Borrowing from NewCred

NewCred can help you choose a repayment plan that suits your circumstances, which means that there is no need to worry if they change and you wish to alter the plan. You can also repay your loan in full at any time without penalty or additional charges.

 

Low Cost Loans

An immediate loan for people who live in Newham, on a low income or unemployed and on benefits

Loans can be for paying urgent bills, home improvement or buying new domestic appliances.

To apply for these loans you need to produce two forms of ID:

• Proof of who you are e.g. Passport
• Proof of where you live e.g. utility bill

Maximum loan £1000 with repayment period up three years

Interest rate 2% per month (26.8% APR)

 

Member Loan

You are able to apply for a loan after saving for a minimum of three months.

 

Savings are held as security and cannot be withdrawn until loan repaid

The maximum loan available is £10,000 and loans can be repaid for periods up to five years.

Having interest rates set by law means that they can be no higher than 1% per month on the reducing balance (approx 12.68%APR).

Example: 1 Year@12.68%

Loan Value	Monthly Payment	Total Payment
£500	£44.42	£533.04
£1000	£88.85	£1066.20
£1500	£133.27	£1599.24

To assist you with your finances, you can download our budget planner