Join Us
Members Only Access

£500 Family Support Loan if you receive 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.

If we decline a loan application based on affordability, you will have the opportunity to reapply after 6 months from the date of the original decline decision.

Apply

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 in or have been in, within 12 months prior to the date of the application for a loan, a Bankruptcy, Insolvency, Debt Advice Plan or Protected Trust Deed Debt Scheme.
Apply

*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.

Apply
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
FAIRshare Lending Policy Statement
FAIRshare Terms & Conditions

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. You must have made at least 24 weeks’ regular repayments to your existing loan before applying.  Any outstanding loan balance will be taken into consideration when assessing your application.  

Learn More…

We’d love to hear from you.

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

Get in touch