Once you have started to save you can apply for a loan. We look at each loan application individually. Provided we think you can repay it, we will offer you the loan, even if you are on benefits, retired, or are self-employed. After saving regularly for 6 weeks, you can borrow up to £300.
When you have saved regularly with Money Box for 12 weeks you can apply for a loan for any purpose- a holiday, repairs, the school trip, a wedding, a car, or to start up in business. Loans must be repaid within 5 years.
This application will be dealt with by the loans committee under our affordability criteria, which have been mentioned above.
All loans have interest charged at the same low rate- 1% per month on the reducing balance (12.68APR). For some examples try the Loan Calculator.
Loan decisions are made by the credit committee, which is made up of members who have been elected at the Annual General Meeting of Money Box. They normally meet weekly, but can make a decision more quickly in an emergency. If the loan is agreed, you would normally receive a cheque within a week alternatively you can request a Bank transfer. If you wish, the cheque can be made out to a third party such as the shop where you want to buy something. We can usually arrange for the cheque to be exchanged for CASH at an HSBC branch or at a Post Office, if this is more convenient.
If you have a loan and are struggling, you must contact us, in person, by phone, email or letter. We may be able to change the payments or rearrange the loan. If you do not repay as agreed and do not contact us, after writing to you several times, we will take you to court. After all, your loan was made with other members’ savings and we have to protect them.
While you are repaying a loan, we also expect you to carry on saving. You cannot withdraw your savings while you are repaying the loan, unless your savings balance is greater than your loan balance.
Apply for a loan now. If you would prefer to talk to someone first, call the loans officer on: 0845-347 9399 (local rate) or email us.
Only Money Box members can apply for loans.