Why choose a Child Benefit Loan?
- Affordable loans, capped at 42.6% APR
- Delivered by local and ethical credit unions
- No hidden fees or early repayment charges
- Simple and quick online application
- Build savings whilst you borrow
Compare just how much you could save
Child Benefit Loans make lending fairer and much more affordable - saving you hundreds of pounds compared to online or doorstep lenders.
|Borrowing £400 over 26 weeks|
|Amount of interest||£39||£224||£357||£365|
Price quotes taken from company websites on 22 April 2021. For exact quotes please refer to the company websites.
Agree to your child benefit being paid directly from HMRC to the credit union and commit to saving a minimum of £2.50 a week (or £10 a month), which can be withdrawn once your loan is repaid.
Apply for a loan by completing our short application form. If approved, we will send you a copy of the loan agreement and HMRC notification letter to sign and return to us.
We will then contact HMRC to get your child benefit payments redirected. Your loan funds will only be sent to your nominated bank account when the first payment is received by the credit union.
Loan repayments and regular saving contributions will be taken automatically each time your child benefit comes in. The remainder is yours to withdraw or add to your savings.