Yes, you can borrow from £300 for Christmas, 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. If you are looking for a loan, and live in North Essex, Norfolk, Suffolk or Cambridgeshire, you can apply now. Please see the full list of all the Essex Post Codes we cover.
You do not need online access to apply for a loan, but you do need to be a member of Eastern Savings and Loans Credit Union.
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.
* 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:
- 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. Click here to join today. Join Our Credit Union
We are unable to offer loans to anyone who is currently Bankrupt, in a DRO, IVA or Debt Management Plan.
- Apply Online
Please click on the link to complete a Child Benefit Loan application. Apply for a loan
Please ensure you complete the Income and Expenditure form, as we need to ensure the repayments are affordable based on your current financial situation.
- 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.
- 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!
- 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.
Child Benefit Savings & Loan Plan FAQs
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