Family Loan and Saving Scheme

Our Family Loan and Saving Scheme allows members in receipt of Isle of Man State Benefits (or an Isle of Man State Pension) to apply for a loan of up to £500.  Arrangements will then be made for part of your Benefit to be paid directly to Manx Credit Union to repay the loan and to start a savings plan.

On a loan of £500 the equivalent of £12.50 a week will be deducted from your Benefit from which £11.50 will repay the loan over twelve months and £1 will be credited to your savings account. 

The interest rate cost will be £20.56 for each £100 borrowed over twelve months. To encourage the savings habit the minimum £1 weekly savings can be withdrawn only after your loan is fully repaid.


Weekly Payments

Total Interest

Total Saved

£500 £12.50 £102.75 £52.00

Examples given are for illustrative purposes only. A personalised quotation will be prepared for you on application

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