Family Loan
Our Family Loan is available year round, helping you manage your family budget
Our Family Loans have one of our highest approval rates for new applicants and are suitable for those with poor to good credit files.
With convenient repayments straight from your Child Benefit, keeping up with your repayments is easy - helping you to improve your credit record.
These loans come with a savings plan, to help you progress to our even cheaper loans in future, as well as building up a little nest egg. You also have the option to add a free Christmas Saver account, or set-up free Junior Accounts for your children, if you wish to save the remainder of your Child Benefit.
You can apply for up to £500 on your first loan, and up to £1,000 above your savings on subsequent applications.
How much can you apply for?
| Borrow | Weekly Repayments / Term | Interest Rate |
|---|---|---|
| £200 | £5.00 for 47 weeks | 42.6% APR |
| £300 | £7.50 for 47 weeks | 42.6% APR |
| £400 | £10.00 for 47 weeks | 42.6% APR |
| £500 | £12.50 for 47 weeks | 42.6% APR |
Key Features
- Apply straight away – suitable for poorer credit records
- Affordable repayments starting at £2.50 per week
- Easy repayments straight from your Child Benefit
- Free savings accounts for you and your children
- No loan arrangement fees or set-up costs
Eligibility Criteria
You can apply for this loan if:
- You have a regular income of at least £500 per month, or equivalent
- You currently receive Child Benefit
- You are not currently in an IVA
- You have not had a Debt Relief Order or Bankruptcy order in the last 2 years
You can apply for a further loan (top-up) when:
- You have made at least 16 weeks of repayments since your last loan
Before You Apply...
Either make sure you have your last 3 months' bank statements ready to send
OR if you have mobile or online banking, you can give your bank consent to transfer your last 90 days of transaction data, using the secure link provided in the application
You will also need to send:
- Proof of any income not showing on your bank statements
- If you receive Universal Credits, a copy of your breakdown showing the elements you receive
- If you are self-employed, a copy of your latest Self Assessment tax return
What Are Your Chances?
- You are More Than a Score to us, so we won’t make a decision just based on your credit score
- Our Family Loans have one of our highest approval rates for new applicants and are suitable for those with poor to good credit files
- If you have a poorer credit file and have built up savings with us, you may be more likely to be approved for a Savings Based Loan
Frequently Asked Questions
If you receive Child Benefit, and the benefit is under your name – not your partners – you are eligible to apply for our Family Loan.
If the Child Benefit is in your partner's name, either they could apply, or you could apply for one of our Progress Loans instead.
No. Even though your Child Benefit will be used as your loan repayment, this does not guarantee a loan approval. All our loans are based on an affordability and credit check.
Unfortunately not - our Family Loans are only available to those who are making their repayments by Child Benefit. However if you are wanting to make your repayments by another method you could apply for one of our Progress Loans instead.
Yes, you can set up free Junior Saver accounts for your children, and have some or all of your remaining Child Benefit paid into their account. You just need to request this when opening your account and the accounts for your children.
Yes - if you have any Child Benefit remaining after making your loan repayments and depositing into your savings account(s) with us, you can have the remainder sent to your bank account. This can either be arranged on a 3 day transfer (for free) or on a same day transfer (charges apply). We can arrange this for you after your loan application has been assessed.
Yes! You can apply for a top-up after 16 weeks of repayments. Our Family Loan allows you to top-up your loan by up to £1,000 above any savings you have built up in your secured savings account.
Yes. We offer a paper loan application. You can request one by calling our telephone helpline or emailing our admin team. We will then send your loan application in the post. Alternatively you can collect one from our office.
Alongside your application form, we will also need the following:
- Your most recent three months' bank statements.
- If you receive Universal Credit, a copy of your payment breakdown, showing the elements you receive and any deductions.
- If you are Self-Employed, a copy of your most recent self-assessment tax return, or a letter from your accountant confirming your income.
- If you have any other income not shown on your bank statements, proof of income - such as a wage slip if you are paid in cash, or letters for any benefits or pensions.
Calculator
APR 42.6%
I'd like to borrow (£200 - £750)
For loans of £750+ please contact the office for latest rates.
Over a period of:
Representative example
- The interest rate you pay, and the amount you are able to borrow may vary depending on your saving and loan record with Sheffield Credit Union.
- All figures given on this website are for your general information only, and give a rough guide to loan repayments. Any statements on this website do not purport to be authoritative or legally binding.
- All information contained on this web page is correct at time of publishing. Sheffield Credit Union accepts no responsibility for errors due to changes in rates or offers which have occurred after this date. You are advised to check with our offices for up-to-date rates and offers.
- All repayment values are inclusive of interest.
All loans are provided subject to status and affordability and in accordance with our Lending Policy and loan product Terms & Conditions. Please be aware that you may pay more interest and be subject to additional charges if your loan repayments are not received on time. Repayments are reported to Credit Reference Agencies including Experian which could affect your credit record if you do not keep up to date with your repayments.