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!

Note: Saving Element required and CHB must be paid directly
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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 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.

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.

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

BorrowRepay overAPR*
£200– £1,00012 Months – 18 Months35%

*Annual Percentage Rate

Key Features

  • Borrow from £200 - £1,000
  • Easy application online or in branch
  • Decision and payment within 3 working days
  • 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

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

What you’ll need

  • Proof of Address - Dated within the last 6 months
  • Photographic Identification – Passport or Driving License
  • Benefit letter – if in receipt of benefits
  • Tenancy agreement - if within term period
  • Utility bill
  • Council tax bill
  • Your National Insurance Number
  • Your recent bank statements from the past two months that demonstrate your income
  • 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 may require additional proof of address information 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.

How much can I borrow?

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.

Can I apply for a loan straight away?

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.

How long will a loan application take?

We Usually process applications within 3 working days, as long as we receive the relevant uploaded documents.

What documents do I need to apply for a loan?

To apply for a loan we require:

Up to date photo ID

  • Passport
  • Driving License

Proof of address

  • Benefit letter
  • Tenancy agreement,
  • Utility bill dated within 6 months
  • Water Bill dated within 12 months
  • Council tax bill.

Bank or Building Society statements dated within 3 months will also be required for your application.

If you don’t have photo id don’t worry, we may require additional proof of address information.

Can I repay my loan early?

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.

Are there any membership fees?

Every member of Cambrian Credit Union must keep £5 in their share account at all times. – annual membership fee of £3 taken on the anniversary of joining the credit union.

Fee increases from September 1st 2024 - find out more here

What is the 60 day rule?

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.

Why do we ask for Child benefit or benefit payments on some products?

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.

What is APR?

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.

Warning: Late repayment can cause you serious money problems. For help with your account please contact our team on 0333 2000 601 or visit For financial advice visit