If you receive Child Benefit and need a more manageable way to borrow, a Family Saver Loan could be a practical solution. It is a type of loan designed to help families cover essential costs while also building savings at the same time.
The Wave Community Bank Family Saver Loan uses your Child Benefit payments to repay your loan automatically. This means you can borrow for family needs, make regular repayments, and grow a savings pot for the future.
What is a Family Saver Loan and how does it work?
A Family Saver Loan is repaid directly from your Child Benefit payments. To use this loan, you arrange for your Child Benefit to be paid into your Wave Community Bank account. Once the payment arrives:
- Your agreed loan repayment is taken
- A small savings amount is set aside in your share 1 account
- The remaining balance is transferred to your share 2 account for you to use or withdraw
This creates a simple system that helps families manage money more effectively. Instead of just repaying debt, you are also building savings every time your Child Benefit is paid.
Why choose a Family Saver Loan?
Many families face regular and unexpected costs throughout the year. A Family Saver Loan can help with important household and family expenses such as:
- School uniforms and supplies – Back-to-school costs can quickly add up. Uniforms, shoes, bags and stationery or tech and tools for college are often expensive.
- Furniture for children’s bedrooms – Beds, desks, storage and wardrobes are essential as children grow.
- Essential household items – Washing machines, cookers, fridges and urgent home repairs are costs many families cannot avoid.
- Unexpected emergencies – Car repairs, childcare issues, urgent bills or other surprise expenses can happen at any time.
How does the savings element work?
One of the biggest benefits of a Family Saver Loan is that it includes a savings feature. As part of your repayments, a portion is placed into savings. These savings are held alongside the loan and can help support better financial habits.
For many people, saving regularly can be difficult when budgets are tight. This loan helps make saving automatic. Small amounts saved consistently can build into a useful financial buffer over time.
Example of a Family Saver Loan repayment
Here is a simple example:
Claire borrows £400 over 52 weeks.
She has two children and receives £44.95 Child Benefit each week.
When the payment is received:
- £9.19 goes towards the loan repayment
- £5.00 goes into savings
- The remaining amount is transferred to her accessible account
This means Claire is repaying her loan, building savings, and still receiving the rest of her Child Benefit payment.
Who can apply for a Family Saver Loan?
Family Saver Loans by Wave Community Bank are available to eligible applicants in receipt of child benefit, aged 18 or over, subject to lending checks, affordability, and our lending policy.
Applications are assessed individually and need to live or work within Brighton & Hove, East Sussex, Kent, Medway and the London Borough of Bexley.
What happens if my circumstances change?
If your income or circumstances change and you are worried about repayments, it is important to contact Wave Community Bank as soon as possible. Early support can often help prevent further financial difficulty.
Is a Family Saver Loan better than high-cost borrowing?
For many families, a Family Saver Loan can be a safer alternative to expensive credit options such as buy now pay later.
It offers:
- Structured repayments
- Automatic savings
- Support from a community lender
- A focus on long-term financial wellbeing
Helping families break the cycle of debt
Many households borrow to solve an immediate problem but then struggle again later because no savings were built. The Family Saver Loan aims to change that. By combining borrowing with saving, it can help families deal with today’s costs while preparing for tomorrow’s surprises.
Need support?
If you would like to know more about applying for a Family Saver Loan then click here – Family Saver Loans
Important information
All loans are subject to status and lending policy. Applicants must be aged 18 or over. Wave Community Bank may decline an application or offer a different loan amount or term.
Please note: Your credit score may be adversely affected if you are late or fail to keep up with repayments on a loan.