Flexible Loan - Eastern Savings and Loans

Looking for a better deal?

Our Flexible Loan is a great option for home improvements, a special celebration such as a wedding or big holiday. If you are thinking of putting that big purchase on your credit card or taking out more credit than you need to get a good rate from the bank, our Flexible Loan could be the answer you have been looking for.

No fees for repaying early or set up costs
Fixed repayments on your chosen date
Free loan protection insurance (conditions apply)

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I'd like to borrow

Over a period of (Months)

Months

Weeks

Not Available Online

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03336 000690 office@eslcu.co.uk

Representative

Monthly Repayment £00.00 *

Total Repayment £00.00 *

* Representative example.

Borrowing £00.00 over Months will cost £00.00/month. Total amount repayable is £00.00 which includes interest at 42.6% APR.

The figures given above are for illustrative purposes only and may not be the APR you receive. The actual interest rates and repayment amounts may vary subject to loan amount and status.

It is easy to apply

1. If you are not a member of ESLCU then you will need to complete an Online joining form, and pay your membership fee by PayPal or debit card by calling the office on 03336 000690, before applying for a loan.

2. Once you have joined our Credit Union, you can apply for a loan online. We aim to send you a decision within 3 working days via email. You can apply for a loan the same day you join our Credit Union.

3. Set up standing order from your bank account for the amount you wish to repay.

You can join us online and apply for the loan the same day, all on our website. If you would prefer to do it on paper, you can call us on 03336 000690 to request forms sent to you in the post.

You will need to provide proof of your income

Payslips/proof of benefits for last three months
Bank statements for the last three months
Information on all existing loans, credit cards and other debts.

We will ask you to give us read-only access to your bank statements through our trusted partner Consents.Online, this allows our loan officer to see the past ninety days of your bank statement over a secure connection. Alternatively, you can provide printouts of your bank statements, but this will take a few days longer to process while we wait to receive these.

Note: Failure to make scheduled loan repayments will lead to arrears action and may affect your credit history.

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FAQs

Who can apply for a Flexible Loan?

Anyone who lives or works in North Essex, Norfolk, Suffolk or Cambridgeshire, or works for one of Payroll Partners like North Essex NHS Foundation Trust or East of England Coop. (Full list of Partners) can join ESLCU and apply.

How long will it take to get a decision?

We aim to process all loan applications within 3 working days. We will ask for additional information, as all our loan applications are looked at by our Loan Officers to ensure affordability and responsible lending.

My loan has been approved, how long before the funds are in my account?

If your loan is approved, you will need to sign a loan agreement. We will release the funds the same day we received the first repayment and have the signed loan agreement back.

Can I “top up” a Flexible loan?

You can top up your loan when you have paid ½ of your original loan. You can track the balance of your loan by registering for online banking, or calling us on 03336 000690. Please note, that the “top-up” loan will need to be repaid within 5 years of the original loan start date.

Can I get a different loan from you?

As a member of our Credit Union, you can apply for any of our loan products. The amount we lend you will depend on your income and expenditure and passing a credit check. Please see our other loans to find the right product for you.

Can I pay back my loan early? Are there any fees for this?

You can clear the balance of a loan at any time and we do not charge any fee for this.

I’ve just completed a DRO, IVA or bankruptcy. Can I apply for a loan?

It is unlikely that we will lend to someone who is currently in or has recently exited from a Debt Restructuring Order (DRO), Individual Voluntary Arrangement (IVA) or bankruptcy. You can open an account with us and use it as a rainy-day fund.

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