Our Family Loan is a small loan for families who have not yet got into the habit of saving!
If you agree to pay your Child Benefit to your credit union account, you can apply for the loan today. If you have not yet joined Newport Credit Union, then you can join and apply on the same day. The first loan is capped at £300 and can be used for any child related expenses, such as back-to-school, holidays, day trips, clothes & household goods.
It costs £10 per week (based on 1 child) and the money is split between growing your savings & repaying your loan. The remainder of your Child Benefit is returned to you the same day we receive it.
We will open an attached savings account for you when we grant the loan and will also open an attached savings account for each of your children. These savings will only be available to you once the loan has been completely repaid.
If you took the same £300 loan with the Provident, you would have to pay £10.80 per week (299.3% APR) and at the end of 52 weeks you wouldn't have any savings for you or your children. They will charge you over £260 in interest, we only charge you £64 and help you save!
*Loan comparison correct as of 26/09/2017
Family Top Up Loan
After 8 weeks of repayments, you can apply for our Family Top Up Loan, which will allow you to extend your existing loan up to £500. Your weekly savings will remain the same and your loan repayments will increase to £11.50 per week.