• Fair! Easy to qualify – subject mainly to an affordability check.
  • Fast! Access your loan quickly
  • Fixed! Simple fixed interest rate – know exactly how much you’ll pay back each month
  • Available to new and existing members
  • You will need to supply your Child Benefit reference number as part of the process – this can be found on your bank statement

Fast loan decisions for child benefit savers

 

How does it work?

 

By arranging for your Child Benefit to be paid into Wiltshire and Swindon Credit Union account, you can apply for a loan with us when you need it, for when those little emergencies occur.

 

We can help you make the arrangements to transfer your child benefit payments. These will go into your regular savings account.  Unless you request otherwise, we will return your excess Child Benefit payment to you, after deduction of the loan repayment amount.

 

When you take out a loan, part of your child benefit will then be used to repay the loan, and the remainder will continue to paid into your savings account. This way your savings will continue to grow, even while you are repaying the loan.  We don’t carry out any credit checks on these loans.

 

When you have successfully paid off half of your first loan, you can then apply for a top-up to your Family Loan.

 

As a parent, you know that you will do whatever is in your power to provide for your family. Our Family Loan lets you borrow up to £500 and use your Child Benefit to repay. You can use the loan for any family expenses, whether planned or for unexpected costs.

 

The Family Loan is only available to people in receipt of Child Benefit.  The first part of the application process is for membership, after which you will be able to apply for the Family Loan.

 

If you have repaid a Family Loan, 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, if you
need it:

 

– Borrow up to £600 if you receive Child Benefit for one child.
– Borrow up to £750 if you receive Child Benefit for 2 or more children.

 

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

  • Fair!  Easy to qualify – subject mainly to an affordability check.
  • Fast! Access your loan quickly
  • Fixed! Simple fixed interest rate – know exactly how much you’ll pay back each month
  • Available to new and existing members

How much will my loan cost?

Product features

 

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 3% per month
  • The interest rate is fixed throughout the loan, so repayments are predictable
  • Repayment is taken from your Child Benefit payment, either 4-weekly or weekly
  • The remaining Child Benefit payment is credited to you after the loan repayment has been made

 

Eligibility

 

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

 

Applicants must be a UK resident and at least 18 years old.

To apply for a Family Loan online, you must first join Wiltshire and Swindon Credit Union and arrange for your Child Benefit  payments to be paid into your savings account.  You can than log in as a member and then just select the relevant link on the online application section.

 

To set up your Child Benefit payment, call our office now on 01793 522216

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

Standard 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

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