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.
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.
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.