News from Wirral Credit Union

Family Saver Loan

Oct 07, 2021

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. A loan that enables you to save while repaying, meaning that when you have paid your loan back, you will have more money in your savings account than when you started. This helps you to form good financial habits.

Our Family loan product allows 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%, full terms & conditions provided prior to application.

How do I apply?

  • You will need to join Wirral CU and open a savings account; this can be done online or in person at any branch. A £10 payment is required when joining as an opening deposit into your savings account.
  • When Joining, you should select Child Benefit weekly or Child benefit 4-weekly as your preferred payment method.
  • Above option not currently available, please select Standing Order weekly as preferred payment method and then, when you have completed the joining process, call us on 0151 638 4332 and a member of the team will help you with the next steps.
  • You will contact HMRC to have all your child benefit paid directly to us. We will send you information on how to do this when your membership application is processed.
  • When we receive your first child benefit payment from HMRC, you will be able to contact us and apply for a 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.

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