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These terms of use relate to the operation of any accounts that you may hold with us. Any additional terms and conditions which are specific to a particular account or facility will be provided to you on application for a particular account or facility.

Any reference to shares refers to the deposits you hold with Loans Forever.

“Working days” means Monday to Friday with the exception of public holidays.

These terms and conditions are also governed by English law and we are required by law to inform you that any agreements you enter into with Loans Forever will be written in English and all our further communications with you will also be communicated to you in English.

Borrowing from Loans Forever

  • You must be 18 or over to borrow from Loans Forever
  • The maximum loan available from Loans Forever is £15,000 but we reserve the right to change this figure at our discretion. You should check the maximum amount available before making a loan application.
  • The maximum repayment period for Loans Forever loans is five years. The actual maximum repayment period will vary according to the type and size of loan that you apply for.
  • Loans Forever will conduct a Credit Reference Agency (CRA) search in connection with your loan application. The CRA will record details of the application on your credit report. This will form part of your credit history whether or not you proceed and if you make several applications for credit within a short period of time, this may temporarily affect your ability to obtain credit.
  • Before you can end your membership of Loans Forever all outstanding loans must be paid off in full.

Interest Charges

  • Rates for different products and different values of loan may vary. Interest is charged daily on a reducing balance basis. Latest interest rates are available on our web site.

Defaults

  • If a loan account falls into arrears, no withdrawals will be allowed from the account until the account is up to date. We reserve the right to offset any share balance against an unpaid loan.
  • We will share details of how you manage your loans with Credit Reference Agencies (CRA). If you fail to respond to default notices sent by Loans Forever, we will register the default with the CRAs. The registration of a default notice may affect your ability to obtain further credit.
  • Loans Forever will take all necessary steps, including passing your debt to a debt collection company or take legal action to recover loans in default.

Complaints

We aim to provide our members with a first class service, however we appreciate that mistakes can happen and we therefore welcome the opportunity to put things right. We will investigate your concerns as quickly as possible and take steps to rectify the situation and where appropriate, prevent a recurrence. Please contact the Complaints Officer in the first instance to address any of your concerns. If however you remain dissatisfied, a full copy of our complaints policy and procedure is available on request from our office. You may also be able to refer your complaint to the Financial Ombudsman Service (FOS) once Loans Forever has had the opportunity to respond to your complaint.

Data Protection

Loans Forever will process your data in accordance with your rights under the Data Protection Act 1998. Your information may be processed by Loans Forever in any form and on any database by us for the following purposes:

  • To consider any applications made by you.
  • To help us to make credit decisions about you.
  • To deal with your accounts or run any other services we provide to you.
  • To undertake statistical analysis; financial risk assessment, money laundering checks (which may include telephoning you), compliance and regulatory reporting, fraud prevention and debt tracing and collection.
  • To help us identify products and services that may be of interest to you. You may tell us at any time if you do not wish to receive marketing communications from us by writing to us providing your full name, address and account details.

Sharing Information

We take the security and confidentiality of your personal data seriously. We will only share your data with

  • Our agents or subcontractors for operational reasons.
  • Any persons including but not limited to, insurers, who provide a service or benefits to you or for us in connection with your accounts.
  • Licensed Credit Reference Agencies, fraud prevention and other agencies to help prevent crime or where we suspect fraud.
  • For the purpose of compliance with regulatory requirements.
  • Where required by law.