Child Benefit Loan
Get a £500 loan and pay it back via child benefit.
A child benefit loan is a short-term, unsecured loan designed specifically for parents or carers who receive Child Benefit payments and other government benefits.
What Is a Child Benefit Loan?
A child benefit loan lets you borrow against benefits like child benefit payments to quickly fund essentials such as childcare, education, or household needs, so you can give your child the best possible support.
A loan of £500 paid back over 12 months would mean a monthly repayment of £16.40 per week, and you’ll pay back £602.82
Acceptable Benefits:
Child benefit
Child tax credit
Working tax credits
PIP or DLA
Carers allowance
Pension or Pension credit
ESA
Income support
Universal Credit
Applying For a child benefit loan is easy
A child benefit loan is a short-term, unsecured loan designed specifically for parents or carers who receive Child Benefit payments.
Whether you need extra cash for unexpected childcare costs or school expenses, a child benefit loan can bridge short-term financial gaps.
To qualify for a child benefit loan, you must be at least 18 years old, a UK resident and currently receiving Child Benefit or other acceptable benefits. Applying for a child benefit loan is straightforward.
You borrow. You save.
It’s what we’re known for.
We want to help you build and improve your financial well-being even when you borrow.
With every single loan repayment you make, you’ll be saving a little bit as well into your personal cashback savings account.
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The first loan is normally £500. Once we get to know you, you could borrow up to £2,500.
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Child benefit
Child tax credits
Working tax credits
PIP or DLA
Carers allowance
Single universal credit
Pension or Pension credit
ESA
Income support
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Yes. You need to have a least one benefit paid into an account with us to make your regular loan repayments.
Most people choose child benefit, but we accept almost any benefit.
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That’s OK. We’ll take your loan repayment and send the difference back to your normal bank account the same day. Or, you can save the difference.
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We want to help people build their savings.
With every loan repayment you make, we put a little extra aside from your loan payment into a cashback savings account. You can access your cashback when your loan is cleared.
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We will allocate your loan once we have received your first benefit into your account with us.
Here are the basics: Min Loan: £500 | Pay from your child benefit | Loan Term: 6 to 12 Month | Repayments equal £16.40 per week
You must have your Child Benefit or another acceptable benefit paid into a Wessex Community Bank account.
This is used to make your regular loan repayments.
If your Child Benefits or other benefit are greater than the loan repayments, we’ll send it back to your normal bank account the same day, or you can save it with us for a rainy day.