Our Loan Policy

A member can borrow up to five times what they have in their savings (up to £20,000.00) and during the course of the loan a fifth of the loan balance has to be kept in your savings. Therefore as the loan reduces funds from the savings become available to withdraw, pay off part or all of your loan or have an additional loan against. Once the loan has been agreed money can be transferred into members' bank accounts

Planning and managing repayments

Flamesavers is flexible with regard to repayment plans, though there are some legal limitations to length and amount of loans. The member will be advised on the best repayment plan to meet their own circumstances. Members are generally advised to repay a loan in as short a time as possible.

Five years is currently the maximum loan term. Should a member experience difficulties in meeting repayment commitments, they should immediately explain the situation to our staff, who will treat the matter sympathetically and in total confidence. Depending on circumstances, the loan will be renegotiated if possible.

There are no penalties associated with repaying your loan quicker than agreed.

We do 3 types of loan:-

  1. Loans up £4999 where we charge 0.688% per month.
  2. Loans from £5000 up to £9,999 at 0.638% per month
  3. Loans from £10,000 to £20,000 at 0.500% per month

Short term loans

All of our loans can be short term. We only ask for one months’ interest. After that the loan can be repaid in full or part with no penalty charges at all.

Changes to loan policy

The Board reserves the right to change our loan policy at any time. Any change to policy will be passed to members and will only ever effect new loans not existing loans.

Loans and loan interest

As previously explained, we reserve the right to change it but it will only ever effect new loans.

Bad debt management

We strongly urge all members to contact the office if they experience any problems with their loan repayments.

We try and be as flexible and approachable as possible. We have a number of ways we can help members, and will always try and find a solution to the problem.

However we cannot emphasise enough that we will vigorously pursue any member who defaults on a loan with us without discussing their problem first.