Family Support Loan & Savings

For people who live or work in Shropshire, Telford & Wrekin and South Staffordshire and are receiving Child Benefit.

A fair and 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.

To apply you need to:

  • 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

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

Representative Example

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.

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

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.

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