Family Loan
Family Loan
Help spread the cost of whatever your family needs with our Family loan. borrow up to £1,000 and pay back through your child benefit at a rate of 35% APR and repay over 18 months.
Family Loan
With the help of our "Family Loan," any family or person receiving child benefit may apply to the Credit Union for a loan of up to £1,000. Members will also be able to save whilst they repay – giving you up to *£234 in savings once you repay your loan.
This is a fantastic way to spread out the cost of high-priced family-related expenses like school uniforms, Christmas, family holidays, etc. Through the use of Child Benefit payments, our family loans enable you to save money while repaying a loan.
Loan calculator
Apply for a loan today with interest rates that suit you!
Maximum Loan Term :
35%
35%
35%
This calculator is for illustrative purposes only, to give you, the borrower, an overview of the potential cost of borrowing. The Credit Union, or any of its staff, cannot be held responsible for any errors. Please note that this calculator only provides an indicative quote and actual repayments may vary. We may share the information you provide on this application with credit reference and fraud prevention agencies to help us make a decision. What we do and how both we and credit reference and fraud prevention agencies will use your information is detailed in the document called the Credit Reference Agency Information Notice (CRAIN). We may need to alter an applicant’s Loan product due to affordability or other circumstances. In this instant our loans team will contact you and keep you up to date with your application. Example: £500 borrowed over 1 year at 35.00% APR. Total repayable: £586.57. All Loans are subject to our Lending Policy and Terms & Conditions
Borrow at great rates for any purpose
Our Family Loan is designed to allow members to borrow between £200 and £1,000, with up to 18 months repayment period at a 35% APR. Members will also build a savings pot worth up to *£234 whilst repaying.
In the event that your application is approved, we will ask you to have your child benefit deposited straight into your Credit Union account.
The Loan repayment is then taken from this along with the £3 per week savings. For example if you borrow £500 over 12 months your payment would be £14 per week (£11 per week loan repayment + £3 directly into your Family Loan Savings)
You are able to request for an automatic transfer to your bank account on the same day for the remainder of the Child Benefit. Alternatively you can also manage your own transfers via our online services.
The Family Loan Savings can only be accessed once the Loan has been completely paid.
*£3 per week paid into a credit union savings account over the duration of 18 months/78 weeks would provide £234 of savings The Family Loan Savings can only be accessed once the Loan has been completely paid.
Family Loan
| Borrow | Repay over | APR* |
|---|---|---|
| £200– £1,000 | 12 Months – 18 Months | 35% |
Example: £500 borrowed over 1 year at 35.00% APR. Total repayable: £586.57. All Loans are subject to our Lending Policy and Terms & Conditions
*Annual Percentage Rate
Key Features
- Borrow from £200 - £1,000
- Easy application online or in branch
- No impact on your credit file if you are not accepted
- Interest is charged only on the outstanding reducing balance
- No early repayment fees or penalties and no hidden fees
- Decisions by a person, not a computer
- Build your savings as you repay
Eligibility Criteria
- Must be over 18 years of age to apply
- Residing or employed in Wales
- Not in an IVA (Individual Voluntary Arrangement), DRO (debt relief order) or bankrupt
- In the event that your application is approved, we will ask you to have your child benefit deposited straight into your Credit Union account.
Will my application be approved?
Every Cambrian loan is subject to manual affordability and credit checks. Your likelihood of approval increases if:
- You are able to comfortably afford the repayments alongside your other existing financial obligations
- You haven't engaged in risky behaviours that could make it difficult for you to repay, including excessive gambling
We may share the information you provide on this application with credit reference and fraud prevention agencies to help us make a decision. What we do and how both we and credit reference and fraud prevention agencies will use your information is detailed in the document called the Credit Reference Agency Information Notice (CRAIN).
What you’ll need for your loan application
- Proof of Address
- Photographic Identification
- Benefit letter – within the last 12 months
- Tenancy agreement - within the last 12 months
- Utility bill - within the last 6 months
- Council tax bill- - within the last 12 months
- Your National Insurance Number
- Your recent bank statements from the past two months that demonstrate your income and expenditure
- For loan applications over £5,000 we do require applicants to provide Open Banking via our Online banking App
- If you don’t have photo id don’t worry, we can accept benefit reward letters dated within the last 12 months. Scanned copies, a screengrab or clear, high-quality photos can be accepted.
Why do we ask for your Child Benefit?
As some members may have limited or no credit history we ask for their Child Benefit to be paid in and therefore it will be a secure repayment method whilst the member can then build their credit history with Cambrian.
Loans FAQs
Have a question? Check below to see if it is answered in our Frequently Answered Questions.
