Family Loan

This loan is available for new members who wish to begin saving whilst repaying a credit union loan with Beacon Savings & Loans.

Check your eligibility

Are you eligible to apply?

Family Loans are available up to £500. This credit union Family Loan must be repaid via Child Benefit.

Before applying for your credit union Family Loan with Beacon Savings & Loans, please read the following to avoid any potential negative impact on your credit file.
The interest charged on these loans is 30.3%APR

You are likely to be accepted for a Salary Saver Loan if you…

  • are over 18
  • have enough income to cover your loan and a minimum of £10 per month savings.
  • Pay via Child Benefit Direct, you must have your payment transferred to Beacon Savings & Loans prior to any funds being paid.
  • are NOT currently in an IVA.
  • are not currently bankrupt or in a Debt Relief Order.

Key Features

  • You can apply straight away, there is no need to save first.
  • Affordable payments over a term of up to 2 years.
  • Simple repayments, your Child Benefit comes straight to Beacon Savings & Loans
  • Save as you repay your loan – you’ll be amazed how quickly your shares can grow!!
  • No hidden charges, set up fees or penalty fees for repaying your loan early.

Before you apply…

We will need to perform some checks before we can allocate your loan.

As an ethical lender, we take responsibility for ensuring that you can afford the repayments, including the minimum savings amount of £10 per month. It’s equally important that by providing your credit union Family Loan, we do not contribute to over-indebtedness.

To achieve this, we’ll review your credit file and use open banking (you will need to grant us access as part of the application process). Don’t worry, we’re not looking for perfect credit files – we understand that life happens to everyone. If you have any concerns, feel free to contact us.

Ready to start? Click the ‘Check My Eligibility’ button on the section below to begin.


Can I apply for a top-up?

Members are able to top up these loans. When you take a top up, your previous loan is repaid and a new loan is created. The amount you receive will be less than the total loan allocated.

You will be able to apply for a top-up after 3 monthly payments have been made.  There must have been 13 weeks since your previous allocation

Family Loan Terms and Conditions

Members are required to make regular payments to their credit union account. When a member has a loan outstanding they are expected to may a share payment of at least £2.50 per week or £10 per month.

Loan Value

Family Loans are a available to apply up to £800.

Interest Rate

The interest charged on this product is 30.3%APR (26.8% Annualised 2.23% Monthly).

Loan Term

The maximum loan term will be one year.

Method of Repayment

This loan must be paid via Child Benefit Direct.

Repayment Frequencies

This loan will be paid in line with your Child Benefit Payments

Savings Requirements

You must save a minimum of £10 per month with your repayments.