Maximise Your Child Benefit with Flexible Loans and Savings

UK citizens who live or work in North Essex, Norfolk, Suffolk, or Cambridgeshire, or work for Payroll Partners such as NSFT or East of England Coop, and receive Child Benefit can join ESLCU and apply for the Child Benefit Loan. Taking out a loan means making regular repayments. Please make sure the repayments fit comfortably within your budget.

Please Note: The loan will cost more than the amount you borrow. Please use the calculator above to check the total amount repayable before applying.

Loans aren’t a fix for long‑term money worries. If you’re struggling, free and confidential debt advice is available, please see our Financial Wellbeing Area for more information.

Yes we do. A member of our loans team looks carefully at each application, and considers each one on a case-by-case basis. This means that we can consider small credit union loans for people who have had historic credit issues in some instances.

Taking out a loan is a commitment, and it’s important to understand the risks before you apply. Here are the key things to consider:

Repayments must fit your budget. If repayments become difficult, you may fall behind. This can increase the total cost of your loan.

Missing payments can affect your credit score. Late or missed payments will make future borrowing harder and will lead to extra interest.

Your circumstances can change. If your income drops or unexpected costs arise, you may struggle to keep up with repayments. Talking to us early means we can help you find a way forward.

You’ll repay more than you borrow. Every loan has a total amount repayable. Make sure you’re comfortable with the full cost over time, not just the monthly or weekly amount.

Loans aren’t suitable for long‑term money problems. If you’re already struggling financially, borrowing may make things harder. Free, confidential debt advice is available, and we can help you find the right support in our Financial Wellbeing Area.

Once your Child Benefit Loan is approved, you will need to sign the digital Loan Agreement. You’ll repay more than you borrow. Every loan has a total amount repayable. Make sure you’re comfortable with total amount of interest, not just the weekly or 4-weekly amount before you sign. Funds will be released the same day the first Child Benefit payment is received and the signed agreement is returned. You can contact the Child Benefit Centre on 0300 200 3100 to have your payments directed to your Credit Union account.

Your full Child Benefit is paid into your Credit Union account. We take the loan repayment, and then the remaining money is available to withdraw. Or, if you want to save some or all of the remaining money, you can ask for a withdrawal via the online banking section in the Members Area or talking to our team via telephone (03336 000690) when you want to take out your savings. All transfers are processed within 2 working hours. All money with us is protected by the Financial Services Compensation Scheme (FSCS).

You can top up your Child Benefit loan once you’ve made half of the repayments. To track your loan balance, log into the Membership Area or call ESLCU at 03336 000690. When applying for a loan top-up, be sure to select “Standard Loan.”

Once you’ve repaid half of your Child Benefit Loan, you can apply for a top-up loan. The loan amount will depend on your income, expenditure, and passing a credit check. You can continue repaying the top-up loan using your Child Benefit.

If you have recently completed a Debt Relief Order (DRO), Individual Voluntary Arrangement (IVA), or Bankruptcy, it’s unlikely that you will be considered for a loan. However, you can still open an account with us and use it as a “rainy-day” fund.

You can transfer funds to your bank account by calling our team on 03336 000690 or using the Members Area. Most transfers are processed within 2 hours.

Yes! You can make one-off or regular additional payments, or pay off your loan early without any extra charges. Interest is calculated on the reducing balance, meaning the more you repay, the less interest you’ll pay. This gives you flexibility to manage your loan in a way that suits you.