Getting a loan

We can only make loans to members who have saved with us.  You must have saved with us regularly for at least 12 weeks (3 months) before you can apply for a loan.   Provided you have saved regularly you can then apply for a loan. Initial loan amounts are limited. Loans are repayable over an agreed period and you make regular repayments on either a weekly or monthly basis.  You can make repayments either by cash at our office, or by standing order if you have a bank account. 

Interest rates
Interest is charged on a monthly basis at 2.0% on the amount owing at the end of each month. Larger loans have a lower rate of interest. If you are able to repay the loan earlier than the agreed repayment period, there are no additional charges.  We offer much cheaper loan interest rates than 'door-step' lenders or credit purchase offers from weekly payment stores on the high street. 

For example
A washing machine costing £344 from a leading weekly payment store could be purchased over 156 weeks at £3.18 per week - total cost of buying the washing machine  - £496.  A loan of £344.00 from Steam Ahead payable over 121 weeks at £3.75 per week would cost £452.  These figures show a typical example only and do NOT offer or constitute an agreement or contract.  (Figures based on quoted figures from a weekly payment store as at Feb 2012)  

Protecting the loan
We offer free insurance to all eligible members up to the age of 80.  In the event of your death, the debt is repaid automatically, so there's no need for your family to worry about how they will repay the loan.  (Terms & Conditions apply)

If you want to know more about getting a loan, see the Contact Us page for more details on how to get in touch.