Introduction
Timeline aims to be a responsible lender. This means that we will try not to lend members more than they are able to repay. We have a duty to safeguard all our members savings and not put it at risk by irresponsible lending. Our main principle is that the more you save the more you can borrow.

Our interest rate
All our loans, no matter how small or large, are charged at a fixed rate of 12.7% APR so you always know what to expect. We only charge interest on the reducing balance, so the amount you actually pay is much less than the APR figure suggests. For example, if you borrow £1,000 from Timeline and repay it over 1 year, you will only pay £66 interest - that is an effective rate of 6.6%. Plus of course you get our free loan protection (see below for details). When you take everything into account, you would be very unlikely to find a cheaper small loan.

Loan calculator
Click here to work out how much a Timeline loan will cost you.

How much can you apply to borrow
The maximum amounts you can apply for are based on the type of your deduction, and whether it is your first or subsequent loan. You must have been saving regularly for 3 months before you can take out your first loan. Every loan application is assessed on its own merits and we will also take into account evidence of your ability to repay the loan and you previous history of loan repayments.

You can use the table below to work out how much you can apply for:

You can apply to top any outstanding loan after you have repaid 60% of the existing loan, up to the limits set out above. If you top up a first loan, it remains a first loan and must be fully repaid before you can apply for a higher maximum limit.

How to apply for a loan
All applications must be made on our loan application form. Please make sure you have read the notes carefully and supplied all the information requested. Once your application has been received it will be assessed by our credit committee which meets every two weeks. So please allow up to 3 weeks between the time of our receiving your application to your receiving payment. It may take longer if your application is not complete or if the credit committee asks you to provide additional information but most applications are processed within 2 weeks.

Repaying your loan
Before you receive your loan, you will be asked to sign a loan agreement. This is a legal document setting out how much you will repay over what period. If you break the terms of the agreement Timeline will take legal action against you. You must therefore notify the office immediately of any change in your circumstances which may affect your ability to repay the loan.

You must continue to make a minimum savings payment while you repay your loan. This must be at least £2.50 per week or £10 per month.

There is no charge for repaying your loan early.

Once your loan has been repaid, you must instruct the office if you wish your deduction to be reduced. Otherwise, we will continue with the deduction at the same rate and transfer it all into your savings account.

Loan protection
In the unfortunate event that you should die with an outstanding loan, our insurers will pay the outstanding balance up to a maximum of £4,000. This applies to members aged between 18 and 69.

If you are aged between 18 - 59 and you become totally or permanently disabled, our insurers will pay off the balance of the loan up to a maximum of £4,000. For this purpose, totally or permanently disabled means that because of a medically determined illness or injury, you will never again be able to work at your own job or any other paid job for the rest of your working life.