At Moneywise we aim to try and help as many people as possible access fair and affordable finance and prevent people using high cost lenders.
Our Family Loan has been created for families or individuals who receive child benefit and want an extra helping hand.
Our ‘Family Loan’ product allows all families/individuals in receipt of child benefit to have a loan of up to £500 from the Credit Union without having a credit check – this will be conditional upon child benefit being paid directly from the DWP to the Credit Union.
The whole child benefit can be used to make the repayments however a smaller amount may be agreed with the member following an affordability check. Once the loan payment is made any extra amount amount can then either be left in as savings, withdrawn weekly/monthly or split between savings and withdrawal.
Our members are able to transfer from their savings account direct to a bank account using our online banking facility.
Criteria for the loan is simple, you must;
- Be aged over 18
- Be in receipt of Child Benefit and agree to have it paid in to Moneywise Credit Union and sign the relevant form before we send the funds
- Have a high street bank or ENGAGE account
- Agree to Moneywise Credit Union rules
Family Loan application
New member – Family Loan application
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Membership is open to all who live and work in the Tyne and Wear, County Durham, Teesside or Northumberland region.
Joining Moneywise is free and all we ask is you save regularly to support our funds for lending. We only lend to members so you can be confident your savings are being used to support like-minded individuals.