Family Finance Plan

We’re not currently accepting new applications for the Family Finance Plan, but we want to reassure you that support is still available.

An update on the Family Finance Plan:

We’re not currently accepting new applications for the Family Finance Plan, but we want to reassure you that support is still available.

If you’re looking to borrow a smaller amount in the meantime, our Personal Loan could be a helpful option, it’s designed to be flexible and affordable for everyday needs.

We’re also working on launching a new and improved family loan soon, and we’re excited to share it with you when it’s ready. 

If you'd like to receive updates on the Family Loan, you can sign up to receive email communications here.

Thank you for choosing Great Western Credit Union.

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

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

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