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.
Our ‘Family Loan’ product allows all families/individuals in receipt of child benefit to have a loan from the Credit Union without having a credit check – 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 – Fridays mornings for an application form or download a form. Forms are also available from Henderson Trust.
Download a leaflet with further details
