FAIRshare Family Support Loan
Open to current members and non-members who live or work in Telford or Shropshire and are receiving Child Benefit.
Our new FAIRshare £500 Family Support Loan– offers at fair, manageable way for Members and NON-MEMBERS to borrow £500 and build a credit future with FAIRshare.
No Credit Checks, just a simple and fair affordability check via Open Banking.
With a FAIRshare Family Support £500 Loan, you borrow £500 over a maximum of 52 weeks for £13.45 a week including savings, 42.6% APR.
Saving as you borrow
Your weekly repayment includes a minimum saving of £2 a week – borrow £500 and 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 its one of the great benefits of borrowing from FAIRshare.
To apply for a FAIRshare £500 Family Support Loan you must –
- You must 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
- To be eligible, your child benefit must be paid into a FAIRshare Credit Union account, once your loan has been approved.
- Not be bankrupt, in a Debt Relief Order (DRO), an Individual Voluntary Arrangement (IVA) or a Debt Management Plan
Quick & easy to apply
Apply online now for a quick decision. Processing time will vary depending on demand, but we aim to have made a decision within 72 hours of receiving all supporting paperwork.
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.
Loan Top Up’s
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.
Borrowing £500 over 52 weeks costs £11.45 a week + £2 a week savings – £13.45 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.
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.
Apply now Online for a FAIRshare £500 Family Support Loan.
Top up your FAIRshare Family Support Loan Here
*Usually refers to Income Support, Job Seekers Allowance (JSA), Employment Support Allowance (ESA) & Universal Credit (UC)