Loan Terms

REGULATION
You're in safe hands
Image result for TERMS AND CONDITION

EXECS FINANCIAL SERVICE is authorised by the Prudential Regulation Authority

GENERAL

Loans are only available to people aged 18 or over.
The agreement is governed by the laws of England and Wales which will also govern the relationship between me and you before the conclusion of this agreement. The courts of England will have non-exclusive jurisdiction for any related disputes. I will always communicate with you in English.
notwithstanding the terms of any security which I hold or may in the future hold, the sums due under this agreement are unsecured, except for rights arising by operation of law.
We may record or monitor phone calls between us so that I can check instructions and make sure that I am meeting my service standards.
We provide financial services to customers.

MAKING THE LOAN
We will make the loan available to you by crediting it to your bank account or by sending a cheque, or any other payment method you find fit. Note also that the minimum amount of loan we grant to individual applicant ranges from $5,000 United State Dollar. We also have a maximum amount of loan for personal and companies which amount to 500 million United State Dollars. Therefore applicant are allow to borrow within the specific range this is done based on the (BIL) BRITISH INSURANCE LAW the law governing money laundering in the United Kingdom.

DEFAULT AND EARLY REPAYMENT
I may refuse to make the loan available or, if you have already received the loan, demand repayment of the full amount you owe me, if you fail to pay on its due date any amount payable to me under this agreement or under any other agreement with me; or you fail to comply with any of the other terms of this agreement; or i discover that any material information which you provided in the course of obtaining the loan is incomplete, inaccurate or untrue.
Before demanding early repayment under clause 3.1, I will send you a Default Notice.
If you find yourself in financial difficulties, you should let me know as soon as possible. The sooner we can discuss your problems, the easier it will be for both of us to find a solution.

REPAYMENTS
You agree to repay the loan by the installments and on the days specified under the heading "Loan Terms" in this mail. The first installment will be paid 6 months after the loan is made.
You may, by notifying me of your wish to do so, change your payment date to a date falling within one month of the Payment date specified in the agreement which will be sent to you by my attorney. If you change your payment date, I will notify you of the new amount of the monthly installments which will include any change in the amount of interest payable by you as a consequence of that change.

CHANGES
Agreement can be changed to make it fairer to you or more easily understandable, or to correct a mistake (provided that this correction would not adversely affect you), or to cover a development in, or the introduction of, new products and Services or to reflect a change in the law or any code of practice (or the way in which they are applied).
We will give you at least 30 days prior notice of any change or addition to the agreement which is to your disadvantage and i will let you know of the change by sending you an e-mail, letter or separate written notice.
Any other changes can be made to the agreement which are not to your disadvantage immediately and will tell you about them within thirty days after the change. These changes will be so notified by sending you an e-mail, letter or separate written notice.

INSURANCE POLICY / SECURITY/LOAN TRANSFER.
An agreement document and Approval certificate must be sent to applicant to sign and returned back before transfer of Loans can be done. This is done based on the (BIL) BRITISH INSURANCE LAW the law governing money laundering in the United Kingdom, it states that "the lending of money within and outside the country must be insured against the risk of theft, loss and terrorist activities" Be informed that, in line with the governing rules before we transfer the loan it must be insured. In this regards we insure all loan before we transfer them.

ENDING THIS AGREEMENT
You can end the agreement at any time by paying off all amounts payable under the agreement.

EXTENDING THE LOAN TERM
If you have been paying instalments when required by the agreement for a continuous period of at least six months, you may choose to increase the number of monthly repayments set out under the heading "loan terms”. You may increase the number of payments by up to the original term shown under the heading "Loan Terms" provided that the overall term as extended may not exceed seven years. I will notify you of the new amount of the monthly instalments, which will include the additional amount of interest payable as a consequence of the extension.

COMPLAINTS
If you think We have made an error or that We have not delivered the standard of service that you expect, please let us know promptly so that we may investigate the circumstances as soon as possible.

