£500 Family Loan & Saving Scheme

Our £500 Family Loan scheme lets you borrow for family expenses and use your Child Benefit for the repayments.

- Quick online loan application
- We assess affordability with no credit check
- Family Loan decision within 48 working hours and £500 same day BACS payment
- Opportunity to build savings

Our ‘Family Loan & Saving Scheme’ allows all families/individuals in receipt of child benefit to have a loan of up to £500 with interest charged at 42.6% APR from the Credit Union. This will be conditional upon child benefit being paid directly from the HMRC to the PCCU. The whole child benefit can be used to make the repayments however a lesser amount is usually agreed with the applicant following an affordability check. The surplus amount can then either be left in as savings, withdrawn weekly/monthly or split between savings and withdrawal. If you require this to be sent back to you via a bank transfer you should expect to receive this in your specified bank account by the end of same day you would usually receive it.

We can only accept application for the PCCU £500 Family Loan & Saving Scheme from people who live or work in the boroughs of Burnley, Pendle, Preston, Ribble Valley, Rossendale, South Craven, Hyndburn, Lancaster or the county of Cumbria

With our Family Loan account holders are expected to save a minimum of £1 per week which is fixed against your loan balance and can only be accessed once you’ve fully repaid your loan or your loan balance is lower than your savings, allowing you to take out the difference. You are welcome to save for holidays, Christmas or any of life’s little luxuries additionally at the same time as repaying your loan but that is optional.