We have a loan for you!
Apply for up to £500, making weekly or 4-weekly payments from your Child Benefit. Ideal for spreading the cost of essential items, school uniforms or short family breaks. Once we agree the loan you agree to have your Child Benefit paid into your account with us. We’ll carry out an initial credit check, then periodic checks if you want to borrow again. We’ll also do an affordability check to make sure you have enough money to repay the loan. We pay the loan to you on the day we receive your first Child Benefit payment (so this could be up to 4 weeks depending on your Child Benefit cycle).
You agree to save at least £1.50 a week into a linked savings account with us. We send you any Child Benefit not used for the loan repayment and savings by midday on the day we get it (to your bank account).
Easy loan process
Quick decisions
No fees of any kind
Interest calculated on the reducing balance
See what your loan could look like
Apply for a loan today with interest rates that suit you!
Maximum Loan Term :
42.6%
42.6%
42.6%
This calculator is for illustrative purposes only, to give you, the borrower, an overview of the potential cost of borrowing. The Credit Union, or any of its staff, cannot be held responsible for any errors. Please note that this calculator only provides an indicative quote and actual repayments may vary.
Representative example*
Fair pricing from your local credit union
Loan amount
£300
Interest rate - APR
42.6%
Loan term
18 months
Total interest
£92
Monthly repayment
£22
Total cost of credit
£392
How do I apply?
To take advantage of this offer you will need
For existing members
In order to apply for any of our Loans you will need to supply us with:
'Bad credit' won't stop you applying but you must be up to date with repayments for current bills/catalogues/credit cards and loans.
You can't apply if you are in a Debt Management Plan, IVA or Debt Relief Order. If you have a previous DRO/IVA you must be two years clear/discharged. If you have County Court Judgements we expect you to be making repayments towards clearing them.
If you're not sure whether you can apply, then ask us beforehand.
- Details of your income and expenditure
- Permission for us to have access to “Open Banking” so that we can view your recent banking history
- Proof that you are in receipt of Child Benefit
Not a Member?
If you’re not already a member, just get in touch about becoming a member and we’ll take it from there.
*Warning: The example above is provided for illustrative purposes only. This is a variable rate product and the interest rate can rise, which could increase the cost of your repayments. Loans are subject to approval. Terms & Conditions apply. If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating which may limit your ability to access credit in the future.
