Refugee Access Loan – Terms and Conditions
• Up to £10,000 may be borrowed
• A promissory note will be signed
• Loan funds are advanced as progress is made on a licensing/learning plan
• The Refugee Access Loan is interest free
• Generally minimum payments will start the month after loan funds are received and will be based on the amount borrowed at that time
• Payments must be made monthly and will be taken automatically from a bank account
• The loan must be paid back within four years. Generally, payments will be a set of minimum payments while completing the licensing/ learning plan (to a maximum of two years). Payments will increase once employment is found or 2 years after the loan is received.
• The loan will be registered with a credit bureau which will help build a credit rating
• The loan may be paid in at any time without penalty
• There are no administration fees on loans
• Since approval of the micro loan is based on character, there is a requirement to provide references, demonstrate initiative, have a strong licensing/learning plan in place, and willingness shown to repay the loan.
Street (UK) CIC in partnership with RefuAid Street (UK) CIC - Co. No. 3832332 Authorised and Regulated by the FCA - No. 673046
Street (UK) Services Ltd - Co. No. 5300289 VAT Registration No. 826497101 Registered in England - Registered Offices: Metro Building, 50 Cliveland Street, Birmingham, B19 3SH