Family Loans - borrow up to £750

Our Family Loan can help smooth out those expensive moments that happen from time to time.

A Family Loan from Leeds Credit Union allows all families or individuals in receipt of child benefit to have a loan up to £500 without having a credit check and with an APR of 42.6%. We will still check that the loan is affordable for you and we will need you to pay your child benefit directly to Leeds Credit Union. 

To be eligible for a Family Loan: 

  • You must be over 18 years old
  • You must be in receipt of child benefit
  • You will need to transfer your child benefit to your Leeds Credit Union account.

 

Benefits of a Family Loan:

  • High Approval Rate – as the repayments are linked to your child benefit, which you must pay into your Leeds Credit Union account, we are able to help more people than we do with our other loans.
  • No Credit Check
  • Loans based on affordability – we will always check that the loan is affordable for you before we lend.
  • No set up fees
  • No early repayment penalties
  • Can boost your credit rating when you keep your agreed repayment schedule.
  • If your child benefit is more than your loan repayments you can use what is left to grow your savings. Or if you prefer you can choose to have the money paid back into your own bank account.

 

Get a Family Loan up to £750

If you've already had a Family Loan from us, we've increased the maximum amount you can borrow to £750. 

  • To qualify for the larger loan you must already have had a Family Loan from LCU and be in receipt of Child Benefit for two or more children.
  • The loan term for this will also increase to 52 weeks. 

 

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