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  1. The Lender will lend and the Borrower acknowledges that they have received the sum borrowed under the Agreement. The Borrower will repay the Loan plus interest (i.e. the Total Amount Owing) by the repayments set out in the Loan Details.
  2. Interest will be charged daily on the unpaid balance of the Loan and any unpaid interest at the rate shown in the Loan Details.
  3. The Borrower has the right to settle the Agreement early at any time by paying the full balance of the Loan and any interest outstanding.
  4. The Borrower acknowledges that the details given on the Loan Application for the Agreement are correct and will inform the Lender immediately of any change in financial circumstances which may affect their ability to repay the Loan or any change in their address.
  5. The Borrower acknowledges that the Loan with be recorded with a licensed Credit Reference Agency. Who will record how you conduct your account(s) and this information may be shared with other financial institutions to help make financial decisions about you and anyone with whom you are linked financially or other members of your household. If you borrow and do not repay in full and on time, we may tell credit reference agencies who will record the outstanding debt.
  6. The Borrower may not withdraw monies from an attached share account unless the credit balance held in that account exceeds the amount outstanding under the loan, and then only to the amount of that excess, and only following a prior application to the Credit Union Office.
  7. If the Borrower fails to pay any amount due to the Lender under the Agreement or breaches any of its terms, the Lender has the right to demand early repayment of all or part of the balance of the Loan outstanding together with any unpaid interest. The Lender will give the Borrower written notice not less than seven days before taking any action to recover any such sum. The Borrower acknowledges that, if any Loan Repayments are not paid or are not paid after the agreed time this may result in the Total Amount Payable under the Agreement being greater than the sum set out the Loan Details.
  8. In the event of default the Credit Union reserves the right to pass information held about the defaulting member to third parties.
  9. In the event of default the Credit Union may, if applicable, apply to The Department of Work and Pensions to deduct payment from the individual Borrower’s benefits.
  10. The Borrower will be liable for any and all costs the Lender incurs in recovering sums due under the Agreement. This includes charges for the recovery of the balance and of tracing of the Borrower.
  11. In taking out a Loan the Borrower has committed to an agreed programme of Repayments including capital and interest. In the event of default the 1st Alliance (Ayrshire) Ltd. reserves the right to notify its Credit Referencing Agency of that default.
  12. Any Guarantor under the Agreement will be liable for sums under it which the Borrower fails to pay.
  13. You have a 14 day ‘cooling off’ period from either the date the loan agreement is signed or when you received a copy of the agreement whichever is later. If you cancel, you have up to 30 days to repay the money. You will only be charged interest for the period you had the credit.