Loan Agreement Form

THIS LOAN AGREEMENT (this "Agreement") dated:

BETWEEN Leicester Caribbean Credit Union Ltd. ("the Lender") AND

If this is a 'top-up' loan, the amount being borrowed stated above will be added to the existing loan amount of:

giving a total outstanding balance of:

The total amount stated above (plus interest as stated below) will be repaid in equal weekly / monthly instalments of:

The "Borrower" also agrees to save:

If paying monthly, payment is to be received on or before:

Loan Agreement Terms and Conditions

By submitting the loan agreement form, you agree to and acknowledge the following:

1. PAYMENTS

For as long as you owe us money under this Agreement, you must make repayments to us either by bank transfer/standing order or in cash by visiting our office during opening hours.

2. INTEREST

Interest is charged monthly at 1.5% of the reducing balance of your loan. Therefore, if you repay your loan in a shorter period of time than stated on the front page of this Agreement, you will pay less overall for your loan.

Likewise, if you repay your loan over a longer period than stated on the front page of this Agreement the total cost of your loan will increase.

3. PURPOSE OF THE LOAN

You must use the loan for the purpose stated on the first page of this Agreement.

4. SECURITY

Our security will be your shares in the Credit Union. For unsecured loans, your shares must never be less than 25% of the outstanding loan balance. For loans secured on shares, your shares must never be less than the total value of your outstanding loan balance.

5. DEMAND FOR IMMEDIATE REPAYMENT

Leicester Caribbean Credit Union can make demand for immediate repayment

• 5.1 If you fail to make any repayment on its due date; or

• 5.2 If any information you have provided is incomplete or false.

6. KEEPING US INFORMED

You will tell us as soon as possible if you have a change in circumstances and are having financial difficulties and may not be able to make a repayment.

7. TERMINATION

You may end this Agreement early by paying all the amounts due on the date of payment. You may also transfer your shares to your loan account providing the balance of your loan is lower than the amount of shares.

8. DISCLOSURE

You agree that should you default on repayments for a period of not less than 13 weeks and no other arrangement has been made, information about your loan may be passed to any credit reference or debt collection agency, another other credit union or to the Department for Work and Pensions (DWP) for their consideration of deductions from the benefits that you are or will become entitled to.

9. VARIATIONS

We have the right to change the terms and conditions of this Agreement in any way we think necessary in order to comply with the law.

10. CHANGE OF PERSONAL DETAILS

If you change your name, address or telephone number ("Personal Details"), you must contact us either in writing or by email to update your records as soon as possible. If you fail to tell us about any such change, we have the right to charge you all costs incurred by us in trying to find out about your new Personal Details.

11. NOTICES ETC

All notices, demands and statements given to you in person or delivered to your last known address shall be deemed to have been given to you properly.

12. COSTS ARISING FROM BREACH

If you breach any of these terms and conditions, then on written demand you must pay all costs and expenses that may have arisen from that breach (including any court costs).

13. CONFIRMATION OF UNDERSTANDING

By signing overleaf, you agree that you have read these terms and conditions, and a representative of Leicester Caribbean Credit Union Ltd has taken you through all details of this Agreement and that you understand what you are agreeing to.