You can borrow either a £500 or £750 child benefit loan that is repayable over 50 weeks. More details are below:
The £500 child benefit loan:
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).
The £750 child benefit loan:
If you have two or more children, you can apply for a £750* Child Benefit Loan,
Repayment of £18 a week or £72 a month plus savings.
You will save £8 a week or £36 a month.
£32.60 to go to the main savings account for withdrawal if monthly, or £8.15.
How to apply
Complete the online 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.
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.
We are now offering our members a top-up of £250 after three months and a second top-up of £250 after a further three months on their loans. After the second top-up, they will need to then wait to clear the loan and can then start the process again.
How do I top up my loan?
Which loan does it apply to?
This only applies to your Child Benefit Loan if you borrow £500.