* The interest rate you pay, and the amount you are able to borrow may vary depending on your saving and loan record with the credit union.
* All figures given on this website are for your general information only, and give a rough guide to loan repayments. Any statements on this website do not purport to be authorative or legally binding.
* All information contained on this web page is correct at time of publishing. The Credit Union accepts no responsibility for errors due to changes in rates or offers which have occurred after this date. You are advised to check with our offices for up-to-date rates and offers.
* All repayment values are inclusive of interest.
Our 'Family Loan' is a small loan targeted at families who haven't yet got into the habit of saving!
If you agree to pay your Child Benefit to us, you can join and apply for the loan on the same day. The first loan is capped at £300* and can be used for any child related expenses (back-to-school, holidays, day trips, clothes, household goods, etc)
It costs a minimum of £10 per week, which is split between savings and loan, and the remainder of your benefit will be paid into your bank account on the same day.
We will open a savings account when we grant the loan, and we will also open an account for (at least) one child. These savings will not be available to you until the loan has been completely repaid.
After 52 weeks, you will have completely repaid your loan, have a savings account with more than £100 in it, and your child will have an account with £52 in it.
If you took the same loan with the Provident**, you'd have to pay £10.50 per week and, at the end of 52 weeks, would still owe them £26! (no savings, no child savings)
Please read our FAQ page for further answers.
*42.6% APR, total interest = £57.12
**272.2% APR, total interest £246.00
(Loan comparisons correct as at 04/08/16)