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.
Access a revolving loan facility for members with lower credit ratings and restricted incomes
Plan and budget more effectively with a fixed monthly payment
Support your family’s needs as they grow
Benefit from no hidden fees or penalties for early repayment
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
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
- Savings are secured until the loan is fully repaid
- Subject to a credit search and we may request additional information to support your application
- We can return requested savings over £5 which is kept for membership and agreed loan payments
- Loan Value: £800
- Repayment Term: 12 months
- Monthly Repayment: £77.99
- Interest: 34.5% APR
- Total amount: £877.99
The figures above are for illustrative purposes only the actual repayment amounts will vary subject to loan amount and term.
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.