Child Benefits Savings & Loan Plan

Child Benefit Savings & Loan Plan

To be eligible for this loan offer you must open a savings account with us, agree a savings and loan repayment plan, and have your Child Benefit paid directly to Swan Credit Union. You can apply for a loan immediately and your funds will be available for withdrawal within 5 working days once your first benefit payment has been received.

The plan

Borrow between £500.00 and £750 and repay it up to 50 weeks. Repay £18 and save £2.70 (minimum) on a weekly basis. Or borrow between £751.00 and £1000.00 and repay £24 with £10 savings (minimum) every week. Once your loan is cleared then you can withdraw all or some of your savings, continue to save or start a new savings and loan plan. Please note that the minimum term is 6 months / 26 weeks.

 

Savings after your loan is paid (based on £500 loan over 50 weeks)

1 Child – £20.70 per week

 £135.00

2 Children – £34.40 per week

 £820.00

3 Children – £48.10 per week

 £1505.00

At a 42.6 % APR compared to a doorstep lender at 399.7 % APR.

How to Apply

Go to the members website if you are ready a member at Account Login or use the Mobile App, otherwise login and join the Community Bank here

 

 

Call us on: 03030 300 147

Email: enquiries@swancommunitybank.org.uk

Swan Community Bank is a trading name of Swan Credit Union which is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority.

Swan Credit Union Ltd. Our registered address is Foundation House, Aylesbury St, Wolverton, Milton Keynes, MK12 5HX. (Company no. 417717).