To ensure that as many of our members as possible have access to affordable loans Transave has changed some of its borrowing restrictions going forward.
The most significant change for members to be aware of is that the share (savings) to loan multiplier for our flagship Personal loan has been increased from three to five times shares. So for example, if a member has a savings balance of £2,000 they will now be able to apply for a loan of up to £10,000. The maximum amount available for Personal Loans remains at £20,000 and other existing loan conditions and restrictions continue to apply.
Due to increasing demand from members for Instant Loans the maximum amount available for this product has also been increased from £1,000 to £3,000. The repayment period for Instant loans up to £500 remains at one to three months. However loans of between £500 and £3,000 will now be repayable between one and 24 months. Members with existing Instant Loans will be able to top them up towards the £3,000 maximum if required.
All the above changes came into effect from Monday 1st March and apply to both payroll members and those members paying via Direct Debit.
Members can apply for a loan via their online account and app or by calling our Customer Service team on 0114 243 8437.