Loans
Why choose Cash Box?
Cash Box is a community based organisation providing secure savings and low interest loans for its members.
At Cash Box there are no highly paid directors so any surplus is shared to all the members in the form of a dividend on savings.
As a member we want to encourage you to save regularly. This then enables you to apply for loans – only if you want to; borrowing isn’t compulsory. Loans can range from as little as £50 to as much as £15,000 (depending on your level of savings).
Cash Box does not sell expensive payment protection insurance with its loans; as a responsible lender we provide such insurance free on all loans.
We do charge interest on our loans however our usual rate is 1% per month on the reducing balance, which is APR12.7%. Cash Box’s interest is fixed for the period of the loan. It is only charged on the diminishing balance outstanding. There are no early settlement penalties if you are able to pay your loan off sooner than expected.
This table shows loans over 52 weeks at 12.7% APR:
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| Amount of Loan: |
Total Interest Due: |
Total amount due: |
Weekly Repayments:
|
| £100 |
£6.56 |
£106.56 |
£2.05 |
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| |
|
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|
| Amount of Loan: |
Total Interest Due: |
Total amount due: |
Weekly Repayments: |
| £300 |
£19.80 |
£319.80 |
£6.15 |
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| |
|
|
|
| Amount of Loan: |
Total Interest Due: |
Total amount due: |
Weekly Repayments: |
| £1000 |
£66.32 |
£1066.32 |
£20.51 |
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| |
|
|
|
| Amount of Loan: |
Total Interest Due: |
Total amount due: |
Weekly Repayments: |
| £3000 |
£377.92 |
£3377.92 |
£32.48 |
| |
Compare this to other lenders and you will see just how fair and reassuring dealing with Cash Box really is.
