What is a Christmas Loan?
If you our a member of our Credit Union, you could have a loan of up to £1,000 from us for Christmas. This is conditional upon you setting up a standing order or payroll deduction into your account with us and passing our affordability and credit checks. All Christmas loans need to be repaid in 12 months.
Who can apply for a Christmas Loan?
Anyone who lives or works in Norfolk, Suffolk or Cambridgeshire, or work for one of Payroll Partners like Greene King, East Suffolk and North Essex NHS Foundation Trust or East of England Coop. (Full list of Partners) can join ESLCU and apply.
My Christmas loan has been approved, how long before the funds are in my account?
If you loan is approved, you will need to sign a loan agreement. We will release the funds the same day we confirm repayments and have the signed loan agreement back.
Can I “top up” a Christmas loan?
You can top up your loan when you have paid ½ of your original loan. You can track the balance of your loan by registering for online banking, or calling us on 03336 000690
Can I get a normal loan with you?
Once you have repaid ½ of your original loan, you will be eligible to apply for a starter loan. The amount we lend you will depend on your income and expenditure and passing a credit check.
What is a Christmas Saving account?
When making a repayment for a Christmas loan you can also save for next year. Part of it will be used to make your loan repayments, the remaining will be paid into your share account. We will then transfer it into your Christmas saving account. Withdrawals are limited to after the 1st November 2020.
How do I access any savings if I do not use the Christmas saving account?
You can call us on 03336 000690 or register for online banking and request a transfers. All transfers are normally processed within 2 hours.
Can I pay my loan back early? Are there any fees for this?
You can clear the balance of a loan at any time and we do not charge any fee for this.