The Family Loan is available to all members, but is especially good if you have just joined CroydonPlus Credit Union and do not have a savings history.
To qualify for a Family Loan you must arrange to have all your child benefit paid into your CroydonPlus account in advance of receiving the loan.
Your loan repayment will be taken out of the child benefit first and any amount remaining after the loan repayment has been made can be used to start regular saving, some of which may be available for you to withdraw.
The agreed loan will be paid to you once the first child benefit payment has been made into your account.
Unlike our Saver Loan (another frequent first time loan), the Family Loan does not require a minimum saving per month.
APPLICATION CRITERIA AT A GLANCE
Membership qualification: All members
Maximum loan: £500
Interest rate (APR): 26.8% (2% per month on the reducing balance)
We would expect you to clear the loan within 24 months