Family Loans

Helping families to make the most of their money

Our ‘Family Loan’ product allows all families/individuals in receipt of child benefit to have a loan of up to £500 from the Credit Union without having a credit check – this will be conditional upon an affordability check and child benefit being paid directly from the DWP to the Credit Union.

Our loans are by far the most competitive in the market, see how a £400 loan compares with other lenders:


Lender Pay Weekly Weeks Total Payable APR (rep) Life Insurance? Save-as-you-borrow?
NEFirst Credit Union £11.49 40 £459.27 42.6% Yes yes
Provident £14 52 £728 272.2% no no
Morses Club £20 34 £680 466.37% no no

Calculate your loan

  • Borrow up to £500
  • Fixed interest rate – 3% per month on reducing balance (42.6% APR)
  • Repayments come straight from your Child Benefit
  • Save as you repay your loan with instant access to savings
  • No hidden fees, charges or repayment penalties
  • Free Members’ Death Benefit Scheme (terms and conditions apply)
Total Repayment:
Monthly Repayment:
Total Interest:
Representative APR:

You must already be a member to apply. Please contact us or visit Become a member for more details.

How to apply for

a family loan?

Appy online to become a member of the credit union.
Once you have received your membership number you will need to register on the members Hub. Scan QR code below and chose the option depending on your mobile or tablet.



On the members hub you apply for the loan by choosing and completing the Family Loan application.



Once you have completed the loan application you will need email [email protected]  a recent full month’s bank statement as a pdf. We will use your bank statement to assess if the loan repayments are affordable.



Next you will be emailed a declaration form to complete this will provide us with the authority to secure your child benefit against the repayment of the loan. You will then need to contact and redirect your payments to the bank details, which you will find in the “Family Loan” FAQ’s



Once we’ve received your first Child benefit payment your loan will be processed and paid by BACS to your nominated bank account which can take 3 working days to clear.


What is a Family Loan and how does it operate?

Our ‘Family Loans’ allow all families/individuals in receipt of child benefit to have a loan of up to £500 from the Credit Union. This will be conditional upon child benefit being paid directly into your account with the Credit Union.

How to I change the details to have child benefit paid tothe credit union?

Your child benefit payment may be paid by Electronic Funds Transfer (EFT) directly into credit union account. You can do this online at The Bank Account Details for the NEFirst Credit Union are:

Sort Code 60.83.01 Account no. 20331856

Who can apply for a Family Loan?

Anyone who lives or works in County Durham, Gateshead, Sunderland, Northumberland and North and South Tyneside and receives Child Benefit can join NEFirst Credit Union and apply for a Family Loan.

What happens to my Child Benefit when it arrives at the Credit Union?

The whole of your child benefit will be paid to your account with NEFirst Credit Union. Part of it will be used to make your loan repayment. You decide what happens to the ‘surplus’ amount. It can be left in your savings account, withdrawn or split between savings and withdrawal If you chose to have some of your Child Benefit paid back to you.

My Family Loan has been approved how long will the funds take to be deposited into my account?

If your loan application is approved, you will sign the loan agreement – As long as the agreement is signed before 14:00 Monday – Friday your funds will be in your account by the end of that working day. If the document is signed after 14:00 it will be the next working day (please note we do not operate during weekends). This is only once we are in receipt of your first child benefit payment.

Can I apply for more than £500 or have more than one Family Loan?

Your Family Loan balance can never be more than £500 and you can only have one loan at a time.

Can I “Top Up” a Family Loan?

You can Top Up your Family Loan when 12 weeks have elapsed from your last loan or top up. You can track the balance of your Family loan on the members Hub.

Can I get a standard loan with the Credit Union?

Once you have fully repaid your Family loan, you will be eligible to apply for a regular NEFirst Credit Union loan. The amount you can borrow will depend primarily on your affordability, this loan application will also be subject to a credit check.

How do I apply for a Family Loan Top Up?

You can make a Top Up application by completing the family loan form located on the members hub and submitting a recent full month’s bank statemente. We will process the top up and email you a new Loan Agreement which you can sign electronically.

How can I access my savings?

Your savings with the credit union are covered by the Financial Services Compensation Scheme (FSCS), so your money is just as safe as it is in a bank or a building society.  If you want to withdraw some of your savings, you can arrange this yourself by share withdrawal.

If I have requested a withdrawal when can I expect the funds to be available?

Request your withdrawal before 14.00 and we will always try our best to get your request completed on the same day or next working day.

Can I pay my loan back early? Are there any fees for this?

Members can clear the balance of a loan at any time and we do not charge any early settlement fees for this.