We will review your application by undertaking a credit check and running an affordability assessment.
If you are applying for a loan under £2,000 a few missed payments over the last year do not prevent you from being successful. However we cannot agree a loan if you have had a County Court Judgement in the last 12 months or are currently in a Debt Management Plan, Debt Relief Order, Individual Voluntary Arrangement or are an undischarged bankrupt.
The larger the loan the stricter our criteria. This means if you have one or two missed payments over the last three years you may still be accepted for a £5,000 loan but we do expect you to be up to date with all your payments in the last 12 months if you apply for more than £8,000.
If you are paid weekly it is unlikely that we will lend more than 4 or 5 times your weekly wage. If you are paid monthly we can be more flexible. In both cases we will take into account your other commitments, before making an offer which may be less than the amount you have applied for.
1.1 To open a loan account you must be a UK resident aged 18 or over and qualify under the ‘common bond’ requirements; that is you must work in retail. This is defined as working for ‘a retailer, in retail manufacturing, retail wholesale distribution or in support services for retail’.
1.2 You can only apply for personal loans.
1.3 We are obliged to confirm the true identity of all applicants and reserve the right to decline an application to open an account from you or any deposit.
1.4 You acknowledge that the details given on the Loan Application and Agreement are correct and will inform retailCURe immediately of any change in financial circumstances which may reduce your ability to repay the loan, or of any changes to your address or name.
1.5 You must take all reasonable security precautions to prevent misuse of your account and your member security details (this can include account details, and other security details including security codes, passwords or secure personal information which allow you to access your account).
1.6 You acknowledge that you will receive the approved sum and agree to inform the credit union if you have not received the cleared funds within 2 days of receiving your signed copy of this agreement from retailCURe (The trading name of Retail Credit Union Limited).
1.7 You must have an Easy Access savings account and agree to regular savings with retailCURe to be eligible for a loan. If you are a new member, retailCURe will provide your initial, mandatory £1 savings deposit required to activate your membership. This will be returned to us on the date of your first regular payment.
1.8 The minimum regular savings amount shall be £5 or 10% of the periodic loan repayment amount (whichever is the higher and rounded up to the nearest pound). For example, if your monthly repayment is £35, you will save the minimum £5 per month requirement. Following full loan repayment, deductions for savings will remain in effect until such time as you give notice to retailCURe, in writing, of any changes.
1.9 You may be asked to provide a copy of a recent bank statement from your nominated account. This must include your name and address and be dated from within the last three months. Please note: your nominated account should be the account where your salary is paid into.
2.1 The loan account is for the agreed period in your signed loan agreement document.
2.2 If the terms of the agreement are not adhered to you acknowledge that the duration of the loan will be extended.
3.1 If you decide not to proceed, you are entitled without penalty, to cancel the loan within 14 days of signing the Loan Agreement form on the return of all monies, and you are not subject to any interest during this period.
4. Making payments
4.1 You agree to repay the loan, together with interest and savings deposits by repayments as set out in the Loan Agreement.
4.2 Payments are to be made via a payroll deduction or direct debit unless agreed otherwise.
4.3 For Payroll deductions, you authorise retailCURe to instruct your employer to initiate and amend the requested deductions and understand that deductions will remain in effect until such time as you give notice to retailCURe, of any changes.
4.4 You acknowledge the requirement to notify retailCURe within one working day of giving notice to your employer and to make alternative arrangements for repayments if you are going to leave your current employment.
4.5 If a payment is fraudulently or mistakenly paid into your loan account, the amount of the repayment will subsequently be removed from your account. If you have transferred all or part of these moneys, we will actively seek repayment from you.
5. Early settlement
5.1 You have the right to settle your Agreement early, at any time, by paying in full the balance of the loan and any unpaid interest. There are no charges or penalties for doing so.
6. Applications for further credit
6.1 You must have made at least three (6 after consolidation loans) of your agreed loan repayments before retailCURe will accept a further loan application from you.
6.2 Applications for further credit will be subject to affordability and approval.
7.1 The interest rate payable on the loan is as set out in your loan agreement subject to submitted loan application.
7.2 Interest is charged on a daily basis on the outstanding amount and applied to your loan balance on your regular payment date.
8. Payment difficulties
8.1 You may take one repayment holiday per year (or per loan agreement if the term is less than 12 months) without going into arears under this agreement. You acknowledge that interest will continue to accrue and the total amount payable under the agreement will increase accordingly. During the period before your next payment any savings below the value of the loan will be held as security and you will not be able to withdraw by prior agreement.
8.2 Should the loan be in arrears, you assign to retailCURe, as security for payment of the loan, interest and any costs payable under the Agreement, all savings (paid shares and payment on account of shares) which are held by you in retailCURe. retailCURe has the right to offset or apply any such savings (shares) towards payment of the loan, interest and costs payable under the Agreement in the event of any default or breach of its terms.
