Raven handyloan
What is it?
Raven Handyloan is a service that offers small loans on affordable terms to tenants who may have difficulty borrowing money from high street banks or building societies. The service is run by Raven Housing Trust and National Counties Building Society.
The smallest loan is £100 and loans go up in £25 steps. If it's your first loan you can borrow a maximum of £200 and you must repay it within 12 months. If it's your second the maximum is £350 and you must repay that within 18 months. Third and subsequent loans can go to a maximum of £500 but you must repay it within 24 months and you can only get this amount after paying off any previous loan in full.
Our assessment of how much you can afford to borrow is based on a financial statement.
Click here to download the Handyloan leaflet.
Key product Information for a Raven Handyloan – an unsecured loan
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APR |
Typical 1.5 % APR If successful the interest rate you will pay is based on the amount you choose to borrow. |
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Interest rate ranges |
The same interest rate applies to all loan sizes. |
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Interest charging information |
The interest rate is fixed throughout the repayment period at 0.95% above the Bank of England Base rate. |
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Repayment Information
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Monthly repayments can be made by Direct Debit or Allpay. Repayments start one month after the issue of the Handyloan and are due on the same day each month. |
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Repayment Period |
Maximum loan periods apply 1st loan = 12months, 2nd loan = 18 months, 3rd & subsequent loan = 24 months |
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Amount of Loan available |
Maximum loan amounts apply: 1st loan £200, 2nd loan £350, 3rd & subsequent loan £500 |
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Application/Arrangement fee |
None |
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Other fees |
None |
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Default fees |
If you do not make monthly payments on the due date, additional interest will be added to your loan amount. |
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Early Settlement |
A Handyloan may be repaid at any time before the end of the repayment period without any additional interest or fee being payable. |
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Illustrative Example
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Loan £200 Rate 1.45% Term 12 months Monthly £16.80 Total payable £201.60 |
