You can apply for our Family Benefit Plan online, at a branch or over the telephone. 

Online 

Complete our simple online application form.  For Loan Purpose, select 'Family Benefit Plan'.

In-branch 

Step 1: Provide proof of your income.  Non-members may also be asked for two or three acceptable items of identification.

Step 2: Complete the application form (write your Child Benefit Reference Number on the front).

Telephone 

Speak to our friendly team on 01482 778753 - Option 2 (Mon-Fri 10 am to 3.30 pm).

All loans provided by HEY Credit Union are subject to our lending policy. The Credit Union reserves the right to decline any application or offer a loan that differs from those advertised.

Who can apply for the Plan?

You must: a) be, or agree to become, a member of HEY Credit Union, b) be aged over 18, c) be registered on the voters roll, d) have your Child Benefit paid into your HEY Credit Union Membership Account until the end of the Plan.

How do I repay the Loan?

Your Loan will be repaid with your Child Benefit payments which will need to be paid into your HEY Credit Union Membership Account.

How much could the repayments be on a £500 loan?

How do I save with the Plan?

When your Child Benefit is paid into your HEY Credit Union account, your loan payments will be deducted and the remaining funds will be allocated into your savings, as you wish.  You can choose whether to have the savings into your Membership Account or Christmas Saver, or even have some transferred into a Junior Saver for your child(ren). 

How much might I save?

As well as repaying your loan, by depositing your Child Benefit with HEY Credit Union you will be able to build up your savings as you go.  See below how you much you could save over a year if you leave all your savings in your account.

Can I withdraw my savings?

Yes, you can withdraw your Child Benefit savings in line with our normal Terms & Conditions.  Funds can be transferred to your bank account the same day, free of charge.  .

Can I save separately to the Plan?

Yes. You can still save with additional monies and also open other HEY Credit Union savings accounts.

How can I apply for the Plan?

Simply apply online and select Family Benefit Plan as the Loan purpose.  Alternatively, complete a Credit Union Loan application form (marking your Child Benefit reference number on the front). If you apply in branch you may be asked to provide proof of your income (for example recent Universal Credit Award Notice, bank or Post Office statements showing your Child Benefit and any other income). If you’re not already a member, you may also be asked to provide at least two acceptable proofs of ID.

Do I need to be employed to apply for the Plan?

No, as long as you can provide proof of regular income as stated above.

Do you make a credit check and an affordability check?

Yes, as a responsible lender.   We aim to help as many members as we can but if you are in Bankruptcy, have a Debt Relief Order, IVA or Debt Management Plan, or CCJs in the past 6 months, then we would be unable to offer you a Loan.  

How long does it take to make process my loan?

Once your application is complete, we normally give a decision within 5 working days (it may take a little longer at busy times like Christmas and holidays). If your application is approved, we will contact you to arrange for your Child Benefit to come into your HEY Credit Union account, and when the first benefit payment hits your account we will issue your loan.  

How much can I borrow on the Plan?

You can apply for a Loan up to £1,000.  We will carefully assess your application to decide how much is affordable.

Do you offer joint Loan accounts?

No.

How often must I make repayments?

Either weekly or 4-weekly depending how often you receive your Child Benefit.

How do I collect my Loan money?

We can transfer money to your bank account or, if arranged in advance, you may be able to collect cash from a branch. If you want to use your Loan money to pay any existing credit or bills, we can arrange to pay these for you.

What interest do I pay?

3% per month or 36% per year on the reducing balance (42.6% APR)  - Your interest rate can never be higher than this, unlike doorstep lenders and other providers. That's the Credit Union difference.

How is interest applied?

It is applied to your Loan daily and calculated on the outstanding balance. This means that if you settle your Loan early you will pay less interest.

What term do I pay my Loan over?

Over one year. If your payments are maintained regularly you may apply to top up your loan when one third has been repaid.

Are there any penalties or hidden charges for clearing my Loan off early?

No.

What happens if my Child Benefit stops or is no longer paid into the HEY Credit Union?

As you will still be liable to make your Loan repayments, you will need to select an alternative method of payment such as bank standing order or Direct Debit.

How can I check the balance of my loan and savings?

If you have registered for our Web App you’ll be able to check your account balances and make enquiries 24/7.

What if I cannot afford my repayments?

Contact our Credit Control/Member Solutions Team (01482 778753 - option 3) without delay to discuss a reduced payment plan. Failure to keep up repayments could have a serious effect on your credit report and ability to obtain future credit.

Updated 9.2.24

All loans provided by HEY Credit Union are subject to status and our lending policy. Applicants must be aged over 18. HEY Credit Union reserves the right to decline any application or offer a loan that differs from those advertised. To find out more about how we use your data to help us make decisions on loans please read our Privacy Policy.

What are its key features?

Our Credit Union Family Benefit Plan is a fantastic helping hand to make the most of your money.

We know the cost of bringing up a family can really add up, and isn’t spread evenly across the year.  With this popular Plan you can borrow cheaply as well as save up for holidays, Christmas, school kit or other big spends as you repay.   Once we've approved your application, you simply arrange to pay your Child Benefit into your Membership Account, and you'll start to enjoy the benefits of being a Member.

- Easy to qualify – you don’t need a perfect credit history

- You can apply immediately for a loan up to £1,000, subject to our affordability assessment.

- Fixed interest rate – 3% per month on reducing balance (maximum 42.6% APR)

- Your Child Benefit takes care of the repayments effortlessly, and lets you save up alongside as you wish

- Spare funds can be transferred to your bank, same day for free

- A much cheaper way to borrow than doorstep lenders

- Free bereavement protection policy (see terms and conditions).

What is the purpose of a Family Benefit Plan?

- To help you to cope with the uneven costs of bringing up a family (holidays, Christmas, school kit, big spends) by making a single regular payment direct from your Child Benefit.

- To give you the option of making effortless regular savings deposits or same-day payments direct to your bank.

- To help you avoid high cost credit options such as doorstep lenders.

A Family Benefit Plan could be suitable if:

- You are in receipt of weekly or monthly Child Benefit and this will continue for at least the next 12 months.

- You want to borrow from £100 to £1,000 at an affordable fixed interest rate, with the option of top-ups after a qualifying period.

- You don’t have a perfect credit history but have no current defaults.

- You want the option of setting up an arrangement to deposit the ‘spare funds’ into a savings account and/or have them sent to your bank.

- You have used doorstep lenders or other high cost credit but are looking for a far cheaper way to borrow.

- You want free bereavement protection cover included.

A Family Benefit Plan is unlikely to meet your needs if:

- You are not currently receiving Child Benefit or it has stopped.

- You want to borrow more than £1,000.

- You are in Bankruptcy or have a DRO, IVA or DMP.

- You want a credit card facility.