The Budget Account is a short term facility that is designed to help you manage your finances on a day to day basis. We have designed this account for our members to fund short term items for example a bill or even a holiday. With this account you can spread the costs of an item over a few months or until you are expecting additional funds and works similar to that of an overdraft. We advise that longer term and more expensive items, for example a car, may be better suited being obtained via a loan.
Key Product Information for our Budget Account
|Loan Limit||Monthly Fee|
|Interest charging information||Pay a monthly fee depending on what amount you have borrowed.|
|Repayment information||You can repay the fee on your loan by payroll deduction or Direct Debit. To see if we offer payroll deduction in your force click here. First payment due on the first available pay day after sums are borrowed.|
|Repayment period||The maximum loan term is 12 months as it is reviewed annually and must be repaid by your 70th birthday.|
|Amount of loan available||You can set a limit of what you can borrow, up to a maximum of £2000. The guidelines are half of gross monthly salary.|
|Application/Arrangement Fee||No application or arrangement fees apply.|
|Early settlement||You can repay the loan at any time fully or partially without charge.|
All loans are subject to affordability and our lending criteria.
You can withdraw funds easily online using the Transferring Funds Form, allowing you to transfer your Budget Account funds to your nominated bank account. Alternatively you can request withdrawals over the phone or by email.
Your account will be reviewed annually and the decision of whether to renew your limit will be made within the best interests of you and your finances. All we would remind you of is that it is an annual facility and is intended to be fluctuating with funds going in and out not just drawn on and never repaid.
Life Protection is included up to the age of 70. Loans are protected up to a maximum borrowing of £40,000 per member, this means that your loan would be cleared, ensuring that your debt does not remain outstanding, subject to terms and conditions. All benefits are paid at the discretion of our Board of Directors. Life Protection is not an insurance policy and is not guaranteed. For more information please click here.