Borrow £300 over 26 weeks repayable through your Child Benefit
- No Credit Check
- Online application process
- Loan paid out after your 1st Child Benefit deposit
- Top up loans available after 13 weeks
- Build savings whilst repaying your loan
The Family Booster is available to existing and new credit union members without a credit check and is repayable over 26 weeks using their child benefit payment. The Family Booster child benefit loan, which is worth £300, is approved using affordability checks rather than credit checks.
This regular repayment of a loan also helps members to improve their credit rating which would help if looking for a larger loan in the future.
The application can be done online, and becoming a credit union member means simply filling out a form, as long you live or work within Blackpool, Fylde, Wyre or Preston area.
We treat each of our members as an individual, not simply a set of statistics, and base our lending on the current state of their life and finances. This means that we never lend our members more than they can afford to pay back, and in the case of a Family Booster, we actually take the repayments directly from child benefit over a period of 26 weeks, which keeps things as simple as possible.
The Family Booster child benefit loan comes without any hidden fees or extra charges. When you take out the loan you’ll know exactly what you’re going to be paying back, every week and every month as well as in total, and the loan itself will be paid in full after just 26 weeks.
Our members can also apply for a top up loan after 13 weekly payments, enabling them to borrow a little more money at the same affordable interest rate, and with the same simple mechanism for paying the money back.
Once you’ve given us the information we need we’ll make a decision on your Family Booster child benefit loan as quickly as possible. Unlike some other products, the loan itself will only be transferred into your account once the first payment from child benefit has landed. Once it does, however, you’ll have the £300 you need and the peace of mind of knowing that you can manage the repayments because you’ve borrowed from an ethical lender.
How much you may be able to borrow
Borrowing £1,500.00 over 20 months will cost £100.84/month. Total amount repayable is £2,016.80 which includes interest at 42.6% APR.
The figures given above are for illustrative purposes only. The actual interest rates and repayment amounts may vary subject to loan amount and status.
In order to apply for a Family Booster Loan you must:
- Live or work within our Common Bond area
- Be at least 18 years old
You must not:
- Be bankrupt, in a DRO or IVA
- Have had any outstanding CCJs within the last 24 months
- Have missed any repayments on credit within the last 6 months
- Have had any defaults within the last 12 months
- Have arrears on a credit union loan