Family Budgeting Loan

single parent family

Family Budgeting Loans are for new and existing members who are looking for a loan that will help with their family’s cost or with one-off expenses. This is a loan that will help families with a low surplus income to get access to loans and will also help with budgeting and saving.

It is not an instant loan, and applicants must show that they can afford to make repayments by first arranging for HMRC to pay their Child Benefit into their dedicated Family Budgeting Credit Union savings account; and secondly, by making 5 x weekly (or 2 x 4-weekly) payments into that dedicated account.

After successfully completing this period of qualification, applicants can then apply for the new Family Budgeting Loan and where this application is successful, the loan repayments are then taken directly from future Child Benefit payments. In addition, if their application is successful, they will be required to make payments into their savings of at least £2 if they have 1 dependent child, £3 for 2 children, and £4 for 3 or more children. These payments are in addition to the loan repayments but will be made available at the end of the loan term.

The amount that members can apply for will be determined by the number of dependent children in the family. The tables below illustrate the amounts that can be borrowed and the corresponding loan repayments and periods.

Family Budgeting Loan – Weekly Repayments
No of
Weekly Repayments
(26 Repayments)
Weekly Repayments
(32 Repayments)
Weekly Repayments
(39 Repayments)
£300 (max)£12.75£10.50£9.00
£500 (max)£21.25£17.50£15.00
3 or more£600£25.50£21.00£18.00
£700 (max)£29.75£24.50£21.00
Family Budgeting Loan – 4-Weekly-Repayments
No of
4-Weekly Repayments
(7 Repayments)
4-Weekly Repayments
(8 Repayments)
4-Weekly Repayments
(10 Repayments)
£300 (max)£51.00£42.00£36.00
£500 (max)£85.00£70.00£60.00
3 or more£600£102.00£84.00£72.00
£700 (max)£119.00£98.00£84.00


Let’s now take a look at the Family Budgeting Loan in more detail to see whether you’re eligible and whether it meets your needs. The full Terms and Conditions are shown below, but here’s a brief run-down.

  • Family Budgeting Loans are available to both new and existing members. New members must apply to join the credit union first using this form. (For an overview of credit union membership, see this page.)
  • Family Budgeting Loans are to help with meeting the needs of families.
  • You will need to tell us your Child Benefit number and make arrangements for the HMRC to pay your Child Benefit to the credit union.
  • Loan repayments are made from your Child Benefit payments. Loan repayments and savings (see below) are taken from the payments into this account.
  • You cannot access this account directly, but if, after taking the loan repayments and savings, there is anything left over, you can withdraw this in the usual way.
  • They are not instant loans as there is a qualifying period required to ensure you can afford the repayments.
  • Depending on the number of dependent children you have you can borrow a maximum of £700 for between 26 and 39 weeks. See the tables above for further details.
  • You can make payments either weekly or 4-weekly.
  • You can top up a loan ONCE provided you have reduced the loan balance to £100 for 1 child, £200 for 2 children or £300 for 3 or more children.
  • We will take into account your previous payment history.
  • When filling in the form, it’s important you are truthful. Any discrepancies found will necessarily affect whether you will be granted a loan.


  • Open to both new and existing members
  • Highly competitive interest rate
  • Must be over 18 years old
  • No arrangement fee
  • No penalty for early settlement
  • Overpayments welcome
  • Weekly or 4-weekly repayments
  • Covered by Life Insurance, subject to Terms and Conditions
  • We will normally process loan applications within 5 working days (allow 10 working days in run-up to Christmas), however larger loans may take longer.

Loan Advance Payment

We can pay your loan advance by Faster Payments Transfer to your Bank Account or by transfer to your City of Plymouth Credit Union Savings Account. You can then use your Savings Account to top up your prepaid Visa Debit Card if you have one.

Apply for Loan

The application process for a Family Budgeting Loan is as follows:

  • Fill in a short Preliminary Application Form by clicking on the button below, printing the form and completing it. Send it to us by post or drop it in to a Service Point. If you cannot print out the form, you can always get one from a Service Point.
  • One of our team will contact you to set up an appointment for a telephone interview. The interview itself takes between 15 and 30 minutes, during which we will be able to advise you if you qualify for a loan and how much you can apply for given your circumstances.
  • If successful, we will send you a full Loan Application form pre-filled with the information we have gathered to date by post. You will be required to complete the bits that are missing. You will then need to post it to us or drop it in to a Service Point.

Please don’t send forms as an email attachment as we need original signatures and, as email is an insecure communication medium and many of the forms contain sensitive information, could lead to data protection issues.

Family Budgeting Loan Terms and Conditions