All parents can now apply for a £500 loan straightaway if Child Benefit payments are made into your credit union account. Borrow £500 and repay it over up to 50 weeks. Repay £12 per week and save the rest. Once your loan is cleared then you can withdraw all or some of your savings, continue to save or start a new savings and loan plan.
Savings after your loan is paid (based on £500 loan over 50 weeks)
1 Child – £20.70 per week = £435.00
2 Children -£34.40 per week = £1120.00
3 Children – £48.10 per week = £1805.00
At a 42.6 % APR compared to a doorstep lender at 399.7 % APR.
Download and complete the Child Benefit Savings And Loan Application Form.
Attach proof of ID and proof of address and send it to M for Money Credit Union.
Contact the Child Benefit office and redirect your payments to the bank details, which you will find in the Child Benefit Savings And Loan Application Form.
Make sure you let us know your 10 digit Child benefit reference number. This will be on the notification letter or other papers you have from the Child Benefit Office.
Once we’ve received your 1st Child benefit payment, your loan will be processed and paid by BACS to your nominated bank account which can take 3-5 working days to clear.