Governance

EXECS FINANCIAL SERVICE is governed by volunteer Board of Directors, who are elected by the membership at Annual General Meeting (AGM). In addition to the Board of Directors, we also have a volunteer Internal Audit Committee. All Directors and Committee Members are individually approved by the PRA & FCA and are known as an “Approved Persons”. The Senior Managers and CEO are also “Approved Persons” with role-specific functions.

Auditors

We use professionally qualified Internal Auditors who work in conjunction with our Internal Audit Committee to carry out an annual audit plan. We also have External Auditors that perform an annual inspection of the credit union’s business and report to the membership at the Annual General Meeting each year.

Compliance

EXECS FINANCIAL SERVICE has a dedicated Compliance Manager who is in regular contact with our regulators and the Board of Directors and is responsible for ensuring the credit union complies with regulatory and legislative requirements.

Insurance

EXECS FINANCIAL SERVICE are required by law to maintain an insurance policy to protect the FIRM and its members against fraud or theft. We currently hold this policy alongside numerous others to provide members with reassurance that their FIRM and their savings are not at risk.

Financial Services Compensation Scheme

EXECS FINANCIAL SERVICE is covered by the Financial Services Compensation Scheme (FSCS). This scheme was set up to provide a safety net should a bank, building society or credit union become insolvent.

Important information about compensation arrangements

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.

In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all eligible depositor’s accounts with the credit union, including their share of any joint account, and not to each separate account.

Your eligible deposits with EXECS FINANCIAL SERVICE are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit protection scheme. EXECS FINANCIAL SERVICE terms and conditions state that a member’s collective savings balance is not permitted to exceed £75,000.

For further information about the compensation provided by the FSCS scheme (including the amounts covered and eligibility to claim) please ask US, refer to EXECS FINANCIAL SERVICE has also put together this information leaflet that explains how your money is protected.

Please note only compensation related queries should be directed to the FIRM.

Financial Services Compensation Scheme

 

FAQImage result for faq

How much can I borrow?

Depending on your income and the amount of equity in your property, you can borrow any amount between £15,000 and £500,000,000.00 and repay the loan over a period from 1 year to 30 years.

How do I apply for my loan?

You can apply instantly by completing our quick online application form or simply call one of our friendly and experienced team. Both processes are completely free and you are under no obligation. And don't forget - we are here to help.

As soon as we receive your online application we'll assess your requirements,Our friendly and experienced underwriters will then guide you step by step through the process.

How long does it take to get a decision?

Once we receive your online application we can give you an ‘in principle' decision within 24 hours.

To apply for our loan you must meet the following criteria?

You need to be aged 18 years or over
You must have a permanent address of resident

How do I repay my loan?

Your monthly repayments are made by Direct Debit from a nominated bank account.

Can I settle my loan early?

Yes, you are able to settle your personal loan early by letting us know by phone, email, or letter stating the date that you wish to settle.

What happens if a Borrower misses a payment?

All borrowers pay a risk-adjusted fee to our insurance company. If a borrower misses a payment, the insurance company reimburses us; if the loan goes into default, the insurance takes over the loan and repays outstanding capital to the us.

What is the minimum and maximum term?

Repayment terms are available from 1 to 30 years, however the term options will depend on which loan type you select.

Can I 'top up' my loan?

we don’t offer top up loans at the moment, however you can apply for a new loan and use it to pay off your existing loan.

How confidential is my application and my loan?

At EF our reputation has been built on the trust and confidentiality we devote to our customers. We treat all applications in the strictest confidence and at no time will we contact your employers, banks or any other third party without your permission. For further information please see EMAIL US.

What will my monthly payment be?

Your monthly payment depends on a number of factors. How much you borrow, over what period you intend to repay your loan and your individual circumstances. For an idea of your monthly payments use our loan calculator. When deciding on a repayment plan make sure you can afford it.

Will I be able to borrow more cash in the future?

Yes and we will gladly supply you with a quotation.

Will there be any hidden charges?

No, all charges are pointed out in the agreement. At EF Loans and Financial Solution we also offer plans to suit all circumstances. So whether you are retired, self employed, have no accounts we can still help.


I can't find the question I want answered, what do I do? EMAIL US