New 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
- Interest fixed 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
- 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 off your loan and at least £1 per week into your savings for 43 weeks.
- £59 every 4 weeks off your loan and at least £3 every 4 weeks in to your savings.
If you need to borrow a bit more then loans can be ‘Topped up’ back to £500 once a third of the loan has been paid without issue – with no increase in payments.
How to Apply
Call the office Tuesday – Wednesday mornings for an application form or download a form. Forms are also available from Henderson Trust.
Download a leaflet with further details Family Loans Leaflet