1. You agree to repay the loan to ESLCU and pay interest on the unpaid balance at the agreed rate. Interest will be charged on outstanding balances on a daily basis.
2. You agree to make payments to ESLCU at the agreed frequency and will continue to do so until the loan and interest have been repaid in full. If you miss a repayment, the interest owed will be higher than forecast.
3. The first payment will be due one repayment period after the date of issue of the loan.
4. In case of default, the entire balance of the loan shall immediately become due and payable at the option of ESLCU. As security for the loan, you assign to the ESLCU all paid shares and payments on account of shares which you may have now or in the future in the ESLCU for the loan or any expenses which may become due, and you authorise ESLCU to apply any or all such shares or payments of the Loan and interest or expenses arising which you owe.
5. You agree that you will inform ESLCU immediately if you give or receive notice of termination of employment, change of address or any other circumstance which will affect my ability to make the agreed loan repayments, so that alternative methods of payment may be arranged.
6. You agree to comply with the terms of this loan agreement and will let ESLCU know if you will be absent on holiday or other planned absence so that loan repayments can be made in advance, or agreed to be deferred until your return, with a consequent effect on the overall amount of interest paid.
7. You agree that if you default on repayments, information about your loan may be passed on to the Department for Work and Pensions for their consideration of deductions from the benefits that you are or will become entitled to.
8. You agree that if you fail to comply with any of its terms or conditions, or that if you default on repayments, that you may render yourself liable to legal action, including Court Action and you agree to pay administrative expenses not exceeding 42% of the value of the loan to defray costs associated with the recovery of the outstanding balance of the loan.
9. All loans are subject to approval and availability of funds.
10. Your personal details will only be used in accordance with the Data Protection Act 1998.
11. Your personal details will only be shared with licensed credit reference agencies and for debt recovery purposes, should this be necessary.
12. We have a group life insurance policy that covers your loan in case of death. Subject to terms and conditions, restrictions apply based on age and cover limits.
Credit Reference and Fraud Prevention Agencies
13. We may make searches about you at credit reference agencies who will supply us with credit information as well as information from the Electoral Register. The agencies will record details of any search whether or not this application proceeds. We may use credit scoring methods to assist the application and to verify your identity. Credit searches and other information which is provided to us and/or the credit reference agencies about you and anyone with whom you are linked financially or other members of your household may also be used for debt tracing and the prevention of money laundering as well as the management of your account. In addition, we may ask you to provide physical forms of identification and/or we may telephone you to confirm your identity.
14. To prevent or detect fraud or to assist in verifying your identity, we may make searches of group records and at fraud prevention agencies who will supply us with information. We may also pass information to financial and other organisations involved in fraud prevention to protect ourselves and our customers from theft and fraud. If you give us false or inaccurate information, details will be passed to fraud prevention agencies. We may use this information if financial or motor, household, credit, life or any other insurance decisions are made about you or others at your address(es). This information may also be used for tracing and claims assessments and verifying identity.
15. Information held about you by the credit referencing agencies may already be linked to records relating to anyone with whom you have had a financial relationship such as a joint account.
16. Eastern Savings and Loans Credit Union is authorised by the Prudential Regulation Authority and Regulated by the Financial Conduct Authority and Prudential Regulation Authority. Our FRN is 213756.