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
