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Loan Terms and Conditions

 

Record 

When we make you the loan, we shall start a record in your name showing the amount of money owed by you (the Record). When you make a payment, we will deduct the amount of that payment from your Record. 

 

Payments

For as long as you owe us money under this agreement you must make repayments to us either by Direct Debit, Standing Order, Child Benefit or by a method previously agreed for the amount shown overleaf or otherwise in accordance with this agreement and at the time show or at such times as we may notify to you having regards to your wishes. The method of repayment agreed upon when signing this loan agreement will remain the same for the duration of the loan. 

 

Interest 

The APR is 42.6% (First Choice Loan)

The APR is 34.5% (Easy Plan Loan)

The APR is 34.5% (Credit Builder Loan)

The APR is 12.7% (Select Loan)

please note that interest on your loan is accrued daily. Therefore if you repay your loan in a shorter period stated on the front page of this agreement you will pay less overall for your loan. Likewise, if you repay your loan over a longer period than stated on the front page of this agreement the total cost of your loan will increase. 

 

Security

Your shares in the Credit Union will be security. You may not withdraw your attached shares for the duration of the loan or until your shares exceed the amount of the loan outstanding. 

 

Demand for Immediate Repayment

Advance CU can make a demand for immediate repayment:

  • If you fail to make any repayment on its due date or 
  • If any information about you or what you will use the money for (including information in your application form) that you provided is incomplete or not incorrect; or 
  • If any goods purchased by you with the assistance of the loan are sold lost or destroyed before the loan is repaid in full. 

 

Then we shall be entitled to serve a default notice. If your breach of the provisions of this clause 6 is capable of remedy, you will then have 7 days from the date of default notice to remedy the breach. If the breach is not capable of remedy or you have not remedied the breach within 7 days as stated above. We shall be entitled to serve a formal demand for repayment of all outstanding unpaid sums under this agreement (as shown in the Record). 

 

Keeping us Informed

You will tell us as soon as possible, if you are, or believe that you are, in financial difficulties and may not be able to repay. 

 

Termination 

You may end this agreement early by paying all the amounts shown as outstanding on your Record on the date of payment. You may also transfer your shareholding in Advance Credit Union to your loan account providing the balance of your loan is lower than the amount of shares. Please let us know if you would like to know exactly what the amount would be on a particular day. There are no charges, penalties or or administrative fees for early settlement. 

 

Disclosure 

You agree that we may disclose details of and relate to this agreement and the information provided by you (including the information in your application form) to any credit reference agency, credit union, debt collection agencies and to the secretary of state for work and pensions should you fail to make payments as agreed for not less than thirteen weeks and no other arrangement has been made. 

 

Transfer of Rights and Duties

You shall use the loan for the purpose stated on the first page of this agreement.

 

Amount of Repayments 

We will not accept repayment instalments larger than the repayments you must make under this agreement. However, you can pay the outstanding loan balance in full earlier than the duration of your loan with no early repayment penalties. 

 

Giving you more time to pay

Although we do not have to do so, we have the right to give you more time to pay or allow you to pay a reduced amount (Helping you out), but if we do so this does not mean that we have given up our right to be paid on a timer in full. We will only help you out if we think we are more likely to get the money you owe us that way if we take you to court. 

 

Variations 

We have the right to change the terms and conditions of this agreement in any way we think necessary to comply with the law. 

 

Change of Personal Details

If you change your name, address or telephone number (personal details) you must tell us your new details as soon as possible (and at the latest five days after your personal details change). 

 

Notices etc

All notices, demands and statements given to you in person or left at your last known address shall be deemed to have been given to you properly, and (subject to the law) if sent by prepaid post, shall have been deemed to have been received by you 48 hours after the time of posting or, if earlier, at the time it is received by you. 

 

Costs arising from Breach

If you breach any of the terms and conditions of this agreement (i.e if you do something you have said you will not do or you do not do something you said you would do) then on written demand by us you must pay us a sum to all costs and expenses arising from that breach (including taking you to court)

 

Confirmation of understanding

You acknowledge that you have read and understood this agreement (or you have had this agreement read to you) and a representative of Advance Credit Union has taken you through the terms of this agreement and that you understand what you’re agreeing to. LAGTO824