Family Loan
Get a £500 loan and pay it back via child benefit.
A family loan is a short-term, unsecured loan designed specifically for parents or carers who receive Child Benefit and other government benefits.
What Is a Family Loan?
A Family loan lets you borrow against benefits like child benefit payments to quickly fund essentials such as childcare, education, or household needs, so you can give your child the best possible support.
A Family loan of £500 paid back over 12 months would mean a monthly repayment of £16.40 per week and total repayable £602.82
Acceptable Benefits:
Child benefit
Child tax credit
Working tax credits
PIP or DLA
Carers allowance
Universal credit
Pension or Pension credit
ESA
Income support
Applying For a Family loan is easy
A family loan is a short-term, unsecured loan designed specifically for parents or carers who receive Child Benefit payments (or other benefits).
Whether you need extra cash for unexpected childcare costs or school expenses, a child benefit loan can bridge short-term financial gaps.
To qualify for a family loan, you must be at least 18 years old, a UK resident and currently receiving Child Benefit or another acceptable benefit. Applying for a family loan is straightforward.
You borrow. You save.
It’s what we’re known for.
We want to help you build and improve your financial well-being even when you borrow.
With every single loan repayment you make, you’ll be saving a little bit as well into your personal cashback savings account.
You won't pay any more on your loan and it won't take any longer to repay. It's just a great way to save.
Here are the basics: Min Loan: £500 | Pay from your child benefit or other acceptable benefit | Loan Term: 6 to 12 Month | Repayments equal £16.40 per week
You must have your Child Benefit or another acceptable benefit paid into a Wessex Community Bank account.
This is used to make your regular loan repayments.
If your Child Benefits or other benefit are greater than the loan repayments, we’ll send it back to your normal bank account the same day, or you can save it with us for a rainy day.