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 and work in Norfolk
  • 18 years or older
  • In receipt of Child Benefit
  • 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. 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