Members Newsletter April 2020

Members Newsletter:

I hope that you are all keeping safe and well. Since our last update on 28th March we are delighted to say we are offering most of our usual services, using telephone, email and our web site. Plus, we can now process new loan applications.

Phone 01453 298785

Email admin@svcu.org

web site www.svcu.org.uk

Open for New Loans

We are accepting loan applications for up to £500, from members of three months or longer. Our Old Town Hall office is still closed, so all applications need to be submitted on-line.

Members with £250 in savings can apply for a Savers Loan of £500 at 1.25% a month (15% APR equivalent)

Members with less money saved can apply for a Starter Loan of up to £500 at 3% an month (42.6% APR equivalent)

Even in these extraordinary times, the same eligibility rules apply and you must be able to afford the repayments throughout the term of the loan. If you are not in this position then there are helpful websites offering guidance. Here are three;

Quaker Made of Money – https://quakersocialaction.org.uk/we-can-help/your-money-and-finances/made-money

Money Advice Service – https://www.moneyadviceservice.org.uk/en

Citizens Advice Service – https://www.citizensadvice.org.uk

All say consider borrowing as a last resort if you are struggling on reduced income.

Existing Borrowers with income impacted by Covid-19

If you are an existing borrower whose household income is now lower due to the impacts of Covid-19 and want to reduce your repayments, please get in touch. You can phone us on the usual number 01453 298785 during our normal opening hours our email to admin@svcu.org.uk. Please don’t adjust your repayments without discussing it with us and getting our agreement first.

Stop Loan Sharks

The England Illegal Money Lending Team are committed to ensuring that illegal money lenders (loan sharks) do not take advantage and profit from other people’s hardship. They have reminded us that their helpline service on 0300 555 2222 remains fully open for not just victims but also their friends and family members. www.stoploansharks.co.uk