Christmas Loan | Eastern Savings and Loans

An affordable Christmas Loan from Eastern Savings & Loans

Spread the cost of Christmas with a low cost Christmas Loan from us. You can apply for a Christmas loan online, the same day as you join & if approved, your loan will be available for withdrawal as soon as we can confirm your repayments. All loans are subject to an affordability & a credit check. If you are looking for a loan for Christmas shopping, we are by far the most competitive on the market, and you can save for 2021 & repay your loan in one easy repayment.

Paid direct into your bank account
Decision in 3-4 working days
Save for 2021 as you repay

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How to get a Christmas Loan

Join the Credit Union & apply for a Christmas loan online. If approved, sign the loan agreement and set up repayments to your Credit Union account. Your first repayment will stay in your Credit Union account available for you to withdraw. Your Loan will be transferred to your bank account same working day we receive both the agreement and confirmation of repayments. After we take your loan repayment you can save for 2021 with our Christmas savings account.

It is easy to apply

You can join us online and apply for the loan the same day, all on our website. If you would prefer to do it on paper, you can call us to request a Membership application form and a Loan application form to be sent in the post. Complete all the details then return the form to our Head Office.

You may you need to provide proof of your income

Payslips/proof of benefits for last three months
Bank statements for the last three months
Information on all existing loans, credit cards and other debts.

We may ask you to give us read-only access to your bank statements through our trusted partner Consents.Online, this allows our loan officer to see the past ninety days of your bank statement over a secure connection. Alternatively, you can provide print outs of your bank statements, but this will take a few days longer to process while we wait to receive these.

Please Note: Loan repayments are due during the whole term of the loan. Failure to make scheduled loan repayments will lead to arrears action and may affect your credit history.

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FAQs

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 2021.

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.

I’ve just completed a DRO, IVA or bankruptcy. Can I apply for a loan?

We are unlikely to lend to someone current subject to or recently exited from a DRO, IVA or bankruptcy.

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Christmas Saving