(34.9% APR representative)
These loans are ideal for members who have yet to build up enough savings. Borrow up to £7,500 above your savings and we’ll work with you to develop a repayment plan.
The rate of interest you will be charged will depend on the information you provide on your application form, and any credit check or credit scoring we may do. The rate will be 9.9%, 26.8% or 34.9% pa.
You can borrow £1000 from us with a repayment period of 12 months. You will pay roughly £98 a month, with a total repayment of only £1172.
Please remember that this is only an example, and the repayment period and the total repayment of your loan may be different. We will work with you to offer a loan that is manageable and best suited to your financial situation.
See our loan calculator here.
Child Benefit Loan & Savings Plan (42.6% APR)
Savings after your loan is paid (based on £500 loan over 50 weeks)
1 Child – £20.70 per week = £435.00
2 Children -£34.40 per week = £1120.00
3 Children – £48.10 per week = £1805.00
At a 42.6 % APR compared to a doorstep lender at 399.7 % APR.
Attach proof of ID and proof of address and send it to Hertsavers Credit Union.
Contact the Child Benefit office and redirect your payments to the bank details, which you will find in the Child Benefit Savings And Loan Application Form
Make sure you let us know your 10 digit Child Benefit reference number. This will be on the notification letter or other papers you have from the Child Benefit Office.
Once we’ve received your 1st Child Benefit payment your loan will be processed and paid by BACS to your nominated bank account which can take up to 3 working days to clear.
*Child Benefit loans can be renewed after a minimum of 5 months.