Borrow £500* over 50 weeks
£12.00 – loan repayment
£8.70 – savings
After 50 weeks you will have cleared your outstanding loan balance and will have saved £435 (based on £500 loan over 50 weeks)
Download and complete the Child Benefit Savings And Loan Application Form.
Attach proof of ID and proof of address and send it to Hertsavers 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.
Child Benefit loans can be renewed after a minimum of 5 months.
If you have more than one child you will need to request an Engage Pre-Paid debit card to have the remaining CHB balance to be transferred to the card.
*At a 42.6 % APR compared to a doorstep lender at 399.7 % APR.