News from Wirral Credit Union

Family Saver Loan

Mar 31, 2023

We would like to let you know about a new loan product we are launching aimed at giving local families a helping hand in managing their finances more effectively.

Apply for a Family Saver Loan and membership Online (All applications are subject to affordability & credit checks and Wirral CU’s T&C’s & Privacy Policy. An application does not guarantee a loan offer). Please read the information below carefully before applying.

Family life can be unpredictable and unexpected bills can arise. Our Family Saver Loan can help to ease the pressure during these situations to get you back on track and to start a healthy savings habit. Our Family Saver Loan aims to give local families a helping hand in managing their finances more effectively. A loan that enables you to save while repaying, meaning that when you have repaid your loan, you will have more money in your savings account than when you started. This helps you to form good financial habits & improve your financial well-being. Family Saver Loans allow anyone in receipt of child benefit, living and/or working in a CH postcode area to become a member of Wirral Credit Union and apply for a loan of up to £500, repayable over 3 to 12 months. Repayments will be made directly from your child benefit. APR is 42.6%. (All loans are subject to affordability checks and Wirral CU’s T&C’s & Privacy Policy

How do I apply?

  • You can apply for Wirral Credit Union membership and apply for a Family Saver Loan Online; or in person at any branch. 
  • When applying select your payment method as Child Benefit.
  • You will contact HMRC to have all your child benefit paid directly to us. We will send you information on how to do this if your application is successful.
  • When we receive your first child benefit payment from HMRC, we will contact you to process your loan.
  • All loan repayments will be worked out to include at least £10 per month savings contribution into your savings account.
  • You can choose what happens with the remainder of your child benefit after loan and savings payments have been made:
    • You can leave it in your savings account to build up your nest egg.
    • Or, have it returned to your bank account via BACS transfer, usually the day after we receive your payment.

Am I Eligible?

  • You must live and/or work in a CH postcode area.
  • You must be over 18 years old.
  • You must currently be in receipt of Child benefit and will be for at least the next 12 months from the date of loan application.
  • You agree to have your full child benefit paid into your Wirral Credit Union Account.
  • You cannot be a current Wirral CU member.
  • You cannot be in any debt management arrangements such as IVA, Debt Relief Order, Bankruptcy, Debt Management Plan.
  • You can provide 3 months bank statements and complete an affordability questionnaire, or for a faster decision you grant access online utilising Open Banking

For more information please call us on 0151 638 4332 or use our contact form