Can I apply for a family loan?
To apply for our Credit Union family loans, you must be:
- In receipt of Child Benefit*
- A Moneywise member (or become one today!)
- Working or living within the North East of England
- Over 18 years of age
- In agreement with Moneywise Credit Union rules.
Wondering how to apply for a family loan? Just fill out our simple application form and we’ll be in touch!
Family Loan calculator
Find out how much you can afford to borrow with our handy family loan calculator!
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How to apply for a family loan:
- Click the button below to apply
- Fill in your details as accurately as possible
- Submit the form
- One of the Moneywise team will be in touch as soon as possible to confirm whether you have been successful
At Moneywise, your previous loan history with us will determine the amount that you’ll be able to borrow. Members who have previously taken out a loan with us and repaid it in line with our agreed repayment dates and amounts will be able to borrow larger figures.
Our criteria for a family loan are simple. To qualify, you must:
- Be aged over 18
- Be in receipt of Child Benefit and agree to have it paid in to Moneywise Credit Union and sign the relevant form before we send the funds
- Agree to Moneywise Credit Union rules
Why choose Moneywise for your family loan?
Moneywise is an expert in family loans. We are a member-owned Credit Union, not a bank, so we always put your best interests before profit.
If you opt for a Moneywise family loan, you can enjoy:
- Borrowing power of up to £750
- Competitive interest rates
- A simple repayment system – we arrange for your Child Benefit to be paid directly to us, in order to pay off your loan in monthly instalments
- A straightforward application process, with no credit checks
- No late fees or hidden fees
- 24-hour top-ups – giving you access to extra funds within 24 hours, without the need for another loan application+
- Access to a dedicated loan account
- Access to a Moneywise savings account – any leftover Child Benefit can be saved with us or withdrawn.
- Use of our online banking
Family loan comparison
We are committed to keeping credit costs low to support responsible borrowing. Take a look at our example of a realistic family loan:
Amount to borrow: £500
Repayment rate: 6 months
Monthly repayments with Moneywise: £92
Interest: £52
Total to repay: £552
Frequently asked questions
A family loan allows you to spread the cost of whatever you and your family need, without worry.
Whether you need to cover the essential costs of groceries or childcare, or you want to treat your loved ones to a holiday or day out, a family loan can give you the cash you need.
Not in receipt of Child Benefit? Don’t worry, you can still secure a loan with us – check out our personal loan and debt consolidation loan options today.
Our Credit Union family loans give you access to the cash you and your loved ones need now, using your Child Benefit to pay off your debt in easy monthly instalments.
With a Moneywise family loan, you can enjoy the added benefits of:
- No credit checks
- No hidden fees
- No late fees
24-hour top-ups.
As long as you pass our affordability criteria, the funds will likely be available within 24 hours.
Please note that wait times may be longer during busy times and on weekends.
We can organise your Child Benefit to be paid directly to us from the DWP, in order to pay off your debt. We take either £1.25 a week or £5 a month and the rest is returned to you.
Left over Child Benefits funds will be placed into your dedicated Moneywise savings account. You can either choose to save this cash until you need it, or withdraw it straight away.
You can inform HMRC of the change in payment details by phone, online or via their app.
If your child is going into further education, Moneywise can also send you a reminder to reapply for Child Benefit.
You can borrow up to £750 with our Moneywise family loans. If you are in need of further funds, take a look at our other loan options today.
Unfortunately, you cannot take out more than one family loan with us at a time
Simply speak to a member of our friendly team about our 24-hour top-up service, and we can arrange for the extra cash to be paid into your bank account.
Please note that doing so may increase your interest rate and result in a larger overall debt to pay back. You will not be able to access our 24-hour top-up service if you are behind on your payments.
Yes, we don’t charge any early repayment fees. Call our friendly team on 0330 165 5337 today to find out more about paying your family loan off early.