All parents can now apply for a loan of £500 * if child benefits are paid into your account. Loans are repayable over 50 weeks for parents who receive their benefits weekly or 13 months for parents who receive their benefits 4 weekly.
Parents who receive benefits for 2 or more children can apply for a loan of £750 *
Members who have repaid two or more loans in full AND receive benefits for 2 or more children can apply for £1000* Family Loan, providing they have £100 in savings in their account.
*Interest on a Family Loan will normally be charged at 3% per month (APR 42.6%)
Once the loan has been repaid, you can withdraw some or all of your savings, continue to save or apply for a new loan
If you wish to apply, you will need the following information ready
Name
Date of Birth
Address
Number of years/months at that address
National Insurance Number
Personal email address
Personal telephone number
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"I borrowed against my child benefit to cover the cost of new school unforms"
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