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Child Benefit Loan

£500 repaid at £12 per week

What is a Child Benefit Loan?

To apply for this loan you need to join the Credit Union & have your Child Benefit paid in to your credit union account. You can apply the same day as you join & if approved (all loans are subject to an affordability & a credit check), we will send you an email & text message when a loan decision is made. It can take up to 3 days for a loan decision depending on demand. If you have an email address we will email the loan agreement for you to sign. Your loan will be available for withdrawal as soon as your first child benefit payment has been received.


  • Fixed interest rate during your loan
  • Loan paid direct into your bank account
  • Decision in 3-4 working days
  • Build your credit history

£500 Compared to other lenders


Pay Weekly


Total Payable


Life Insurance?

Save as you borrow?
























How does a Child Benefit loan work?

Join the Credit Union and get your Child Benefit paid into your account with us. You can call Child Benefit Centre on 0300 200 3100 to get your Child Benefit paid to your account with us. 

Apply for a loan and once approved, sign the loan agreement. 

£500 transferred to your bank account. 

Your weekly or 4 weekly benefit payment will then be split into 2.
1. Loan repayment
2. Remainder into your share account

You can then ask for the remainder to be transferred into your bank account, Christmas club, or left to save, you choose.

It is easy to apply

You can join us online and apply for the loan the same day, all on our website. If you would prefer to do it on paper, you can also download the Membership application form, and Loan application form. Complete all the details then return it to us. 

You may need to provide proof of your income.

  1. Payslips/proof of benefits for last three months
  2. Bank statements for the last three months
  3. Information on all existing loans, credit cards and other debts.

We may ask you to give us read-only access to your bank statements through our trusted partner Consents.Online, this allows our loan officer to see the past ninety days of your bank statement over a secure connection. Alternatively, you can provide printouts of your bank statements, but this will take a few days longer to process while we wait to receive these.

Note: Loan repayments are still due if you no longer receive child benefit during the term of the loan. Failure to make scheduled loan repayments will lead to arrears action and may affect your credit history.


What is a Child Benefit Loan?

If you receive Child Benefit you could have a loan of up to £500 from us. This is conditional upon child benefit being paid directly into your account with us and passing our affordability and credit checks.

Who can apply for a Child Benefit Loan?

Anyone who lives or works in Norfolk, Suffolk or Cambridgeshire, or work for one of Payroll Partners like Greene King, East Suffolk and North Essex NHS Foundation Trust or East of England Coop. (Full list of Partners) and receives Child Benefit can join ESLCU and apply.

What happens to my Child Benefit when it arrives?

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 you share account or Christmas account or get it transferred to your bank or Change Account every week or 4 weeks. If you choose to have some transferred regularly, we will complete it by 9.30 am and will usually be available by 11am.

My child benefit loan has been approved, how long before the funds are in my account?

If you loan is approved, you will need to sign a loan agreement. We will release the funds the same day we received the first 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 account with us. 

Can I “top up” a child benefit loan?

You can top up your loan when you have paid ½ of your original loan. You can track the balance of your loan by registering for online banking, or calling us on 03336 000690

Can I get a normal loan with you?

Once you have repaid ½ of your original loan, you will be eligible to apply for a starter loan. The amount we lend you will depend on your income and expenditure and passing a credit check.

How do I access the rest of my child benefit if I do not have it regularly transferred?

You can call us on 03336 000690 or register for online banking and request a transfers. All transfers are normally processed within 2 hours.

Can I pay my loan back early? Are there any fees for this?

You can clear the balance of a loan at any time and we do not charge any fee for this.