About our

Family Saver loans

Our Family Saver Loan is repaid using your Child Benefit payments, and at the same time, you will start building a savings pot. It is there to help you pay for school uniforms, furniture for children’s rooms and any other needs your family may have.

When your Child Benefit is paid into your Wave Community Bank account, your loan repayment and savings element will be deducted and the remaining funds will be transferred into your Share 2.

How the Family Saver Loans work

Family Saver Loans are repaid using your child benefit payments. The entire child benefit is then directly to Wave Community Bank and when the loan repayments have been taken the rest of the payments will be deposited into your savings account.

You can download this guide to explain how the Family Saver Loans works.

Repaying your Loan

You will need to change your child benefit payments with HMRC so they are paid to Wave Community Bank. Instructions for how to do this are on the following page.
The entire child benefit payment will be paid to us and after we have taken the loan repayment and savings element as detailed in your credit agreement, any remaining child benefit will be paid into your Share 2 account that you can withdraw at any time.

Here’s some instructions on how to change your bank details for Child Benefits. You can also download as a PDF here.

Representative Example

Representative example: Borrowing £700 over 12 months will cost £70/month. Total amount repayable is £844 with includes interest at 42.65% APR. The figures given above are for illustrative purposes only and may not be the APR you receive. The actual interest rates and repayment amounts may vary subject to loan amount and status.

Loan repayments based on a £700 loan with child benefit for one child:

Your savings will total £260 at the end of the loan (based on 4 weekly payments) and your savings will be held in your Share 1 account as collateral against the loan. When your loan balance is lower than the savings balance, you can access the difference from your savings account.

If you receive Child Benefit for more than one child, the balance of your Child Benefit will be placed in your Share 2 account which you can access at any time. You can transfer this money into your bank account easily using our online banking facility.

Terms & Conditions

Loan Value: £1500 maximum.

Maximum Loan Term: 52 weeks for first loan and 80 weeks for top-ups.

Top-ups: A Family Saver Loan can be topped up to a maximum of £1500 net. Minimum value of top-up loan is £300

You will need to arrange for your Child Benefit payments to be paid directly to Wave Community Bank.

We will need proof of your income including any wages, self-employment income and benefits. Each loan application is assessed on an individual basis and takes into consideration a variety of factors including the affordability of the loan, previous savings and borrowing patterns with Wave Community Bank, credit history and so on. We will carry out a credit check as part of the loan application process.

PLEASE NOTE: Your credit score will be adversely affected if you are late or fail to keep up with payments on a loan.