Family Finance Plan

A simple plan for families that gives you credit when you need it. Borrow up to £500 at any time and repay with your Child Benefit.

Borrow from £500 to £500

A flexible way to borrow

Our Family Finance Plan gives you a safety net for unexpected costs, or expensive times like Christmas or back-to-school.  

Switch your Child Benefit payment to a credit union account, and you’ll qualify for a pre-approved credit limit of £500 for you to access whenever you need it. The Family Finance Plan is easy to manage and you don’t need a perfect credit history to apply.  

  • Repay your balance with your Child Benefit  
  • Option to build savings as you borrow 
  • Only pay interest on what you use 

Please note, 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 your Child Benefit has been successfully switched, you’ll be able to start using your £500 credit limit straight away. See our Family Finance Plan FAQs for more information.

 

Interest rate 

42.6% APR representative. 

Representative example 

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.

We’ve been helping local people borrow better for over 20 years

We’ll consider you for a loan, even if you’ve been turned down elsewhere

99% of our borrowers are happy with our service

We are regulated by the Financial Conduct Authority

FAQs

1. Complete the Family Finance Plan application form
Give us brief details of your income and expenditure, your Child Benefit Reference and whether your child benefit is paid weekly or 4-weekly. You’ll also need to provide proof of where the payment is currently made (e.g. bank statement, Post Office Card statement).
2. Switch your Child Benefit payment
If your application is approved, we’ll arrange with you for your Child Benefit to be paid into your credit union 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.

3. Withdraw funds
Once set-up, you’ll have access to £500 credit limit in your Family Finance Plan account. You can draw down whenever you need funds by logging into the member portal and selecting 'Move Money'.
The Family Finance Plan can only be managed online via the member portal and we are unable to take transfer requests or balance requests over the phone or via email.
4. Repay your balance with your Child Benefit
Pay back your balance £11.50 weekly, or £46 every 4 weeks using your Child Benefit. You can also make extra payments to save interest. The rest of your child benefit will build up in your Easy Saver account for you to access when you need to.

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’ll be able to start using your £500 credit limit straight away and draw down funds by logging into the member portal. Please allow until the next day for funds to become available. 

You can draw down any available balance on your Family Finance Plan at any time or your Easy Saver (where any Child Benefit that is left after repaying your plan or other loans will be sent), by logging into the member portal and selecting 'Move Money'. 

We will transfer funds to your bank account the same day (if you tell us before 3.30pm Monday-Friday).

Yes. As a responsible lender we will check your credit history with a Credit Reference Agency to help us make our lending decisions, but you can still get the Family Finance Plan even if you’ve got a bad credit history.

The whole of your child benefit will be paid to Great Western Credit Union (GWCU). You'll pay back £11.50 every week, or £46 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 take money out when you need to or build your savings. You can see your balance and make withdrawals by logging in to your account. 

View more FAQs

It’s a huge relief to find a lender that doesn’t penalise you for having a limited credit file. It has had a significant positive impact on the well being of me and my family. 

Josephine

Check you are eligible

To apply for the Family Finance Plan, you need to receive Child Benefit and meet the following criteria:   

  • Age 18+ and live, work or study in the Bristol and Bath region, Gloucestershire, Wiltshire, Somerset or Dorset 
  • Or you're a UNITE and UNISON member from the South-West, or a tenant of one of our partner housing associations  

If you are currently in arrears with bills, if your expenses are more than your income or if your child benefit might stop shortly then we are unlikely to be able to approve this loan. Please contact us to discuss your options. 

Have your documents ready

You'll need an email address and mobile number to start your application. Make sure you also have your Child Benefit and National Insurance number, income details and bank details handy, plus proof of identity. 

If you are unable to provide these during your application, you can save at any time and get in touch to discuss your options.

Get in touch

Start your application

Now that you have everything you need, you can get started on your application. It takes about 15 minutes to apply online and get a decision, and you can save your application at any time and come back to it later.  

Get started

Not sure this is the right loan for you? Have a look at our other products

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Need some help with your application?

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