Our ‘Family Loan and Saving Scheme’ allows all families/individuals in receipt of child benefit to have a loan of up to £500.00 from the Credit Union. This will be conditional upon child benefit being paid directly to Salford Credit Union.

The Loan Repayments are fixed. A £300.00 loan would be at £8.50 per week or £32.00 if paid 4-Weekly.

There is a requirement to save £1.00 per week or £3.00 4-Weekly for a loan of £300.00.

A Loan of £500.00 would be at £14.00 per week or £54.00 if paid 4-Weekly. You must also save £1.00 per week or £4.00 4-Weekly for a £500.00 Loan.

Savings cannot be withdrawn until the loan has been repaid in full. The remainder of your Child Benefit will be transferred back to your Bank Account via Bank transfer by 2pm on the day of receipt.

As responsible lenders, we will not offer credit if we believe that you cannot afford to make the repayments. Please do not apply for more than you can reasonably afford to repay.