Family Support Loan Top Up
Need an extra helping hand? FAIRshare’s Family Support Loan includes the added benefit of topping up the loan amount in 2 manageable steps to £750 and £1000 after 12 weeks from the date of issue.
Members that reach the £1000 Family Support Loan, will then be able to use our OpenCash facility. After 12 weeks from the date of issue, you will be able to top-up your loan back to £1000 with a simple phone call. It gives you the flexibility of a credit card and a helping hand when you need it.
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.