• Approval is based mainly on an affordability check
  • Loan is usually agreed & paid within a week
  • Interest is fixed so you know how much you pay back
  • Save as you borrow
  • Payments are simply collected from your child benefit
  • Available to new and existing members

Our Family Loan lets you borrow up to £500 and use your Child Benefit to repay conveniently . You can use the loan for any family expense, whether planned or unexpected.


Pay your Child Benefit into a Wiltshire & Swindon Credit Union account and you can apply for our Family Loan when you need it.


When you take out a loan, we will ask you to save money regularly while you are borrowing. Part of your child benefit will be used to repay the loan, we will pay savings into your shares account and the remainder will be transferred to any other account for you to spend.


We will help you make the arrangements to pay your child benefit into your shares account. We will deduct the loan repayment and your regular savings, and then transfer the remaining Child Benefit payment to you. We aim to do this by 4:00pm later on the same day.


While we carry out a credit search on these loans, the main test is whether you can afford the regular loan repayments. Once you have paid off at least half of your loan, you can apply for a top-up to your Family Loan.


Your savings will build up while you are repaying the loan. You can spend your savings when the loan is paid off, or use them to qualify for better interest rates. For example, you can apply for a Family Loan 2. This rewards you for building your credit history with a lower interest rate and a larger loan limit, up to £750.


Just like the original Family Loan, the amount you can borrow will be subject to an affordability check, we ask you to continue to save while you borrow and the loan will be repaid from your Child Benefit.

  • Approval is based mainly on an affordability check
  • Loan is usually agreed & paid within a week
  • Interest is fixed so you know how much you pay back
  • Save as you borrow
  • Payments are simply collected from your child benefit
  • Available to new and existing members

How much will my loan cost?

Product features


A Family Loan is for new or current members who receive Child Benefit: borrow up to £500 and repay with Child Benefit payments.

  • Borrow between £100 and £500
  • Repay over 12 months
  • The interest rate is 3% per month
  • The interest rate is fixed throughout the loan, so repayments are predictable
  • Save at least £2 per week while you borrow
  • Payments are taken from your Child Benefit: either 4-weekly or weeklyThe remaining Child Benefit payment is credited to you after the loan repayment has been made




You must be in receipt of Child Benefit. The loan is granted on the basis that you transfer your Child Benefit payments to your Credit Union savings account.

  • You must be at least 18 years old
  • However much you borrow, we will ask about your income and regular spending, so we can be sure the loan will be affordable
  • You must not be an undischarged bankrupt, or entered into a trust deed, a Debt Arrangement Scheme (DAS), an Individual Voluntary Arrangement (IVA) or a Debt Relief Order (DRO).


Helpful tips


  • Use the loan calculator before you apply to see how much the repayments will be, so you can be confident you can afford this loan.
  • Plan your finances better and work out affordability, by building your own budget. We recommend the Money Course to help with this.
  • If want to borrow more than £500 and you have been a member for at least three months you may qualify for a loyalty loan: you can borrow up to 5 times your savings, at a lower rate of interest.

General Information


To qualify for a Family Loan you must be a UK resident, at least 18 years old and in receipt of child benefit.


If you have been a member of the credit union for some time, repaid a loan before, or built up some savings, you should check to see if you qualify for one of our other loans a lower rate of interest.


Use our online loan calculator to check rates and repayments for yourself: set the amount you want to borrow, and how long you want the loan to run. You can easily try out borrowing and repayment alternatives and use the tool to check our rates against other lenders. Remember to include any existing borrowing to find your total repayments.


While repaying a Family Loan you will be asked to save a little at the same time. The minimum additional saving is £2 per week for loans up to £500 (with the Family Loan 2, it is £3 per week for larger loans). We encourage you to save more if you can.


The savings you build up will be available when the loan is repaid. You can use them as security to borrow again with a Loyalty or Secured Loan, at lower rates of interest.


To apply for a Family Loan online, you must first join Wiltshire & Swindon Credit Union. Then you can log in as a member and select the relevant link on the online application section.


When you sign the loan agreement we will help you arrange for your Child Benefit payments to be paid into your savings account.



We do not charge any administration fees to set up and manage our loans.


We do not charge for re-paying all or part of your loan early.



Interest is fixed throughout your loan agreement.


Interest is calculated daily on the outstanding loan balance.


Early repayment, of all or part of the loan will reduce the interest you have to pay. Late payments will increase the interest you have to pay.


Repayment information


A Family Loan is repaid by deduction from your child benefit. When the loan is set up making the new child benefit payment arrangement may take some time. To avoid late payment we will ask you to set a standing order simply to cover this early period.

Our products

Our loan products at a glance

Loyalty Loan

Up to 5 times your pot of savings

Secured Loan

A loan secured against your savings

Personal Loan

The loan you want - when you need it

Family Loan

Loan for parents against Child Benefit

Member of ABCUL

Authorised and Regulated by

Your money is protected up to £85,000

Accredited by FairLife