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£500 Family Support Loan – for parents receiving Child Benefit

Need extra financial help? If you receive child benefit you may qualify for our £500 family support loan. It’s quick and easy with flexible repayments. As a not-for-profit credit union, we focus on your financial well-being, ensuring the loan is based on affordability

Why Choose our Family Support Loan?

Whether it’s covering unexpected costs of just managing family expenses, our loan is designed to help ease financial pressure.

  • Save as you borrow – a great benefit of FAIRshare
  • Flexible repayments – weekly or monthly repayments
  • Affordability – safe money management
  • Fast and Easy Application
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Representative Example

Borrowing £500 over 52 weeks = £11.45 a week + £2 Savings = £13.45 a week (including savings). 

Total amount repayable is £595.68 including interest at 42.6% APR (3% per month).  Rate of interest for comparison 19.2% . If you borrow £500, after 52 weeks you will have repaid your loan AND saved  £104. We call this Save as you Borrow.

Repayments for the £500 Family Support Loan are fixed at £13.45 a week or £54.21 for 4-weekly.  This includes your loan repayment AND your minimum saving amount.

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To apply for a Saver Loan you must –

  • Become a FAIRshare member and open a savings account if approved for a loan.
  • Be 18 years of age or over.
  • Have a minimum weekly income of £125, from employment, pensions or benefits*
  • Not be currently bankrupt.
  • Not be in or have been in, within 12 months prior to the date of the application for a loan, a Bankruptcy, Insolvency, Debt Advice Plan or Protected Trust Deed Debt Scheme.
Your application is more likely to be approved if you
  • Can prove a regular source of income with Open Banking
  • Are not currently bankrupt
  • Are not in a Debt Relief Order (DRO), Individual Voluntary Arrangement (IVA) or a Debt Management Plan
  • *Usually refers to Income Support, Job Seekers Allowance (JSA), Employment Support Allowance (ESA) & Universal Credit (UC).

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If we decline a loan application based on affordability, you will have the opportunity to reapply after 6 months from the date of the original decline decision.