If you're looking to borrow a small amount and currently receive Child Benefit then a Family Loan may work for you.
Our Family Loans allow you to borrow up to £500 which is paid back with your Child Benefit. Repayments are either £13 per week or £52 every 4 weeks depending on how often you receive Child Benefit.
There is no savings history needed to apply for a Family Loan - you can apply at the same time you become a member. If you aren't already a member with us, we request that you bring ID with you when you come to apply. You will also need to being proof of your Child Benefit payments.
Our save-as-you-borrow scheme means that while you have a Family Loan with us, you can begin to build up some savings at the same time. We hope by encouraging our members to save even small amounts whilst they borrow that we can help our members move away from high cost lenders by helping them have their own little nest egg to fall back on.
Our new Family Loan Plus product is available to members who have fully repaid a Family Loan with JTCU and haven't withdrawn their savings. The new Family Loan Plus allows members to apply for up to £750 and take advantage of a lower interest rate on the loan.
Our Family Loan Plus repayments are either £18 per week or £72 every 4 weeks depending on how often you receive Child Benefit. Our save-as-you-borrow scheme carries on with the Family Loan Plus, allowing you to continue building up a savings nest-egg to fall back on.
At the moment we don't have an online form for our Family Loans. Loan applications can either be picked up at our office or outreach sessions, or posted out on request.
To apply for a Family Loan we will need to see proof of your current Child Benefits payments. This can be on a recent bank statement or online banking. If you aren't already a member with us, you will also need to bring ID for yourself when you apply. We recommend bringing a recent bank statement with you to help you complete the Income and Expenditure on the application form.
All loans with JTCU have interest applied to them. The interest rate is 42.6% APR on our Family Loans and 26.8% on our Family Loan Plus, which makes us a more affordable alternative to most high street lenders.
JTCU will run a credit check as part of your Family Loanor Family Loan Plus application. This is to verify the information provided on your application form and is not the key decision-making factor for our loans team.
To qualify for a Family Loan Plus, you must have paid off your Family Loan naturally without extra payments or using any savings as a part payment.
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We are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulatory Authority.
FRN 213662 | Registered Credit Union No. 450c
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