Child Benefit Loan from £300 - Repayable from £10 per week
Child Benefit Savings and Loan Plan

Yes, you can borrow from £300, using your Child Benefit to repay!

Our Child Benefit Loan is designed to provide an affordable option for anyone with children, we take into account a range of employment situations, incomes and credit histories.  All loans are subject to a manual decision process, affordability and a credit check.

You can apply for our Child Benefit Loan the same day as you join our Credit Union through our Members Area. If you are looking for a loan, and live in North or Central Essex, Norfolk, Suffolk or Cambridgeshire, you can apply now. Please see the full list of all the Essex Post Codes we cover.

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03336 000690

Representative
Monthly Repayment £00.00 *
Total Repayment £00.00 *
* Representative example.

Borrowing £00.00 over Months will cost £00.00/month. Total amount repayable is £00.00 which includes interest at 42.6% APR.

The figures given above are for illustrative purposes only and may not be the APR you receive. The actual interest rates and repayment amounts may vary subject to loan amount and status.

How to apply for a Child Benefit Loan:

  1. Check you are eligible and are a member

    You must be a UK Citizen, and live or work in North Essex, Norfolk, Suffolk or Cambridgeshire, and have joined our Credit Union.

    We are unable to offer loans to anyone who is currently Bankrupt, in a DRO, IVA or Debt Management Plan.

  2. Apply via the Members Area

    Please sign into the members area to complete a Child Benefit Loan application.
    Please ensure you complete the Income and Expenditure form, as we need to ensure the repayments are affordable based on your current financial situation.

  3. Get your Child Benefit Paid into your Credit Union Account.

    You can call the Child Benefit Centre on 0300 200 3100 to get your Child Benefit paid to your account with us, or you can use their Chatbot function too.

  4. Sign your digital Loan Agreement

    We will email you a digital loan agreement. Please follow the steps on the email to submit your digital signature. Remember to check the bank details on the agreement before signing!

  5. Money Received

    We will need to receive the first Child Benefit payment into your Credit Union account before we will release your loan. The first Child Benefit payment will be credited to your share account with us and if you leave this here you can start saving at the same time as repaying your loan! It’s your choice.


Your Child Benefit Loan will be released the same working day your first Child Benefit payment comes into your Credit Union account. The whole of your Child Benefit will be paid to your Credit Union account, part of it will be used to make your loan repayment, and the rest will be paid into your share account. You decide what happens to the remaining. You can save it in your Credit Union account or a Christmas account, or get it transferred to your bank each week.

Child Benefit Loan FAQs

Any UK citizen who lives or works in North Essex, Norfolk, Suffolk or Cambridgeshire, or works for one of Payroll Partners like NSFT or East of England Coop. (Full list of Partners and North Essex Post Codes) and receives Child Benefit can join us and apply.
The whole of your Child Benefit will be paid to ESLCU. Part of it will be used to make your loan repayment, the remaining will be paid into your “share” account. You decide what happens to the remaining. You can save it in your Credit Union account or some of it in a Christmas account or get it transferred to your bank.
If your Child Benefit Loan is approved, you will need to sign the digital Loan Agreement. We will release the funds the same day we receive the first Child Benefit payment and have the signed Loan Agreement back. You can call the Child Benefit Centre on 0300 200 3100 to get your Child Benefit paid into your Credit Union account. 
You can top up your Child Benefit loan when you have made half of the loan repayments. You can track the balance of your loan by logging into the Membership Area or calling us on 03336 000690 Please select “Standard Loan” when applying to top-up your Child Benefit loan.
Once you have repaid ½ of your Child Benefit loan back, you will be eligible to apply for a top-up loan. The amount we lend you will depend on your income and expenditure and passing a credit check. You can still repay the top-up loan with your Child Benefit.
You can call us on 03336 000690 or use the Members Area to transfer to your bank account. All transfers are normally processed within 2 hours.
You can clear the balance of your Child Benefit loan at any time and we do not charge any fee for this.
It is unlikely that we will lend to someone who is currently in or has recently exited from a Debt Restructuring Order (DRO), Individual Voluntary Arrangement (IVA) or bankruptcy. You can open an account with us and use it as a rainy-day fund.

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Members of ABCUL

Members of ABCUL

Your money is protected up to £85,000

Your money is protected up to £85,000

Authorised and Regulated by the Prudential Regulation Authority

Authorised and Regulated by the Prudential Regulation Authority

Members of ABCUL

Your money is protected up to £85,000

Authorised and Regulated by the Prudential Regulation Authority