The £500 Family Support Loan is for members and non-members who live or work in Shropshire, Telford & Wrekin and South Staffordshire and are receiving Child Benefit. It offers a fair, manageable way to borrow £500 and build up a savings pot with FAIRshare.
If you borrow £500, after 52 weeks, you will have repaid your loan AND saved £104. The minimum saving amount is £2 a week or £8 every 4 weeks. We call this Save as you Borrow, and it’s one of the great benefits of borrowing from FAIRshare.
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 which includes interest at 42.6% APR (3% per month). Rate of interest for comparison 19.2% Total savings £104 after 52 weeks. To help you budget, repayments for the £500 Family Support Loan are fixed at £13.45 a week or £54.21 for 4-weekly repayments. This amount includes your loan repayment AND your minimum saving amount.
The 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.
*Usually refers to Income Support, Job Seekers Allowance (JSA), Employment Support Allowance (ESA) & Universal Credit (UC)
Do you have a question about FAIRshare services? Our team is ready to answer all your questions.
TELFORD BRANCH
Unit 3, Southwater Square
Southwater Way
Telford
TF3 4JG
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FAIRSHARE CREDIT UNION IS AUTHORISED BY THE PRUDENTIAL REGULATION AUTHORITY AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY AND THE PRUDENTIAL REGULATION AUTHORITY (FRN 213429). OUR MEMBERS’ MONEY IS ALSO PROTECTED BY THE FINANCIAL SERVICES COMPENSATION SCHEME (FSCS).