In an ideal world we hope that members don’t need to borrow any further money after receiving the £500 Family Loan. Although, we understand that our members do due to the expense of items such as broken down washing machines, birthday celebrations and dare I say it….Christmas.
Lots of our members are trying to get their turkeys in a row and financially plan for the festive season, with Family loan members being particularly eager to understand if and when they would be eligible to ‘top up’ their family loan in time for Christmas.
‘Top up’ is the term used to increase your existing loan and can be made up to the loan value of £1000 with two top ups required.
How do I know when I would be eligible for a Christmas Top up on my Family loan?
To be eligible for these top ups eight weekly re-payments or two monthly re-payments must have been made.
Once reaching the maximum £1000 loan balance, top ups can only be made when the twelve weekly re-payments, or three monthly re-payments have been paid. This top up will allow you to take your loan balance back up to the maximum value of £1000.
Therefore, understanding when and what you would be eligible to apply for in line with your Christmas planning is worth writing down on your calendar before writing your Christmas list.
Here are PCCU’s top (up) tips on mastering Christmas financially
- Plan early and start saving for next year with the Christmas Savings Account. Last year our members deposited over £150,000, helping families get a head start on the expensive period. This account enables you to save throughout the year but withdrawals can only be made during November and December. This means that Christmas savings really are just for the Christmas period.
- Once opening a Christmas Savings account, request that any excess child benefit that you may have is deposited in to your Christmas savings account automatically. Making any saving payments automatic increases the likelihood of successful saving.
- If you have made the necessary 8 or 12 repayments (outlined above) since you took out or last topped up your family loan you would still be eligible to apply for a further top up in time for Christmas Day.
- Be mindful that the longer period you leave between applications and the more you deposit in your PCCU savings account would allow for a greater loan amount.
- Finally, if you are looking to borrow more than what you are eligible for with the family loan, PCCU offers larger Christmas loans. These are subject to bank statement and credit checks and also require 12 repayments to have been made since your last PCCU loan.
The sleigh bells will soon be ringing so make sure your finances are all tied up in a nice neat bow this Christmas.