Please note that due to the current Coronavirus situation we are not accepting new applications for Family Loans.
You can apply for one of our regular loans to a maximum of £200, which we do credit checks on and are repaid by direct debit.
Anyone who already has a Family Loan with us and want to top it up are unaffected by this notice.
Family Loans in Teesside
Family loans are designed for those claiming child benefit who need an extra hand. At South Tees Community Bank, our goal as a family loan lender in Teesside is to help you access flexible and fair finance support where needed.
What is a family loan?
Not to be confused with a loan from a family member, our Family Loan product has been created for families or individuals who receive child benefit and want an extra helping hand. There are no additional types of family loan available from South Tees Community Bank – just one simple family loan product for supporting you and your family.
When properly managed, a family loan can help you boost your credit rating and can be used to build your savings. It can be an essential lifeline in times of need as well as a way to start building towards your family’s future.
How does our family loan work?
Our ‘Family Loan’ product allows all families/individuals in receipt of child benefit to have a family loan of up to £500 from the Credit Union without having a credit check – this will be conditional upon child benefit being paid directly from the DWP to the Credit Union.
The whole child benefit can be used to make the repayments however a smaller amount may be agreed with the member following an affordability check. Once the loan payment is made any extra amount can then either be left in as savings, withdrawn weekly/monthly or split between savings and withdrawal.
Our members are able to transfer from their savings account direct to a bank account using our online banking facility.
Criteria for the loan is simple, 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
- Have a high street bank or ENGAGE account
- Agree to Moneywise Credit Union rules
Family Loan Provider in Teesside
If you’ve been wondering where to get a family loan in Teesside and you want a reputable, trustworthy lender, look no further. We operate throughout the region, helping families just like you to secure much needed financial support in times where they need it most.
Apply for your family loan today
The only way to get started is to submit your application to us as quickly as possible. We are proud to offer transparent repayment terms and a helpful customer service team who are always available for advice. Please click and apply here to start accessing your family loan today.
Get your Family Loan with Moneywise
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Membership is open to all who live and work in the Tyne and Wear, County Durham, Teesside or Northumberland region.
Joining Moneywise is free and all we ask is you save regularly to support our funds for lending. We only lend to members so you can be confident your savings are being used to support like-minded individuals.