Moneywise Newcastle Loans

The credit union bases its decisions to grant loans on three main factors:

• That the member has provided full and accurate information about their financial circumstances.
• That there is sufficient 'disposal income' to repay the loan, once all household and other bills are paid.
• That the member has maintained regular payments

Lump sums - can be deposited into savings, but are not taken into account when making decisions about loans.

The credit union has to act responsibly by granting loans at a level that the member can afford to repay. For this reason there are separate rules for those on low incomes and higher incomes. Checks are carried out to verify information provided by members. In the case of new members, the credit union has to judge whether members will repay loans in accordance with their loan agreements and therefore requires members to save for a period before being eligible for small starter loans. Depending upon the ability to repay the loan, these loans start at between £100 and £300. For existing members who build up a good record of repayment, loans can be up to £5000, or more.

Interest charges are based on the size of the loan, ranging from 2% to .05% per month. The maximum period that loans can be repaid is five years, although small loans have to be repaid in a shorter period.

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