Family Loan
Access an affordable Family Loan of £500-£1,000 from Great Western Credit Union and enjoy stress-free repayments through your Child Benefit, so you can focus on what truly matters: your family.
Your benefit, your timing
Whether it’s a well-deserved family trip, back-to-school essentials, or birthday celebrations, our credit union family loan gives you the flexibility to support the moments that matter.
How it works
- Apply for a credit union family loan with Great Western Credit Union.
- Switch your Child Benefit payments to us using your child benefit reference number.
- Once we receive your first Child Benefit payment, your loan will be released.
- Repay your family loan easily in affordable, manageable terms.
- Benefit from caring, community-based support every step of the way.
Loan amount and repayment terms
£500 - £1,000
42.6% APR
Depending on how you receive your Child Benefit, you’ll make either:
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45 weekly repayments
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12 four-weekly repayments
Weekly repayments: Borrow £1,000 over 45 weeks, and repay £25.94 per week. The total amount payable (including interest of £167.30) is £1,167.30. 42.6% APR representative.
Four-weekly repayments: Borrow £1,000 over 48 weeks, and repay £99.08 every four weeks. The total amount payable (including interest of £188.96) is £1,188.96. 42.6% APR representative.
Ready to finance your family goals?
To apply for a loan, you need to meet the following criteria:
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You have to be aged 18 or over
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You have to live or work in Bristol, Bath, Gloucestershire, Wiltshire, Somerset, and Dorset
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You have to be receiving Child Benefit (for the next 12 months or more)
- You have to be willing to switch your Child Benefit payment to us
Who can apply for a family loan? Eligibility criteria
We need this so we can contact you easily.
This is important so we can send your loan documents to you.
This is to prove your identity.
During the family loan application, we will need you to contact HMRC to switch your Child Benefit payments to us.
Keeping your money safe
When you save or borrow with GWCU, your money is:
Helpful information
How long does it take to set up a Family Loan?
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.
Do I need to prove that I receive Child Benefit?
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.
What happens to my Child Benefit?
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 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.
What happens to my Family Finance Plan if I am approved for the Family Loan?
If you choose to switch to the Family Loan, your existing Family Finance Plan will be consolidated into one simple loan. This means:
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Your current balance will be cleared using part of your new Family Loan.
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You’ll receive the remaining amount as a lump sum, and you can use it right away.
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You’ll repay the loan in a straightforward way through your Child Benefit, just like before.
Please note, we’re not offering the Family Finance Loan this year. So, switching means you can take advantage of a simpler, more affordable borrowing option.
Here is an example of what would happen if you held a balance in your current FFP account:
|
You apply for a Family Loan for this amount: |
Your outstanding FFP balance is this amount: |
You would receive this amount: |
|
£1000 |
£500 |
£500 |
|
£750 |
£500 |
£250 |
|
£500 |
£500 |
£0 |
Where can I find my child benefit number?
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.