Why choose a credit union loan?
- Borrow up for £600 for any purpose
- All employment statuses welcome
- Fair 42.6% APR, with no hidden fees or early repayment charges
- Apply online in 15 minutes
- Build savings and good credit as you repay
The affordable alternative to doorstep and payday loans
Child Benefit Loans make lending fairer and much more affordable — saving you hundreds of pounds compared to online or doorstep lenders.
Comparison: £400 borrowed over 6 months
| Lender comparison |  |
 |
 |
 |
|---|---|---|---|---|
| Representative APR | 42.6% | 96.2% | 1,299.6% | 1,333% |
| Cost of Loan | £39 | £119 | £395 | £373 |
| Total Repayable | £439 | £519 | £795 | £773 |
Information taken from loan provider websites on 15 December 2023, and may change. Rounded to nearest £ GBP.
How our loans work
Frequently Asked QuestionsAgree to save
Agree to your child benefit being paid directly from HMRC to the credit union and commit to saving a minimum of £10 a month, which you can withdraw once your loan is repaid.
Easy online application
Apply for a loan by completing our application form. If approved, we will send you a copy of the loan agreement and show you how to contact HMRC to change where your child benefit is paid.
Setting things up
You'll need to call HMRC to get your child benefit payments redirected into your new account. As soon as we see your first payment from HMRC arrive, we will pay your loan funds in.
Save as you repay
Each time your child benefit comes in, we will automatically take loan repayments and regular saving contributions. The remainder is yours to withdraw or add to your savings.