If you need some extra financial support for your family then the Family Saver Loan provides a simple and practical way to borrow money and save at the same time using your Child Benefit payments. Here’s a step-by-step guide on how it works:
1. Apply for the Family Saver Loan
Start by applying for the loan through Wave Community Bank. The process is straightforward, and we’re here to guide you every step of the way. You’ll need to provide some basic information about your finances.
2. Receive Your Loan Offer
If your loan application is approved, we will make you a loan offer. If we cannot offer you the full amount for the loan, we will offer a smaller amount if we can. You will need to accept the loan offer and agree to have your Child Benefit payments directed to your Wave Community Bank account.,
3. Set Up Your Repayments and Receive Your Loan
You will need to contact the DWP and arrange for your child benefit payments to be paid to us. When we have received the first payment we will issue your loan to you.
When your Child Benefit is paid into your Wave Community Bank account:
- Loan Repayment: A portion of the payment will automatically go towards repaying your loan.
- Savings Contribution: Another portion will go into your Share 1 account to help you build savings.
- Remaining Funds: The balance of your Child Benefit will be transferred to your Share 2 account, which you can access anytime.
4. Monitor Your Savings
Your savings in the Share 1 account are locked as collateral for the loan. ,Once your loan balance is lower than your savings balance, you can withdraw the excess funds from your savings.
5. Access Your Funds
Need to access the balance in your Share 2 account? You can easily transfer it to your bank account using the mobile banking app
Serving Members
Wave Community Bank serves members across East Sussex, Brighton & Hove, Kent, Medway, and the London Borough of Bexley, as well as members of Unite the Union in the South East Region. Our mission is to provide ethical and accessible financial services that support the needs of all our members, fostering financial wellbeing and empowering communities to thrive. We are especially committed to supporting families through initiatives like our Family Saver Loan, which not only provides affordable borrowing but also helps turn borrowers into savers by building a savings pot alongside loan repayments.
