An affordable alternative to payday loans for families receiving Child Benefit.
- Borrow up to £500 or £750 (APR: 42.6%) if Child Benefit payments are deposited directly into your credit union account.
- Save as You Repay – each loan repayment includes a small savings amount, helping you to grow your family savings.
- Loan is repayable over 50 weeks for parents receiving weekly Child Benefit payments, or 52 weeks for those receiving payments every four weeks.
- Members who have successfully repaid two or more previous loans may apply for a £1,000 Child Benefit Loan (APR 26.8%), provided they hold a minimum of £100 in savings with us.
- Flexibility to apply for multiple top-ups to your loan or a revolving credit scheme, up to the value of your original credit limit and subject to eligibility.
- Once the loan has been fully repaid, members may choose to withdraw all or part of their Child Benefit savings, continue saving, or apply for a new loan.
Example: £750.00 borrowed over 50 weeks at 42.6% APR. Weekly repayments £18, total interest payable: £137.92, total repayment amount £887.92.
Please note: This is an illustrative example. The rate you’re offered depends on the loan term and the amount chosen, as well as your individual circumstances.
Warning: Late repayment can cause you serious money problems. For help, go to www.moneyhelper.org.uk
Example Repayments and Child Benefit savings
£250 Top Up Loans
Members may apply for up to three top-ups on their original loan, with three months between each top-up. After the third top-up has been granted, members will be required to repay the outstanding balance in full before becoming eligible to apply for a new loan.
How do I top up my loan?
Once three months have passed since your last loan, you can apply for the £250 top-up by applying here, or directly through our app.
Revolving Credit Scheme
You can apply for a designated credit limit and the flexibility to apply for multiple top-ups, up to the value of your original credit limit. Please find further details below.
• New members will be subject to a credit check as part of the application process.
• Existing members should contact the Thamesbank office to enquire about their eligibility.
• Eligible members will initially be granted a £750 credit limit.
• Once you have repaid at least £100, you can top up again anytime, up to the £750 limit.
• Members are required to save regularly while repaying their loan. Please refer to the Repayments and Child Benefit Savings Table above for further details.
• After six months of continuous repayments, members may apply for an increase in their credit limit to £1,000, subject to a credit check.
Important information
Members must choose either the £250 Top-Up Scheme or the Revolving Credit Scheme — participation in both schemes simultaneously is not permitted.
If a member wishes to transfer from one scheme to the other, any outstanding loan balance must first be repaid in full.
For further information or guidance, please contact the Thamesbank office.
Please note:
- The interest rate you’re offered depends on the loan term and the amount chosen, as well as your individual circumstances.
- Loans subject to eligibility, credit checks and our Terms and Conditions.
How to apply
- Complete the online Child Benefit Savings and Loan application form. When completing the application form, please select “CHB Loan” under Loan Purpose. This will indicate that you are applying for the Child Benefit Loan.
- After submitting your application, please email the Credit Union to confirm the amount of Child Benefit you receive and how frequently you receive it. Please also confirm which scheme you are applying for.
- Your application will be reviewed, and you will be notified of the decision by email. Please note: a credit check will be conducted as part of this process.
- If your application is approved, you will receive an email containing your loan agreement along with our bank details so that you can arrange to have your Child Benefit payments redirected to your Credit Union account.
- Once we have received both the signed loan agreement and the first Child Benefit payment, your loan will be processed and released to your nominated bank account within two working days.
Please note that payments are not visible to us on the same working day; they are recorded the following working day. - Please note the loan cannot be disbursed until the first Child Benefit payment has been received by the Credit Union.