Family Loan for Christmas
Make Christmas a little easier to plan for with a Family Loan from Great Western Credit Union. Borrow from £500–£1,000 with repayments straight from your Child Benefit.
✓ Repayments straight from your Child Benefit
✓ Choose weekly or four-weekly repayments, depending on how you receive your Child Benefit
Spread the cost of Christmas with a Family Loan
Christmas can be an expensive time of year for families. From presents and festive food to travel, decorations and family celebrations, the costs can quickly add up.
A Family Loan could help you spread the cost of Christmas, with repayments made directly from your Child Benefit.
At Great Western Credit Union, we offer Family Loans of £500 to £1,000 for people who receive Child Benefit. Whether you're planning ahead for Christmas or covering some of the extra costs that come with the festive season, you can access fair and affordable borrowing with weekly or four-weekly repayments, depending on how you receive your Child Benefit.
How does a Family Loan for Christmas work?
Our Family Loan gives people who receive Child Benefit the opportunity to borrow £500–£1,000, to help with festive essentials, prepare for Christmas or manage other family expenses during the winter months.
Here's how to apply and receive your loan:
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.
Am I eligible for a Family Loan for Christmas?
To apply for a Christmas Family Loan, you need to meet the following criteria:
You have to be aged 18 or over
You have to live or work in Bristol, Bath, Gloucestershire, Wiltshire, Somerset, and Dorset
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
Ready to get a head start on Christmas?
What could I use a Family Loan for this Christmas?
Whether you're planning ahead for presents, festive food or family activities, a Family Loan can help you spread the cost of Christmas in a way that works for your household.
Many families use their loan to help cover:
Make room in your budget for gifts for your family and those who matter to you.
Help cover the cost of Christmas dinner, festive treats and the extra food needed when family comes together.
From festive events to family activities during the school holidays, plan for the experiences you want to enjoy together.
Christmas isn't the only expense families face at this time of year. You can use your Family Loan for other things your family needs, too.
Can I get a Child Benefit loan for Christmas with bad credit?
While we do perform an initial credit check, it’s not the only thing we look at. We also consider your personal circumstances and income when reviewing your Christmas Family Loan application to make sure the loan is right for you.
Make your Christmas budget work for your family
A Family Loan can help you spread the cost of Christmas through affordable repayments, making it easier to plan ahead and manage festive spending.
However you choose to celebrate, it's important to borrow only what you need and can comfortably afford to repay.
Looking for ideas to help your Christmas budget go further? Check out our blog for more ideas on how to make your Christmas budget work for you
Why choose Great Western Credit Union?
As a credit union, we do things differently. We’re a mutual, member‑owned financial organisation, which means our focus is always on our members’ financial wellbeing, not making profits for shareholders.
As a co-operative, we care deeply for our local communities in the South West. That’s why every penny stays right here in the region with any profits reinvested to benefit our members and the communities we’re proud to serve.
We always take your current circumstances into consideration, not just your credit history.
No hidden costs, no late fees, and no penalties for early repayments.
We pride ourselves on being responsible lenders, meaning we only approve a loan if we’re sure you can safely repay it.
Repayments are made directly from your Child Benefit, making it easier to manage your loan alongside your regular household budget
Christmas planning starts here
See whether a Family Loan could help make the festive season easier to manage.
Should I get a Family Loan for Christmas?
A Family Loan can help you spread the cost of Christmas through repayments made directly from your Child Benefit. For some families, this can make festive spending more manageable and help with planning ahead.
However, like any form of borrowing, it's important to make sure it's the right option for you and that the repayments remain affordable.
Here are some things to consider:
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Frequently asked questions
What is a Family loan for Christmas?
A Family Loan for Christmas is a loan for people who receive Child Benefit and need a little extra support with festive spending.
You can borrow between £500 and £1,000 and repay the loan directly from your Child Benefit, helping you spread the cost of Christmas through manageable repayments.
Is a Family Loan for Christmas a good idea?
Borrowing for Christmas isn't right for everyone. Before applying, consider whether you can comfortably afford the repayments and the total cost of borrowing after Christmas.
Do people take out Child Benefit loans for Christmas?
Many people take out a Child Benefit loan to help cover the cost of Christmas. From presents, food, travel and festive activities, a Family Loan can help spread the cost over time.
However, it's important to remember that you'll need to repay what you've borrowed, plus interest, over an agreed period. This means you'll repay more than the original loan amount, and missed repayments could affect your credit score.
Are credit Family Loans for Christmas secured or unsecured?
Generally, Child Benefit loans from credit unions are unsecured. This means you don't need to use your home, car or any other asset as security when borrowing for festive expenses.
At Great Western Credit Union, our Family Loans are unsecured, giving you the flexibility to fund your Christmas with confidence.
What can I use a Family Loan for Christmas for?
A Family Loan can be used for whatever your family needs.
Many members use Family Loans for:
Christmas spending
Family essentials
School costs
Household expenses
Children's activities
Unexpected bills
Before borrowing, it's important to make sure the repayments fit comfortably within your budget.
Can I get a Family Loan for Christmas with bad credit?
At Great Western Credit Union, we consider more than just your credit history. While we do conduct an initial credit check to make sure you can safely repay your loan, we also take into account your personal circumstances when reviewing your application
Take our quick eligibility check to find out whether a Christmas loan could be right for you.
How quickly can I receive the funds from a Christmas 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 to help you spread the cost of Christmas.
Do I need to receive Child Benefit to get a Family Loan for Christmas?
To be eligible for a Family Loan, you must receive Child Benefit and be willing to switch your Child Benefit payments to Great Western Credit Union.
Your Child Benefit is then used to make your loan repayments.