Family Loan

Family Loan

We understand that the day-to-day expenses of bringing up a family can really add up.

That’s why we’ve created our Family Loan, which lets you borrow up to £1,000 using your Child Benefit for the repayments. 

It could help spread the cost of whatever your family needs – school uniforms, a new gadget, toys, a family holiday… it’s up to you.

Fast-track Family Loan approval

Because you repay your loan using your Child Benefit, we can approve a lot more loans than we would with our standard loan products.  That means that only those with very poor credit will be declined, with all our loan decisions made by real people, not computers.

And, once you’re up and running, you can easily request to top up your loan again too – see our FAQs at the bottom of the page for full details.

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What does it cost?

We pride ourselves on our fair and affordable interest rates and at 42% APR, the Family Loan could save you hundreds of pounds compared to borrowing from other lenders.

Family Loan Representative example: Borrow £1,000 for 12 months at 42% APR.
Repay in 12 monthly instalments of £100.30
Total repaid £1,204 Total cost of borrowing £204

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Borrowing with a difference

Borrowing from a credit union is different to banks and other lenders. We’re a not-for-profit organisation, run for the benefit of members

That means we can offer you competitive rates on loans, and we’ll also help you to build up a savings pot as you repay.

It’s a safe, fair and affordable way to borrow, and helps build your credit history for future borrowing. 

find out more about who can join and being a member here.

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Any Questions? See our FAQs below, or contact our team who will be happy to help

Frequently Asked Questions   

All loan applications are subject to our Loan Approval Policy. Members who have been declined for a loan with us in the last 3 months are not eligible to apply. We will check your credit history and assess the affordability of loan repayments by reviewing your bank account(s). We may also request additional supporting information depending upon your circumstances, such as payslips, ID documents or immigration paperwork. All lending decisions are ultimately at the discretion of our team. We always do our best to say “yes” but unfortunately that is not always possible. We will be happy to provide information about how we made any decision upon request.