Family Loan

Our Family Loan lets you borrow between £500 to £1,000 with stress-free repayments made from your Child Benefit. Here’s how it works in three easy steps:

1. Switch your Child Benefit payments to us when you apply 

2. After we receive your first Child Benefit payment, we’ll deposit your funds in one lump sum

3. A set amount is deducted from your Child Benefit every week or month to repay the loan, depending on how you receive your Child Benefit payments.

Any of your left over Child Benefit will be deposited into your Easy Saver 

You can take money out from your Easy Saver when you need to, or build your savings. You can see your balance and make withdrawals by logging in to your account. 

Depending on how often your Child Benefit gets paid and how you choose to switch, it could take up to 28 days to set up your account and release funds.

Once we receive your first Child Benefit payment, you will be able to access your Family Loan.

You do not need to provide proof that you receive Child Benefit but your loan will not be available to you until we receive the first payment.

The whole of your child benefit will be paid to Great Western Credit Union (GWCU). You'll pay back a set amount every week, or every 4 weeks using your Child Benefit, whenever you have a balance outstanding on your account.

The rest of your Child Benefit will go to your Easy Saver account.

You can easily withdraw money from this account whenever you need to or leave it there to build your savings. 

To see your balance or make a withdrawal, log in to the Member Portal.

You can find your Child Benefit reference number on any letters from HMRC about your child benefit, or from your bank statement. If you are getting the number from your bank statement, then we need the first 8 numbers only.

You don’t need this for your application as your first Child Benefit payment to GWCU acts as confirmation and unlocks your loan.

You can use your Family Loan for whatever your family needs.

We know that managing family finances isn't always easy, which is why our Family Loan helps spread the cost of life's expenses in a safe and affordable way. Whether it's school uniforms, a family holiday, or an unexpected bill, you can use the money for the things that matter most to you and your family.

You can borrow up to a maximum of £1,000 through a Great Western Credit Union Family Loan. The minimum borrowing amount is £500.

While our Family Loan is there to support the whole family, only the named person receiving Child Benefit can apply for the Family Loan. Once your application is approved and you receive your loan, both parents are welcome to use those funds together.

After we receive your first Child Benefits payment, we’ll pay your Family Loan directly into your Easy Saver in one lump sum. That way, you can access the funds you need as soon as you need them.

If you’re able to repay your Family Loan early, that’s perfectly okay! At GWCU, we don't charge any fees for early or extra repayments. You can make an early or extra payment through the Member Portal or via bank transfer, whichever suits you best.

If your Child Benefit payments stop or change, please let us know as soon as possible. We'll work with you to understand your situation and discuss the options available to help you manage your repayments.
The sooner you get in touch, the sooner we can support you and find a solution that works for you.

When you take out a Family Loan, your Child Benefit is paid directly to Great Western Credit Union. A set amount is taken from your Child Benefit and we use this to make your agreed loan repayments, any remaining money is paid into your Easy Saver account.

This means your repayments are automatically taken care of, helping to make managing your loan simpler and giving you one less thing to worry about.

If you have any concerns about your Child Benefit payments, or your Child Benefit payments have been stopped, please get in touch and we'll be happy to help.

You can apply for another Family Loan after repaying your current Family Loan in full with us. Just log in to your account and start another application, and we’ll try to get you the extra support you need.

Yes. Our Family Loan is designed for people who receive Child Benefit and are looking for a safe, affordable way to borrow.

To apply, you'll need to:

• Be aged 18 or over

• Live or work in Bristol, Bath, Gloucestershire, Wiltshire, Somerset or Dorset

• Receive Child Benefit for at least the next 12 months

• Switch your Child Benefit payments to GWCU

If that sounds like you, you can apply for a Family Loan with your Child Benefit and become a member today.

As long as you’re receiving Child Benefit, you can apply for a Family Loan with GWCU. If you’re only receiving Universal Credit, our Personal Loans may be a better fit for you.