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 £1,250 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.
- 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.
- 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 £1,250
- 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 be 52 weeks.
When the application form asks you what type of loan, make sure you select ‘Family Loan’ or an automatic credit check may be carried out.
