Family Loan

All you need to know about Child Benefit, Family Loans, How to apply!

How it works

If you receive child benefit, you can qualify for a Family Loan. We will use your child benefit payments to repay the loan.

Family life is full of the unexpected. That’s why, when you arrange to have child benefit paid into a credit union account, you’ll be eligible to borrow up to £1000, just show proof that you receive child benefit.

We understand that raising a family comes with its own set of financial challenges from covering childcare & school expenses to managing unexpected costs or home improvements. Our Family Loans are designed to offer affordable, flexible solutions that fit around your budget. Whether you need a little extra to handle day-to-day expenses, fund a family holiday, or consolidate existing debts, we’re here to help you keep your family’s finances on track with fair rates and manageable repayments.

  • Use the HMRC App to send your child benefit directly to your account with us
  • You can use all or part of your child benefit to repay the loan. It’s up to you.
  • Save-as-you-repay – £3/week or £12/month into your credit union savings – the simple way to save
  • Any leftover child benefit can be saved with us, withdrawn weekly/monthly, or split between savings and withdrawal.
  • Access your savings anytime. Transfer money from your savings account to your bank account through our online banking.

How to apply for a Family Loan

  • Submit a Loan application for a Family Loan
  • One of the DCB staff team will be in touch as soon as possible to confirm whether you have been successful

Our criteria for a Family Loan are simple. To qualify, you must:

  • Be over 18 years old
  • Provide proof of child benefit
  • Have a high street bank account or a DCB account for disbursement of loan
  • Not be bankrupt, under an IVA or DRO

“subject to affordability checks” As a responsible lender we check the loan is affordable for you; any loan shouldn’t put you under financial hardship.

Family Loan –

Loan Calculator

Why choose Derbyshire Community Bank for your family loan?

  1. Easy to apply with same 1-2 day decisions
  2. Loan agreements signed via e-signature – no need to call in or post forms
  3. No hidden charges or fees or early repayment penalties
  4. Repayments to suit you – weekly, fortnightly, four weekly or monthly
  5. Manage your account and loan via our online banking or mobile APP
  6. Open banking to provide us with instant access to your bank statements when applying for a loan