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.
