Family Loan and Saving Scheme

Our Family Loan and Saving Scheme allows members who get Child Benefit to apply for a loan of up to £500.  Arrangements will then be made for part of your Child 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 Child 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 To encourage the savings habit the minimum £1 weekly savings can be withdrawn only after your loan is fully repaid.

Loan 
Amount

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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