Child Benefits Savings & Loan Plan

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.

The plan

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

 £435.00

2 Children – £34.40 per week

 £1120.00

3 Children – £48.10 per week

 £1805.00

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.

Call us on: 03030 300 147

Email: enquiries@swancreditunion.org.uk

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Swan Credit Union Ltd. Our registered address is Foundation House, Aylesbury St, Wolverton, Milton Keynes, MK12 5HX.
We are authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and PRA (Company no. 417717)