If you are already a member with us, you can apply online or though the Mobile App
If you are new to Cambrian you can click the 'Apply Now' button on any of our Loan Calculators on our website and follow the instructions.
You can apply to borrow as much or as little as you need. Our maximum unsecured loan is £25,000. All loan decisions are based on your income, expenditure and your ability to repay.
You can become a membership and apply for a loan at the same time. Cambrian Credit Union does not currently require a member to save before they apply for a loan.
Loan applications are generally turned around in 72 hours although in times of high demand this may take longer.
Your application is then given to our Loans Team to review. When deciding they will take into account, your ability to repay the loan. They will also run additional credit checks, such as a Credit Agency Search.
The team will then contact you for any additional information that they require.
APR stands for ‘annual percentage rate’. It shows the percentage of interest the borrower would need to pay on top of a loan over the course of one year. The length of different loans can vary. While some (such as mortgages) have a term of many years, others are paid off in a few days or weeks. The idea of APR is to make it easy to compare the cost by requiring all lenders to display a rate based on a 1 year period.
Yes, you can repay your loan in full at any time without penalty. You can also make additional deposits to reduce the value of your outstanding loan at any time – again without penalty.
To utilise our products and services, and to maintain those services Cambrian charge a one off set up fee for new members of £5,followed by a membership fee of £5. The yearly membership fee is taken on the anniversary of joining the credit union.
To maintain activity of your account members must have £5 worth of shares in place at all times.
Deposits can be made via a Payment Link which is sent once the online application is submitted, Standing Order, Benefits or Cash over the counter at one of our branches.
For more information of our fees please click on this link
Photographic ID
- Current signed passport – if the passport is not UK/Irish then we will also need to see their Right to work documentation.
- EEA member state identity card (which can also be used as evidence of address if it carries this)
- Current UK or EEA photocard driving licence (Full and Provisional) – the address on the Driving licence must be checked against the record in Progress, if this does not match the Driving licence is not valid.
- Photographic registration cards for self-employed individuals in the construction industry -CIS4
- Firearms or shotgun certificate
- Residence permit issued by the Home Office to EEA nationals on sight of own country passport
- UK Citizen Card
- Armed forces identity card – unexpired
Non-Photographic ID
- Full old-style driving licence – not provisional
- Official letter from Benefits Agency/DWP/Local Authority confirming your right to UK benefits, local benefits, UK Pension - dated within the last 12 months.
- UK Student loan/ grant paperwork – dated in last 12 months
- HMRC coding/assessment/statement/tax credit letter (not P45/P60) (dated within the last 12 months)
Proof Of Address
- Utility bill (gas, electric, satellite television, landline phone bill or broadband bill) dated within the last six months .
- TV licence or confirmation of TV licence renewal letter as long as dated in the last 12 months.
- Water bill dated in the last 12 months.
- Local authority council tax bill for the current council tax year – this must be the bill only not letters relating to the tax.
- Current UK driving licence (but only if not used for the ID evidence)
- Bank, Building Society or Credit card statement or passbook dated within the last three months.
- Original mortgage statement from a recognised lender issued for the last full year.
- Solicitors letter within the last three months confirming recent house purchase or land registry confirmation of address
- Council or housing association rent card or tenancy agreement or Occupation Contract for the current year
- Official letter from Benefits Agency/DWP/Local Authority confirming your right to UK benefits, local benefits, UK Pension - dated within the last 12 months. Only if not used as Proof of ID.
- HMRC self-assessment letters or tax demand dated within the current financial year
- Electoral Register entry
or
NHS Medical card or letter of confirmation from GP’s practice of registration with the surgery – note this is not appointment letters from hospital
- HMRC coding/assessment/statement/tax credit letter (not P45/P60) (dated within the last 12 months) Only if not used as Proof of ID.
- Letter from a Prison Governor or Probation Officer (must be on official headed paper)
- UK Student loan/ grant paperwork – dated in last 12 months
- For Homeless – letter from support/social worker dated in last 3 months
Members can only apply for a loan after 60 days of their previous loan application as each application generates a credit report which has an impact on the members credit score. As ethical and responsible lenders we require up to date information regarding a member’s financial circumstances when reviewing each loan application and we feel it would be detrimental to a members financial health if a credit report was generated more frequently.
As some members may have limited or no credit history we ask may for a benefit to be paid in rather than a Standing Order or Direct Debit. This will help the member to build their credit history with Cambrian. while also providing a secure repayment method.
Warning: Late repayment can cause you serious money problems. For help with your account please contact our team on 0333 2000 601, email info@cambriancu.com or visit https://www.cambriancu.com/contact-us . For financial advice visit www.moneyhelper.org.uk
