This product provides a line of credit when needed, for flexible borrowing. Have you received an unexpected bill and do not have sufficient funds in your bank account to cover it? Your Flexi-Loan is there for you should you need to "top up" your bank account. Example: apply for £3,000 and just draw down (into your chosen bank account) what you need at any given time.
It doesn’t require “pledged shares” (our other loan products are based on a 5:1 share to loan ratio, with the exception of our Loyal Saver Loan). You do however just need to ensure you're paying the minimum monthly share deposit of £10 to access this product.
Your flexi-loan can be accessed immediately from our NEW online APP once approved (or email / phone / call in with us if you prefer not to use online banking).
Withdraw your flexi-loan "available funds" at any time without the need for another full application (flexi-loan agreement is reviewed after 3 years).
Suitable for short-term affordable repayments. Example: borrow £500 and pay £17 per month. Borrow £3,000 and pay £97 per month.
Minimum balance payment terms - regardless of the balance on your flexi-loan account, the minimum balance will still have to be made. Example: apply for £3,000 and only draw down £1,500 initially - you will pay the minimum £97 per month (based on £3,000 limit) regardless.
Changing your limit - If you do wish to increase your Flexi-Loan limit eg from £2,000 to £3,000, simply contact us for a review (please note this must be at least 3 months after your last loan application).
Early Settlement/Overpayment - you do have the option of making additional payments to pay off your balance quicker (AND save on interest) with NO penalties or fees for doing so. Simply make additional payments via your online banking APP or contact us in the usual ways if this suits you better.
If you have NO outstanding balance? Any further repayments of your Flexi-Loan will be placed into your Harp and Crown Credit Union shares account.
Whether you have an existing loan with us or have never borrowed, this is the perfect product for managing those annual bills, car or home insurance, caravan site fees, unexpected costs and more! Members must be aged 18 years and over to apply. Members cannot apply if they have taken out a loan within the last 3 months.
| Amount borrowed | Minimum monthly repayment * |
| £500 | £17 |
| £1000 | £33 |
| £1500 | £49 |
| £2000 | £65 |
| £2500 | £81 |
| £3000 | £97 |
*minimum monthly repayment based on 9.5% APR and a 36-month repayment period – interest will only be charged on outstanding credit balance.
No, what you see is what you get. Your interest rate remains fixed for the life of the Flexi-Loan.
WIN £250!
As if it couldn’t get any better….we’ll be putting ALL members who apply for the Flexi-Loan (and are accepted) from now until 28th February 2025 into a big £250 PRIZE DRAW! Prize Draw takes place on Monday 3rd March 2024. One prize / one winner. Winner will receive £250 into their Harp and Crown Credit Union account within 21 days of prize draw.
CRITERIA AND TERMS
Completion of a Flexi-Loan application form will be required
Member must have made at least 1st of regular deposit by payroll deduction or direct debit
Can run alongside existing loans as a second loan product **as this is a separate product, a member can apply for a Flexi-Loan AND apply for a First Time Loan 3 months apart. Ts/Cs apply.
Loans available at 9.5% APR
Maximum loan of £3,000, subject to application and assessment
Minimum loan of £500
Member must not have taken a loan out in past 3 months
Subject to full review and potential re-application after 3 years
Minimum monthly £10 share deposit must be made by member
Shares can be withdrawn at any time (subject to pledged shares against another loan product)
Loan will be cancelled immediately and potentially become fully repayable if minimum monthly payment is missed
With FREE LIFE COVER up to age 70.
In the event of your death, your BENEFICIARY could receive 1.5 times your savings balance (additional benefit capped at £5,000). Example: £10,000 savings balance - your loved one could receive £5,000 on TOP of your savings. We have simplified this process as far as humanly possible to minimise the burden on your loved one.
Any outstanding LOAN BALANCES would also be cleared.
APPLY NOW (options below):
APPLY VIA OUR NEW ONLINE BANKING APP **not yet registered? More detail HERE. You must contact us first to activate your online account.
EMAIL creditunion@harpandcrown.co.uk to request an APPLICATION FORM.
CALL INTO OUR OFFICE at Newforge Sports Complex and Hub.
OR PHONE 028 9068 5198. Please note lines may be busy during this time.
