Family Loan With Norfolk First Credit Union
Borrow up to £500. Repay using your Child Benefit.
Our Family Loan has been created for families or individuals who receive child benefit and want an extra helping hand. It allows all families/individuals in receipt of child benefit to have a loan from the Credit Union – this will be conditional upon child benefit being paid directly from the DWP to the Credit Union.
Key points
- Weekly or 4 weekly payments
- Building savings you can borrow against in the future
- Fixed interest rate of 3% per month (42.6% APR)
- No administration charges or early redemption fees
Eligibility criteria
- Live or work in Norfolk
- 18 years or older
- In receipt of Child Benefit
- Employed for a minimum of 16 hours per week or more or are in receipt of PIP (Personal Independence Payment)
- Agree to have Child Benefit paid into Norfolk First Credit Union and we must receive the first payment before the loan is issued
- Are able to afford repayments
- Do not have an IVA (Individual Voluntary Arrangement), DRO (Debt Relief Order) or are bankrupt
- Agree to become a member of Norfolk First Credit Union. There is a £2 one off membership fee
How much will it cost?
- £14 per week towards repaying your loan and at least £1 per week into your savings for 43 weeks.
- £59 every 4 weeks towards repaying your loan and at least £3 every 4 weeks in to your savings.
If you need to borrow a bit more, you can apply to top your loan back up to £500 once a third of the loan has been paid with no increase in repayments.
How to apply?
You can download an application form with further details here Family Loan Application Form
Please return your completed form signed in pen to our address Henderson Business Centre, 51 Ivy Road, Norwich NR5 8BF.
Alternatively you can call the office Monday, Tuesday or Wednesday mornings to request an application form or to arrange to collect one from our office.