Start with a loan of up to £500.
A straightforward smaller loan if you receive an eligible benefit.
You don’t need to already be a member of Wessex Community Bank. If the loan is affordable, an agreed benefit is paid into your account with us and we use part of it to make the repayments.
Never borrowed from us before? Here’s how it works.
A Starter Loan gives new members who receive benefits a simple way to apply for a small loan and make the repayments directly from an agreed benefit payment.
“I’m on benefits. Can I still apply for a loan?”
Yes. That’s exactly why the Starter Loan exists.
We look at whether the repayment works for you.
Your income doesn’t have to come from a job for us to consider an application. We can consider a range of benefit income and look at your overall circumstances and affordability.
If we approve the loan, an agreed benefit is paid into your Wessex account and we use part of it to make the loan repayment.
What actually happens?
Nothing complicated. Four simple steps.
Your benefit arrives. We take the repayment. The rest stays yours.
Which benefits can be used for a Starter Loan?
We can use a number of different benefits to make the repayments. It doesn’t have to be Child Benefit.
What can a Starter Loan help with?
Maybe something has broken, there’s a family expense you need to deal with, or you simply need a manageable amount of money now. Tell us what you need the loan for. The important part is making sure the borrowing and repayment are sensible for your circumstances.
A few Starter Loan questions
The things people normally ask us.
Do I need to already be a Wessex member?
No. The Starter Loan is specifically available to people who are new to Wessex. Your first Starter Loan can be up to £500, subject to affordability and our lending criteria.
Can I apply if my income is mainly from benefits?
Yes. The Starter Loan is intended for new members whose income is mainly from benefits. We still carry out affordability and lending checks before deciding whether we can lend.
Can I use Universal Credit to repay the loan?
No. Universal Credit can be included as income when we assess affordability, but we don’t use it as the benefit paid directly into Wessex to make Starter Loan repayments.
Why does a benefit need to be paid into Wessex?
Because that is how the repayment is collected. We take the agreed loan repayment when the benefit arrives and then either save the remaining money for you or send it back to your usual bank account.
Is a Starter Loan automatically approved if I receive benefits?
No. We still need to look at your circumstances and make sure the loan is affordable. Receiving an acceptable benefit allows us to consider the application, but it does not guarantee approval.
When will I get the money if my loan is approved?
We wait until the first agreed benefit payment has arrived in your Wessex account before releasing the Starter Loan.
Borrow £500. Finish with £250 saved.
Your Starter Loan doesn’t just help with what you need today. Your weekly payment also builds savings for you as you repay.
How does that work?
Quite simply, your regular payment covers the loan and includes a savings amount at the same time.
Here are the numbers.
Two things you need to know first.
These are part of how a Starter Loan works, so make sure you’re happy with them before filling in the application.
Apply now
Click below to complete your Starter Loan application. It only takes a few minutes.