Family Loan
Our Family Loan supports members who may have lower credit ratings and restricted income. These affordable loans are repaid directly by Child Benefit. Choose how much you need, when you need it and make family life a little more manageable.
Apply now
Benefits for you
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Access a revolving loan facility for members with lower credit ratings and restricted incomes
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Plan and budget more effectively with a fixed monthly payment
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Support your family’s needs as they grow
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Benefit from no hidden fees or penalties for early repayment
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Build a positive credit history by making timely payments on your loan
Your Family loan
- £200 – £1,200
- 34.5% APR
- 18 months max repayment term
- Loan repayment is by Child Benefit
- Fixed repayment of £23 per week or £92 every four weeks
You’re eligible to apply if you…
- Are 18 years or over
- Have been a member of GMB Credit Union for a minimum of three months
- Can provide proof of ID and receipt of Child Benefit
- Agree to have a minimum of £5 in your savings account at all times
- Have no recent County Court Judgements (CCJs), Individual Voluntary Arrangements (IVAs), Debt Relief (DRO) or Bankruptcy
If you are not a member of GMB Credit Union, we will open a savings account for you as part of the loan agreement process.
Terms & Conditions
- No fees or penalties for early repayment
- Subject to a credit search we may request additional information to support your application
- You are required to retain a minimum of £5 in your credit union savings account
- Any surplus child benefit funds will be automatically returned to you
Family Loan
representative example
- Loan Value: £1200
- Fixed Repayment of £23 per week or £92 four weekly
- Interest: 34.5% APR
- Total amount: £1,444.79
The figures above are for illustrative purposes only the actual repayment amounts will vary subject to loan amount and term.
Apply
Apply for our Family Loan today. It’s fast, easy and you can do it all on our website. Get the money help you need right here.
Why choose us?
GMB Credit Union is more than just a financial institution – we’re a community where members help each other. We make sure that money circulates for the benefit of the community by pooling member savings and then lending to other members. Support your GMB community and boost access to affordable credit with your GMB Union membership.
Download our app
Get a Handy Loan with our GMB Credit Union mobile app. It’s simple and secure to use. This makes applying for our loans a breeze. Plus, you can manage your loan and check your repayments easily and safely, all from your device.