Simple family finance with easy-to-manage repayments made directly from your Child Benefit.
HOW IT WORKS
Tried and tested
Our Family Loans are repaid by redirecting your Child Benefit to your Boom Community Bank account. If we approve your loan, we will ask you to log in to the Government Gateway and instruct the Department of Work and Pensions (DWP) to send future Child Benefit payments to us.
From your Child Benefit, we will deduct your loan repayment and lodge a small amount into locked savings that you can't access while your loan is active. If there is a surplus Child Benefit after these deductions, it will accumulate in a savings account until you withdraw it.
Apply today and join hundreds of local families borrowing and saving with Child Benefit.
Good to know
Check the cost
Maximum Loan Term :
Family Loan representative 31.3% APR. The rates displayed on this page are for illustrative purposes. Our offer depends on the applicant's financial circumstances and loan amount and may differ from the Representative APR. Loans are subject to status, affordability checks and terms and conditions. Boom Community Bank implements a mandatory concurrent savings policy for borrowers. The savings requirement will add 10% to 20% to the loan repayment amount. Applicants should consider this when calculating affordability.
Weekly savings contribution
How it works
Loan application process
Work out how much you want to borrow
Use the loan calculator to see what the repayments are likely to be.
Apply for your loan
Our online application is quick and easy to complete.
Our loan offer
Our loan offer is subject to affordability and credit checks.
The Credit Agreement
Sign the agreement online and upload you ID and other documents we ask for.
What to expect
When you apply
- We will check your eligibility to apply.
- We will ask you to enrol in Open Banking, allowing us secure access to your bank statements.
- You will be kept fully informed via text messages and emails.
- We will ask you to supply specific documents, including a valid photo ID, to pay out an approved loan.
Find out more
Frequently asked questions
Child benefit or children's allowance is a social security payment distributed to the parents or guardians of children, teenagers and, in some cases, young adults. An allowance is paid for each child - you'll usually get it every four weeks. Please visit the Government website for the current Child Benefit allowances: https://www.gov.uk/child-benefit/what-youll-get
You usually qualify for Child Benefit if you're responsible for a child under 16 and you live in the UK. You may be responsible for a child if either:
- you live with them
- you're paying at least the same amount as Child Benefit (or the equivalent in kind) towards looking after them - for example, on food, clothes or pocket money
Please visit the Government web pages for further information about eligibility: https://www.gov.uk/child-benefit/eligibility
To apply for a Family Loan, simply complete an online application. We'll review your application, and if approved, you will need to contact the DWP to transfer your entire Child Benefit to Boom Community Bank each month. When Boom receives your Child Benefit payment from the DWP, a portion of it will be used for loan repayment, and an amount will be lodged as savings which you can only withdraw when the loan is fully repaid. If there is a surplus of Child Benefit after those deductions are made, it will be kept in your Boom account, which you can withdraw using online banking as and when you need it.
Repaying a loan with Child Benefit is convenient and can make family finances more straightforward to manage. If you’re not sure about this option, answer a few questions to be taken to a more suitable loan.
Just go ahead and apply; you don’t need to join first. We’ll register your free membership along the way.
We aim to respond within one working day. It may take a little longer if we need additional information, in which case we will contact you.
Family Loans from Boom can be used for any purpose, whether you need a new appliance, a family car, or a summer holiday!
We’re here to help, and there are several ways you can reach us. Visit our Contact Centre for all the details.
We may need to look over your bank statements to complete a full assessment of your loan application. The quickest and easiest way to submit your bank statements is through Open Banking via our trusted partner, Consents.online. Open Banking gives us secure read-only access to view your account statements.
With this information, we will:
- Verify your income
- Carry out an affordable credit assessment
- Be able to make a responsible lending decision
Consents.online is registered with and regulated by the Financial Conduct Authority to act as an Account Information Service Provider.
If we approve your Family Loan application, we'll let you know when you should redirect your Child Benefit to Boom and how to do it. It would be best if you did this using the Government Gateway so that you can take screenshots of the process and send them to us as proof it has been done. If you haven't got access to the Government Gateway, you can register anytime in advance by visiting: https://www.gov.uk/log-in-register-hmrc-online-services