Loyalty Loans
About our Loyalty Loans
These loans are from £500 to £35,000 and 100% secured against your savings with us which means you can borrow the same amount as you have in savings with us and benefit from a low interest rate of 5%APR.
No credit check required as your Loyalty Loan is 100% secured against your savings!
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.
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£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.
Turning Borrowers into Savers at Wave Community Bank
Loyalty Loan Terms & Conditions
Minimum loan value: £500
Maximum loan value: £35,000
Maximum loan term: 84 months
Loyalty Loans – the loan balance must be equal to or less than the balance of your savings with us throughout the life of the loan. For example if you have £5000 in savings you can borrow £5000 at 5%APR but you can only withdraw your savings in line with the loan balance as it reduces.
If you already have a loan with us, which is not a Loyalty loan, then the Loyalty Loan will be issued as a separate loan account. You must have enough savings to keep as security for the existing loan plus the new loan. Your original loan terms and conditions will remain the same.
As Loyalty Loans are 100% secured against savings, we do not need to do a credit check. Your repayment history will be reported to CRAs.
“I would just like to say thank you for the service given to me. At the time no other bank would help me. I am now debt free and able to continue to save the money I was paying to my loan”-Member
Terms & Conditions
Loan value: £500 – £35,000
Maximum Loan Term: 84 months
Each loan application is assessed on an individual basis and takes into consideration a variety of factors including the affordability of the loan, previous savings and borrowing patterns with Wave Community Bank, credit history and so on.
PLEASE NOTE: Your credit score will be adversely affected if you are late or fail to keep up with payments on a loan.
Representative Example
Borrowing £1000 over 12 months will cost £85/month. Total amount repayable is £1027 with includes interest at 5% 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.
Loan Repayments
You will be asked to make repayments by direct debit or through a payroll scheme. Repayments can be made in line with how you receive your income – weekly or monthly.
If you miss a repayment Wave Community Bank reserves the right to deduct the repayment from your savings.
If your circumstances change and you have problems meeting your repayments, please contact our Loan Support Team. Failure to meet repayments could have a serious effect on your credit report.
All loans provided by Wave Community Bank are subject to status and our lending policy. Applicants must be aged over 18.
Wave Community Bank reserves the right to decline any application or offer a loan that differs from those advertised.
Opening Hours
Our phones are open Monday to Friday between 9.30am-1.00pm and we continue to monitor our emails between 9.30am to 4.00pm.
Contact Us
Phone: 0300 303 3188
Email: info@wavecb.org.uk
Face-to-face appointments at Hove Town Hall by arrangement only.
Addresses:
East Sussex, Brighton & Hove:
Tisbury Road Offices, Hove Town Hall, Tisbury Road, Hove, BN3 3BQ
Kent, Medway and Bexley:
39-48 Marsham Street, Maidstone, Kent, ME14 1HH
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Wave Community Bank serves members in East Sussex, Brighton & Hove, Kent, Medway and the London Borough of Bexley, plus members of Unite in the South East Region. Withdrawals over £5000 will take 5 working days to process
Wave Community Bank is a trading name of East Sussex Credit Union Ltd.Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. FCA Firm no 213910
