Use Your Child Benefit to Build Savings and Access Loans
Our Child Benefit Savings and Loan Plan allows those receiving child benefit to use their payments to borrow from £300. With flexible repayments from just £10 per week, this loan offers an affordable way to manage your expenses. Please Note: We run Affordability & Credit Checks for all our Loan Applications.
This flexible plan helps manage family finances by combining your loan repayments with savings, offering an easy way to access funds whilst saving for the future.
For Our Community
Our credit union Child Benefit Loan is for those living, working, studying or volunteering in Norfolk, Suffolk, Cambridgeshire, or North and Central Essex.
No Set Up or Early Repayment Fees
Our loan products, including the Child Benefit Loan, have no hidden fees and you can pay off your loan early without penalty. You are also welcome to make additional payments if and when it suits you. Doing this reduces the interest you pay too.
Clear Rates, Always
As an ethical credit union we work with honesty and trust. This means we prioritise transparency by clearly disclosing our loan rates at all times.
Quick Decisions
Once you become a member of ESLCU, you can apply for a Child Benefit Loan. Our loan decisions are typically made within 3-4 working days, and you can check on the status of your Child Benefit Loan application at any time through the Members Area. Please Note: We run both Credit & Affordability checks on all our Loan Applications.
Flexible Repayments & Top Up Opportunities
Pay back your credit union Child Benefit Loan in a way that suits you; we offer 4 weekly repayment options. You can also apply to top up your Child Benefit Loan when you have paid half of the original loan back.
Fill in the membership form on our website. Please note, there is a recurring membership fee of £1 every 4 weeks for all of our accounts.
Pay £5 using PayPal or GoCardless (you’ll see the payment page after submitting the form).
Once approved, you’ll get an email with your membership number, account details, and information about us.
Once you join, you can apply for a loan in the Members Area. Loan decisions are typically made within 3-4 working days
Use our loan calculator to estimate your weekly repayments based on the loan amount. It’s an easy way to plan your finances and make informed decisions before applying for your Child Benefit Loan. Start calculating today and see how much you could borrow!
UK citizens who live or work in North Essex, Norfolk, Suffolk, or Cambridgeshire, or work for Payroll Partners such as NSFT or East of England Coop, and receive Child Benefit can join ESLCU and apply for the Child Benefit Loan.
Yes we do. A member of our loans team looks carefully at each application, and considers each one on a case-by-case basis. This means that we can consider small credit union loans for people who have had historic credit issues in some instances.
Once your Child Benefit Loan is approved, you will need to sign the digital Loan Agreement. Funds will be released the same day the first Child Benefit payment is received and the signed agreement is returned. You can contact the Child Benefit Centre on 0300 200 3100 to have your payments directed to your Credit Union account.
Your full Child Benefit is paid into your Credit Union account. We take the loan repayment, and then the remaining money is available to withdraw. Or, if you want to save some or all of the remaining money, you can ask for a withdrawal via the online banking section in the Members Area or talking to our team via telephone (03336 000690) when you want to take out your savings. All transfers are processed within 2 working hours. All money with us is protected by the Financial Services Compensation Scheme (FSCS).
You can top up your Child Benefit loan once you’ve made half of the repayments. To track your loan balance, log into the Membership Area or call ESLCU at 03336 000690. When applying for a loan top-up, be sure to select “Standard Loan.”
Once you’ve repaid half of your Child Benefit Loan, you can apply for a top-up loan. The loan amount will depend on your income, expenditure, and passing a credit check. You can continue repaying the top-up loan using your Child Benefit.
If you have recently completed a Debt Relief Order (DRO), Individual Voluntary Arrangement (IVA), or Bankruptcy, it’s unlikely that you will be considered for a loan. However, you can still open an account with us and use it as a “rainy-day” fund.
You can transfer funds to your bank account by calling our team on 03336 000690 or using the Members Area. Most transfers are processed within 2 hours.
Yes! You can make one-off or regular additional payments, or pay off your loan early without any extra charges. Interest is calculated on the reducing balance, meaning the more you repay, the less interest you’ll pay. This gives you flexibility to manage your loan in a way that suits you.
Experience Financial Freedom with Our Trusted Credit Union Services
