Family Loan

For new and existing members

Get a low-cost loan up to the value of £300

Pay your Child Benefit direct to the Credit Union to qualify for a Family Loan at 24% (APR 26.82%). You can apply to borrow £300 immediately once your payments have reached £50.

How much will it cost?

Family loan payable 4 weekly

BorrowInterestSavingsLoan Repayment13 x 4 weekly payments of

Family loan payable weekly

BorrowInterestSavingsLoan Repayment52 x weekly payments of
  • Loan will not be processed until first Child Benefit payments totalling £50 have been deposited
  • Child Benefit payments need to be paid directly into your credit union account
  • Member encouraged to save when paying loan
  • Any excess from Child Benefit can be paid into registered bank account by contacting the main office
  • Proof of Child Benefit needs to be shown and run for the duration of loan
  • Child Benefit must be for child/ren in education NOT in higher education
  • Usual loan form to be completed along with the last 3 months bank statements or provide this information by agreeing to Open Banking via AccountScore. Click for FAQ's 
  • No top ups permitted from September 2024 - loan must be repaid in full before applying for another £300 Family Loan or continuing onto regular loan policy


  • A £300 loan repayable in affordable regular payments over 1 year with a savings account on top!
  • Our Family Loan is available to all our members in receipt of Child Benefit. It is particularly good if you are new to the credit union and need a small loan or have just joined the credit union and do not have a savings history.
  • To qualify for a Family Loan, you must join (or already be a member of) the credit union and arrange to have all your Child Benefit paid directly to the credit union on a weekly/4-weekly basis.
  • You agree for all your Child Benefit to be paid to the Credit Union. Your Child Benefit will be used to repay the loan. Your remaining Child Benefit will be paid into your savings account. When you have repaid your loan, you will have built up your savings in time for Christmas or a holiday.
  • The Family Loan does require a minimum weekly or weekly/4 weekly saving; although many members do decide to use their remaining Child Benefit to save for Christmas or family events such as holidays.
  • You can join the Credit Union and make a loan application at the same time, as long as you also arrange for your Child Benefit payments directly to the credit union.
  • Your application will be considered by our Loan Officers. They will give you a decision based on the information you provide and your personal circumstances at the time of your application. If you are/have been in a bankruptcy/trust deed or debt management plan please ask the office how this may affect you.
  • If your loan is agreed, we will ask you to sign a loan agreement and the loan will be paid to you once the first £50 payment of Child Benefit has been received into your credit union account.
  • Your loan repayments will be taken out of the regular Child Benefit payments we receive.
  • Any amount remaining after the loan repayment and agreed savings have been made can be paid directly back to you. Alternatively, you can use some of your Child Benefit to start saving regularly with the credit union.
  • Your savings are available for withdrawal at the credit union in the usual ways. (We ask you to keep a minimum balance of £5 at all times.)