8.3 When in default, retailCURe has the right to demand early repayment of all or part of the balance of the loan outstanding, together with any unpaid interest. You acknowledge that this could result in the total amount payable becoming greater than that originally stated if you have failed to pay any amount due to retailCURe under this Agreement, or breached any of its terms.
8.4 retailCURe will notify you verbally or in writing to your last known address when taking any action to recover sums due. You will be liable for any costs retailCURe incurs in recovering sums due under the Agreement.
8.5 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.
8.6 retailCURe will report arrears and defaults to a Credit Reference Agency which may make it hard for you to obtain credit in the future.
8.7 If retailCURe has to take any further legal action you will be responsible for all of our costs to recover the balance of your outstanding loan.
9 Personal Data
9.1 We may use the contact details you have provided, including address, email and telephone numbers, to contact you. You must contact retailCURe at your earliest convenience regarding any change of name, address or other contact details by phoning us on 01614681888, email via firstname.lastname@example.org or write to us at retailCURe, Unit 2 Slater House, Oakfield Road, Cheadle Royal Business Park, Cheadle, SK8 3GX.
9.2 We may use, analyse and access your information to maintain and develop our relationship with you. We and other organisations may also access and use this information to prevent fraud and money laundering, for example when:
9.3 We will disclose information outside retailCURe only:
9.4 We may also disclose information to licensed Credit Reference Agencies about 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.
9.5 Our enquiries or searches may be recorded – and credit reference agencies may supply us with financial information. If you make several credit applications within a short time, this may temporarily affect your ability to get credit.
10.1 We may make changes to the services or conditions of this account and we may introduce new services or conditions. Changes may be to the services or these conditions for the following reasons:
A condensed guide to the use of your personal information by ourselves and at Credit Reference and Fraud Prevention Agencies
1) When you apply to us to open an account, this organisation will check the following records about you and others (see 2 below)
a) Our own;
b) Those at credit reference agencies (CRAs). When CRAs receive a search from us they will place a search footprint on your credit file that may be seen by other lenders. They supply to us both public (including the electoral register) and shared credit and fraud prevention information.
c) Those at fraud prevention agencies (FPAs).
We will make checks such as; assessing this application for credit and verifying identities to prevent and detect crime and money laundering. We may also make periodic searches at CRAs and FPAs to manage your account with us.
2) If you are making a joint application or tell us that you have a spouse or financial associate, we will link your records together so you must be sure that you have their agreement to disclose information about them. CRAs also link your records together and these links will remain on your and their files until such time as you or your partner successfully files for a disassociation with the CRAs to break that link.
3) Information on applications will be sent to CRAs and will be recorded by them. Where you borrow from us, we will give details of your accounts and how you manage it/them to CRAs. If you borrow and do not repay in full and on time, CRAs will record the outstanding debt. This information may be supplied to other organisations by CRAs and FPAs to perform similar checks and to trace your whereabouts and recover debts that you owe. Records remain on file for 6 years after they are closed, whether settled by you or defaulted.
4) If you give us false or inaccurate information and we suspect or identify fraud we will record this and may also pass this information to FPAs and other organisations involved in crime and fraud prevention.
5) If you have borrowed from us and do not make payments that you owe us, we will trace your whereabouts and recover debts.
6) We and other organisations may access and use from other countries the information recorded by fraud prevention agencies.
7) Your data may also be used for other purposes for which you give your specific permission or, in very limited circumstances, when required by law or where permitted under the terms of the Data Protection Act 1998.
retailCURe uses Experian as our credit reference agency, and the ways in which they use and share personal information is explained in more detail via the Credit Reference Agency Information Notice (CRAIN) document which can be accessed via any of the following link:
How to find out more
This is a condensed version and if you would like to read the full details of how your data may be used please visit our website at www.retailcure.org.uk/terms-and-conditions or phone 01614681888 to speak to one of our staff.
You can contact the CRAs currently operating in the UK; the information they hold may not be the same so it is worth contacting them all.
• Experian, Consumer Help Service, PO Box 8000, Nottingham NG80 7WF or call 0844 4818000 or log on to www.experian.co.uk/crain/index.html
• CallCredit, Consumer Services Team, PO Box 491, Leeds, LS3 1WZ or call 0870 0601414 www.callcredit.co.uk/crain
• Equifax PLC, Credit File Advice Centre, PO Box 3001, Bradford, BD1 5US or call 0870 010 0583 or log on to www.equifax.co.uk/crain.html
Everyone wants to be a saver, rather than a borrower. But people do need a nudge to save, which is why our Save as You Borrow scheme is so popular.
Legal & General discovered that the average household has enough money to last just 29 days. This falls to just two days for those in private rented accommodation. For everyone’s wellbeing this needs to change.
Janet was one such beneficiary of the Save as You Borrow scheme. She took out a loan of £5,000 for home improvements. As a condition of the loan, Janet agreed to save £20 per month and will have nearly £600 in her savings account at the end of the loan; her first substantive savings account.