to cover the expense of Christmas in an affordable way.
CLEVR Money is an ethical lender, which means that the Christmas loan you take out with us will be provided at the fairest possible interest rates. That’s because we operate on a not-for-profit basis, so we don’t focus on getting the highest possible repayments out of our members. Instead, we work with them to provide a Christmas loan that is affordable, with a repayment plan they’ll be able to meet without losing any sleep. Another part of being an ethical lender is that every Christmas loan we provide comes with absolutely no hidden fees, charges or penalties in the small print. We work in a completely transparent manner, so when you take out a Christmas loan you know exactly how much you’ll have to pay, for how long and what the rate of interest will be.
Once you’ve given us all of the information we need we’ll try to reach a decision about your Christmas loan as quickly as possible. Once a Christmas loan has been approved the money will be transferred into your account and you’ll be free to get on with planning your Christmas.
If you want to have a chat about our loans before applying, give our loans officers a call on 01253 478390
How much you may be able to borrow
Borrowing £1,500.00 over 20 months will cost £100.84/month. Total amount repayable is £2,016.80 which includes interest at 42.6% APR.
The figures given above are for illustrative purposes only. The actual interest rates and repayment amounts may vary subject to loan amount and status.
In order to apply for a Christmas Loan you must:
- Live or work within our Common Bond area
- Be at least 18 years old
You must not:
- Be bankrupt, in a DRO or IVA
- Have had any outstanding CCJs within the last 24 months
- Have missed any repayments on credit within the last 6 months
- Have had any defaults within the last 12 months
- Have arrears on a credit union loan
- The Lender will lend and the Borrower acknowledges that they have received, the sum borrowed under this agreement. The Borrower will repay the Loan (i.e. the Total amount Owing) by the repayments set out in the loan details above.
- Interest will be charged daily on the unpaid balance of the Loan and any unpaid interest at the rate set out in the Loan details above.
- The Borrower has the right to settle the Agreement early at any time by paying in full the balance of the Loan and any unpaid interest outstanding. The Lender will, on request, provide the Borrower with a written statement of the sums which have been paid and which remain outstanding under the agreement.
- The Borrower acknowledges that the details given on the Loan Application for this agreement are complete and correct and will inform the Lender immediately of any change in financial circumstances that may reduce their ability to repay the Loan, or of any change in their address.
- If the Borrower fails to pay any amount due to the Lender under this agreement, or breaches any of its terms, the Lender has the right to demand early repayment of all or part of the balance of the Loan outstanding, together with any unpaid interest and any additional costs of collection including court fees and administration fees. The Lender will give the Borrower written notice not less than seven days before taking any action to recover any such sum.
- The Borrower acknowledges that, if any loan payments are not paid, or are not paid at the agreed date, this may result in the Total Amount Payable under the Agreement being greater than the sum set out in the Loan details.
- The Borrower will be liable for any costs the Lender incurs in recovering sums due under the Agreement
- If a ‘Borrower and ‘Joint Borrower’ (or ‘Guarantor’) are named on the agreement, the liability of each shall be Joint and several.
- The Borrower agrees to assign to the Lender all paid shares, and payments on account of shares, which the Borrower has or may have in future in the credit union, as security for payment of the Loan and for interest or expenses which may become due and the Borrower authorises the credit union to set off or apply any or all such shares towards payment of the Loan, interest or expenses owed by the Borrower.
- While the borrower is in the employment of a Credit Union Payroll partner employer, The Borrower authorises BFWCU to contact their employer to take payments by payroll deductions (if applicable) in accordance with this agreement and that while an outstanding balance exists such deductions may not be reduced during the term of the loan without the agreement of the Credit Union.
- Shares to the value of one month’s loan payment are attached during the course of the loan agreement. Withdrawals may not be made of any amount that would reduce the share balance below the level of one month’s loan repayment plus £5 minimum account balance.