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Save As You Borrow Loan

Save As You Borrow Loan

Save as you borrow loans (SAYB) are the most popular loan for members on low incomes, who need help to build up their savings or those with a poor credit record.

From the 1st October 2017, we are providing two new Save as You Borrow (SAYB) loan products. These provide higher upper loan limits, longer repayment periods and, for those on monthly net incomes above £600, lower interest rates. representative examples will follow.

SAYB LEVEL 1 Representative examples over 24 months at 42.6% APR

Loan

Weekly repayment*

Cost of credit

Total repaid

Monthly repayment*

Cost of credit

Total repaid

£200

£5.00

£70

£270

£20

£82

£282

£300

£6.50

£104

£404

£26

£123

£423

£600

£11.00

£208

£808

£44

£245

£845

£1,000

£17.00

£346

£1,346

£68

£408

£1,408

£1,200

£20.00

£416

£1,616

£80

£489

£1,689

*  Includes £2 per week or £8 per month contribution to your savings.

SAYB LEVEL 2 Representative examples over 26 months at 26.8% APR

Loan

Weekly repayment*

Cost of credit

Total repaid

Monthly repayment*

Cost of credit

Total repaid

£300

£5.75

£76

£376

£23

£87

£387

£600

£9.50

£151

£751

£38

£174

£774

£1,000

£14.50

£251

£1,251

£58

£290

£1,290

£1,500

£20.75

£377

£1,877

£83

£435

£1,935

£2,000

£27.00

£502

£2,502

£108

£580

£2,580

*  Includes £2 per week or £8 per month contribution to your savings.

All members will eventually need to transfer to the new products when their existing loan term ends. However, members with existing SAYB loans have a choice:

A)    Apply for fast-track top-ups for the existing SAYB loan when available.  Option A means no change to existing borrowing or repayment until the end of the existing agreement (16 months – up to January 2019).

B)    Apply for one of the new SAYB products instead of the next fast-track top-up. This will need a full loan application and a credit check. A full application will usually take several days to assess, and will require evidence of your income and address.

Before deciding, you need to consider the following:

Whether you apply for the new products now is a personal decision for you. We would encourage you, before making a decision, to read our new loans leaflet which has illustrations of the new repayment amounts and also the total amount repaid over the term.

The existing SAYB product will cease to be available for further fast-track top-ups after January 2019.

Apply on-line or download a Loan Application Form

SAYB Loan's granted before 1st October 2017 representative examples:

Loan Size

Weekly*

Loan + Interest total cost

Monthly*

Loan + Interest total cost

Total saved (weekly)

Total saved (monthly)

£200

£5

£247

£20

£255

£63

£65

£300

£7

£370

£28

£382

£64

£66

£400

£10

£493

£40

£509

£127

£135

£500

£12

£616

£48

£636

£128

£135

£600

£14

£739

£56

£764

£129

£135

£1,000

£22

£1,232

£88

£1,272

£132

£135

*Including contribution to your savings over 62 weeks or 16 months.

Paying more than the minimum will clear your loan quicker, and reduce the total amount you have to pay, but will also reduce the amount of savings you build up while you repay the loan.

 

If you are up to date with your payments and need a top-up to the same level as we have previously approved, use a Fast-Track SAYB Top Up Loan Application (also available in branches, for same day issue where agreed.)

When you apply for a loan in person, you will need to provide proof of your income, ID, and current address . You will also need to bring proof of ID and address again when collecting the loan. If necessary, we may also ask for bank statements, evidence of debts or other information to inform our loan decision. Before your loan is issued we will ask you to provide evidence that you have made arrangements for regular electronic loan repayments.

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Lewisham Plus Credit Union Limited is a member of the Financial Services Compensation Scheme (FSCS), complies with the Data Protection Act 1998 and is Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Firm reference number 213588. Credit Union Registration Number 295C (IP00295C at Companies House).

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