Child Benefit Loan
Apply today and discover how your Child Benefit can serve as a convenient way to repay your loan and build savings.
All Loans are subject to our Lending Policy and Terms & Conditions.
Check The Cost
Loan Calculator
Maximum Loan Term :
Family Loan representative 42.58% 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.
How it works
Step By Step
Step
1
Calculate your loan
Use the loan calculator to make sure you apply for an amount you can afford to repay.
Step
2
Apply for your loan
Complete the loan application form, taking care to ensure that the information you provide is accurate.
Step
3
Redirect your Child Benefit
If we can provide a loan, we'll ask you to log into the Government Gateway and redirect your Child Benefit payments to us.
Step
4
Sit back and relax!
We'll deduct your loan repayments from your Child Benefit, ensuring everything stays on track.
Good To Know
£1.5 MILLION In Family Loans Approved Last Year!
Our Family Loan is made to fit your lifestyle, with repayments deducted from your Child Benefit.
We are committed to offering affordable loans at competitive rates for manageable family finances.
Experience a streamlined application process, with regular updates to keep you informed every step of the way.
Unlock additional benefits! Save while you repay your loan and receive dividends to help your savings grow.
Place your trust in our commitment to your family's well-being. We are fully licensed and regulated.
Experience the convenience of automatic regular savings with every loan repayment, helping you build a financial safety net.
Apply in confidence by choosing a trusted lender with outstanding reviews and customer satisfaction.
Whether you need money for a family holiday, car repairs, or to treat the kids, our Family Loan can help you achieve your goals.
What to expect
When You Apply
- We'll ask some questions to check your eligibility.
- You’ll be invited to sign up for Open Banking so that we can look at your bank statements.
- No photo identification to hand? No problem. Apply today and provide it later.
- We’ll keep you updated every step of the way by text and email.
Frequently Asked Questions
Find Answers
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 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.
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 Community Bank can be used for any purpose, whether that's 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 the details.
If we approve your Family Loan, 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
