Save and borrow at the same time
Join Eastern Savings & Loans and apply for a £500 loan immediately
With our Child Benefit Savings & Loan plan, you can save for holidays, Christmas or any of life’s little extras at the same time as repaying your loan. To be eligible for this plan, join the credit union and arrange to pay your Child Benefit into your credit union account.
Our child benefit savings and loans plan gives you access to a lump sum when you need it while saving up your child benefit for a rainy day
How do I save?
If you take out a £500 loan and pay it back over 52 weeks you could save up your child benefits as shown below.
If you have 1 child and your child benefit is £20.70 per week:
If you have 2 children and your child benefit is £34.40 per week:
If you have 3 children and your child benefit is £48.10 per week:
Note: If your child benefit is paid 4 weekly the loan will take 51 weeks to repay and total interest payable will be more.
Join the credit Union either online or via a paper application, and pay £5 joining fee (for security reasons you will need to provide us with some form of ID and evidence of address).
Call the Child Benefit Processing Centre on 0300 200 3100, and tell them you want to pay your benefits to the Credit Union and provide them with our bank details:
Account Name: Eastern Savings and Loans Credit Union Ltd Co-Operative bank
Sort code: 08-92-50
Account number: 50000788
Complete the online or paper loan application (paper applications will need to be handed in to your local collection point or sent in to our head office).
Please provide the requested supporting documents such as bank statements. Please also make sure you write your 10 digit Child Benefit Reference Number on the front of the application form (you will find this on the notification letter or other papers you have from the Child Benefit Office).
When we have received the first payment of the Child Benefit, a Loan Agreement form will be issued to you. Sign it and return it to us. Please let us know how you would like to receive the loan.
If we receive your Loan Agreement by 3pm, we will issue your loan that day. You decide how much of your Child Benefit you would like to put into the Savings Plans, a good savings record improves your prospects for future loans.
If you wish to save later, you can.
(Note: we reserve the right to refuse applications for loans)