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.
Charges
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
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.