June 25, 2022

Family Support Loans-Apply Now

This Family Support Loans is Open to current members and non-members who live or work in

Telford or Shropshire and are receiving Child Benefit.

Our new FAIRshare £500 Family Support Loan– offers a fair, manageable way for

Members and NON-MEMBERS to borrow £500 and build a credit future with FAIRshare.

Just a simple and fair affordability check via Open Banking.

With a FAIRshare Family Support £500 Loan, you borrow £500 over a maximum

of 52 weeks for £13.45 a week including savings, 42.6% APR.

Saving as you borrow

Your weekly repayment includes a minimum saving of £2 a week – borrow £500 and

after 52 weeks you will have repaid your loan AND saved £104.

The minimum saving amount is £2 a week or £8 every 4 weeks.  We call this Save as you

Borrow, and its one of the great benefits of borrowing from FAIRshare.

To apply for a FAIRshare £500 Family Support Loan you must –

  • You must be in receipt of Child Benefit
  • Provide Open Banking to FAIRshare
  • Have a regular income from employment, pensions or benefits*
  • Be over 18 years and under 70 years old
  • To be eligible, your child benefit must be paid into a FAIRshare Credit Union account, once your loan has been approved.
  • Not be bankrupt, in a Debt Relief Order (DRO), an Individual Voluntary Arrangement (IVA) or a Debt Management Plan

Quick & easy to apply –

Apply online now for a quick decision.

Fixed repayments

To help you budget, repayments for the £500 Family Support Loan are fixed

at £13.45 a week or £54.21 for 4-weekly repayments.  This amount includes

your loan repayment AND your minimum saving amount.

Loan Top Up’s

Need an extra helping hand?  FAIRshare’s Family Support Loan includes

the added benefit of topping up the loan amount in 2 manageable steps to

£750 and £1000 after 12 weeks from the date of issue.

Members that reach the £1000 Family Support Loan, will then be able to use

our OpenCash facility. After 12 weeks from the date of issue, you will be able

to top-up your loan back to £1000 with a simple phone call. It gives you the

flexibility of a credit card and a helping hand when you need it.

Representative example

Borrowing £500 over 52 weeks costs £11.45 a week + £2 a week savings – £13.45

including savings.  Total amount repayable is £595.68 which includes interest

at 42.6% APR (3% per month).  Rate of interest for comparison 19.2%   Total savings £104 after 52 weeks.

Apply now Online for a FAIRshare £500 Family Support Loan.

 

Top up your FAIRshare Family Support Loan Here

 

*Usually refers to Income Support, Job Seekers Allowance (JSA), Employment Support Allowance (ESA) & Universal Credit (UC)