Child Benefit Savings & Loan Plan
To be eligible for this loan offer you must open a savings account with us, agree a savings and loan repayment plan, and have your Child Benefit paid directly to Swan Credit Union. You can apply for a loan immediately and your funds will be available for withdrawal within 5 working days once your first benefit payment has been received.
Borrow between £250.00 and £500.00 and repay it over up to 50 weeks. Repay £12.00 per week and save the rest. Once your loan is cleared then you can withdraw all or some of your savings, continue to save or start a new savings and loan plan.
Savings after your loan is paid (based on £500 loan over 50 weeks)
|1 Child – £20.70 per week||
|2 Children – £34.40 per week||
|3 Children – £48.10 per week||
At a 42.6 % APR compared to a doorstep lender at 399.7 % APR.
How to Apply
Step 1: Download and complete the Child Benefit Savings And Loan Plan Application Form.
Step 2: Attach proof of ID and proof of address and send it to Swan Credit Union.
Step 3: Contact the Child Benefit office and redirect your payments to the bank details, which you will find in the Child Benefit Savings And Loan Plan Application Form.
Step 4: Make sure you let us know your 8 digit Child benefit reference number. This will be on the notification letter or other papers you have from the Child Benefit Office.
Step 5: 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 up to 5 working days to clear.
*Child Benefit loans can be renewed after a minimum of 5 months.