What are repayments for the Family Finance Plan?
Once you make your first draw down, we will start to take repayments from your Child Benefit. Repayments will be £11.50 per week or £46 every 4 weeks, no matter how much you withdraw from your Family Finance Plan.
You can choose to overpay, or pay off the loan entirely at any time, without charge.
We don’t request a repayment while your credit limit remains untouched.
The interest rate is 42.6% APR Representative. It is calculated daily on the outstanding balance and applied to your loan each time you make a repayment.
If you borrow £500 when your account is set up and don’t borrow again from your limit then you will repay £11.50 per week for 51 weeks with a final repayment of £10.42 in week 52. Total amount payable is £596.92, which includes interest of £96.92. Interest is fixed at 36%, 42.6% APR Representative.