Are you in need of extra financial support?
A family support top up loan may help to provide the security and support you need to ensure manageable borrowing which is affordable for you.
Applying is easy…
At FAIRshare we put people first and have tailored the FAIRshare Family Support Loan, so you can top up your loan in two manageable steps – £750 to £1000. You can apply for a top up loan, 12 weeks from the issue date of the original loan. When you borrow from us, we put you first, and will only approve a loan based on affordability for safe money management.
If you currently have a Family Support Loan, applying is easy through our online application form.
Apply in two manageable steps…
A first step top up value which increases your original loan back to £500 or increases to £750.
A second step top up to £1000, with Open-Cash, which is only available to members who would like to top up their £750 Family Support Loan, 12 weeks from the date of issue.
You can apply for a Family Support Top Up Loan 12 weeks from the date of issue. The maximum Family Support Loan value is £1000 and interest is charged at 3% per month on the reducing balance.
To apply for a Family Support Top Up Loan you must:
- Already have a Family Support Loan.
- Ensure repayments are made by Child Benefits directly to your FAIRshare bank account, weekly or four weekly.
- Not be currently bankrupt.
- Not be in a Debt Relief Order (DRO), Individual Voluntary Arrangement (IVA) or a Debt Management Plan.
Applications are more likely to be approved if you –
- can prove a regular source of income by using our Open Banking portal.
- are registered on the Electoral Roll at your current address.
Terms & Conditions
- You must already have a Family Support Loan to apply.
- Repayments must be made by Child Benefits being paid directly to FAIRshare’s bank account, weekly or 4 weekly.
- After 12 weeks from the date of issue, your first top-up value is either back to £500 or £750
- The £1000 Family support Loan with Open-Cash is only available to members who top-up their £750 Family Support Loan after 12 weeks from the date of issue.
- Maximum Family Support Loan value is £1000 and interest is charged at 3% per month on the reducing balance.
- Open Banking authorisation must be provided to FAIRshare in order to process your application.
- Members must save a minimum of £2 a week for 52 concurrent weeks before saving withdrawals can be made, unless the Family Support Loan is repaid in full. A specific ‘Locked Savings Account’ will be opened for this purpose.
- All Loans are offered subject to status & will be assessed on an individual basis. As part of this, affordability checks using Open Banking will be carried out.
- Loan defaults may be recovered through the Eligible Loan Deduction Scheme.
- Initial funds will be transferred by BACS payment and take at least 3 working days to be credited to your account, excluding weekends & Bank Holidays.
- OpenCash or Top-up Loans are not available if loan payments are in arrears. You cannot pay in lump sums to access OpenCash or Top-up.
- FAIRshare reserve the right to transfer a member’s savings to cover Family Support Loan arrears if payments are not received on time.
- A member may repay their loan in full at any time. If full repayment is made within 12 weeks (or 3 months) of the issue date, the member cannot apply for another FAIRshare loan within 26 weeks (6 months) of the original date of issue.
- Only 1 Family Support Loan will be issued at any time. After 12 weeks from the date of issue, a member may apply for an alternative loan but FAIRshare’s standard terms will apply to all subsequent loans.
- FAIRshare’s Family Support Loan Top Up is offered subject to availability.
- Applicants must be over 18 years old.
- Other terms & conditions may apply.
FAIRshare is your credit union and we are here to support you. Our friendly customer service are always here to help you so please do contact us if you have any queries. You can also do this through Members’ Access Secure Messaging,
