Child Benefit Loans

Parents with one child can now apply for a £500 loan, while parents with two or more children can apply for up to £1,000 straightaway, providing child benefit payments are made into your credit union account.

If your Child Benefit is greater than your loan repayments you can either save the remainder in a separate savings account that you can withdraw or have it automatically transferred onto a pre-paid debit card each week.

Loans are repaid over 50 weeks or 13 X 4 weekly periods
Funds will be transferred to your nominated bank account only upon receipt of a completed loan agreement and your 1st child benefit payment has reached your credit union account

Calculate:

Amount to borrow: £0

Repay over: 0

Representative Example:

Monthly Repayment	Text
APR Representative	Text
Total Repayment	Text

For the first child £500 is the maximum you can borrow.

All members that are in receipt of Child Benefit can apply.

Download and complete the Child Benefit Savings And Loan Application Form.

If you are not already a member, then apply to join with proof of ID and proof of address and send it to Oxfordshire 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 in 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.

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