Everyday Loans

Maximum amount for members with less than ten (10) years membership is normally $6,000, however, consideration will be given for a Discretionary Loan of up to $10,000 if certain criteria are met.

Maximum amount for members with more than ten (10) years membership is normally $10,000, however, consideration will be given for a Discretionary Loan of up to $15,000 if certain criteria are met.

Maximum Terms:

Less than $1,500: 1½ years
$1,500 - $2,499: 2 years
$2,500 - $4,999: 2½ years
$5,000 - $6,999: 3 years
$7,000 - $10,000: 5 years
Over $10,000: 7 years

Frequently Asked Questions

Q. How much can I borrow?

A. Loans are to a maximum of $6000 and can be paid over a period of 3 years or less. If you have been a continuous member of APS Benefits for 10 years or more you are entitled to apply for $10,000 which can be paid over a maximum of 5 years.

Q. What is the interest rate?
A. The interest rate is currently 12.4%. If you have been a continuous member of APS Benefits for 10 years or more the interest rate is 10.4% regardless on how much you borrow!

Q. Can I 'top-up' my loan?
A. You may 'top-up' your loan at any time, we loan a minimum of $500 and a maximum of $6000 including your current balance. There is a $40 top-up fee.

Q. Do I need to be a member to apply for a loan?
A. You will need to join as a member to apply for a loan, but remember membership also entitles you to a funeral benefit!!

Q. How long do the loans take to process?
A. Generally an answer to your application will be known within 24 hours of receiving it. We may need to contact you with a few questions so please ensure that you give correct phone numbers.

Q. Can I withdraw my application?
A. Applications may be withdrawn prior to funding the loan.

Q. Can I make extra repayments on my loan?
A. Extra repayments may be made on your loan by either:

• Mailing us a cheque, or
• Making a direct deposit into our bank account.

Please ensure that all extra payments include your Membership/Roll number or address details.

PLEASE include your Membership/Roll Number as the reference so we know which member has sent us the payment.

How to Apply for a Loan
If you would like to apply for a loan and membership you may fax everything back with a copy of your payslip, (loans take approximately 24 hours to process) also please mail the original membership application with a cheque or money order for $10.40 to cover the first month's subscriptions (loans cannot be funded without it). We will mail you back the correct salary deduction form or contact you with the details.

Loan Application Checklist
To ensure that your loan is processed as soon as possible, please ensure that the following have been completed and forwarded to APS Benefits.

• Membership Application
• Loan Application
• Pay slip or SVA
• Cheque or money order for $10.40