Loans from YourB
YourB unique product is to help finance educational and professional development along with a limited range of other financial products.
YourB model is based on members of the credit union starting to save towards the cost of further education or other financial burdens as early as possible and will have the means to continue to pay similar level instalments throughout the loan period. This spreads the cost over a number of years. Use the link below to help you understand your loan repayments. Remember to put in Interest at 0% (or 0.01% just to make the calculator work) and the maximum duration for Credit Union Loan is five years.
Through the cooperative model, savings from a group of members will cover the loans given out to members. To sustain the model, the credit union will continue to seek donations for running costs and capital reserves.
As part of the loans application, families and individuals will be encouraged to consider their personal assets and networks; which will inform their options regarding affordability, timing and loan amount. A guarantor is needed to reduce the risk to the credit union and to ensure that community networks are part of the long term relationship with the credit union. The loan application fee, should you be successful, is set at £100 for all loan amounts and is payable before your loan is paid out.
YourB is a financial cooperative that is owned and run by its members. Loans can only be given to members of the credit union. YourB now offer the following loan products;
Loan type 1: Student loan to cover fees and/or associated costs for university or for any other educational or professional development establishment in the UK. The types of courses that can be covered are undergraduate, postgraduate degrees, short course modules or professional development training and/or exams. As well as tuition fees, the associated costs can include the cost of rented accommodation, living expenses and/or cost of specialist or study materials.
Loan type 2: Educational loans for other purposes will be considered as long as they are affordable for the member e.g. to repay remaining student debt, or to fund study trips in the UK or abroad.
Loan type 3: Loans to enable members to cover sudden and unexpected cost of funerals and/or emergency travel to attend a funeral.
Loan type 4: Loans to cover marriage costs and/or home furnishing for newly-weds.
Loan type 5: Purchasing goods and/or services for a Sharia compliant purpose.