Family Support Loans & Savings

if you are receiving Child Benefit

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.

> Applications are more likely to be approved if you:

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.

Apply for a £500 family Support Loan

  • Be in receipt of Child Benefit
  • Provide Open Banking to FAIRshare
  • Have a regular income from employment, pensions or benefits*
  • Be over 18 years and under 70 years old
  • Your Child Benefit must be paid into a FAIRshare Credit Union account, upon loan approval.
  • Not be bankrupt, in a Debt Relief Order (DRO), an Individual Voluntary Arrangement (IVA) or a Debt Management Plan

Family Support Top Up Loan

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.

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
  • Your first Family Support Loan is for a maximum of £500
  • Repayments must be made by Child Benefits being paid directly to FAIRshare's bank account, weekly or 4 weekly.
  • Evidence of payment of Child Benefit into FAIRshare must be provided before the loan is issued. This can be a PDF copy of the 'Change Of Circumstance' confirmation page from the online HMRC Child Benefit section or that CHB has physically been received into FAIRshare.
  • 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.
  • The Family Support Loan is open to non-members and current members. Non-members must be within our common bond to be eligible to apply. 
  • If your Family Support Loan is approved, applicants must become a member of FAIRshare Credit Union before funds are released. Membership if Free (saving you £5) until 31st July 2020. Non-members are required to deposit £1.00 into their new savings account to activate their Membership.
  • Current FAIRshare Members with live loans where Child Benefit is used for the repayments can not apply.
  • 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 is offered subject to availability.
  • Applicants must be over 18 years old.
  • Other terms & conditions may apply.

*Usually refers to Income Support, Job Seekers Allowance (JSA), Employment Support Allowance (ESA) & Universal Credit (UC)

We’d love to hear from you.

Do you have a question about FAIRshare services? Our team is ready to answer all your questions.