Family Loan

Simple family finance with easy-to-manage repayments made directly from your Child Benefit.

All Loans are subject to our Lending Policy and Terms & Conditions.


£1.5 MILLION In Family Loans Approved Last Year!

Your Child Benefit can serve as a convenient way to repay your loan and build savings.

Here's how it works: If your loan application is approved, we'll ask you to redirect your Child Benefit payments to your Boom Community Bank account through the Government Gateway.
From there, we'll take care of the rest. We'll deduct your loan repayments from your Child Benefit, ensuring everything stays on track. Plus, we'll set aside a small amount into a savings account each time, helping you build a nest egg for your family's future.

Apply today and discover how easy and convenient it is to borrow and save with Child Benefit.

About Borrowing

Good to know

We will assess your circumstances and ensure that loan repayments are affordable.

We will consider all options and make our best offer based on your circumstances.

Our easy application process keeps you up to date at all times.

We're not-for-profit. We reinvest any surplus or pay it to our members as dividends.

We're authorised and regulated by the Bank of England, and deposits are FSCS-protected.

Save as you repay your loan, and build your nest egg for the future.

Consolidate your existing borrowings for one manageable monthly payment.

Borrow for any purpose, from essentials to treats.

Check the cost

Loan calculator

Maximum Loan Amount :
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.

Representative example

Honest pricing

Loan amount


Weekly savings contribution


Loan term

141 weeks

Total interest


Weekly repayment


Amount repayable


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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.
Apply now

Find out more

Frequently asked questions

What is Child benefit?

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:

Who can claim Child Benefit?

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:

How does a Family Loan work?

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.

Is a Family Loan right for me?

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.

Do I have to become a member before I apply?

Just go ahead and apply; you don’t need to join first. We’ll register your free membership along the way.

How quickly can I get a loan?

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.

How can a Family Loan be used?

Family Loans from Boom can be used for any purpose, whether you need a new appliance, a family car, or a summer holiday!

Can I speak with you before I apply?

We’re here to help, and there are several ways you can reach us. Visit our Contact Centre for all the details.

What is Open Banking?

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, 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 is registered with and regulated by the Financial Conduct Authority to act as an Account Information Service Provider.

How do I redirect my Child Benefit to Boom Community Bank?

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: