Child Benefit Loans

At Boom Community Bank, we understand the challenges families face when it comes to managing their finances. That's why we offer affordable family loans that can be repaid with Child Benefit. Right now, hundreds of local families are repaying Boom loans with Child Benefit.

Child Benefit is a government-provided financial support for families with children. It is meant to help with the costs of raising children and is typically paid to the primary caregiver. By offering loans that can be repaid with Child Benefit payments, we can help families access the financial support they need to cover family expenses and manage their budget.

If you are a parent receiving Child Benefit payments and are interested in taking out a loan, we encourage you to consider a family Loan from Boom Community Bank. We have a reputation for providing personalised service and competitive loan rates. Plus, our loans can be repaid by redirect your Child Benefit payments to your Boom account. It’s hassle free, and can make it easier to manage your finances and stay on track with your loan repayments.

How does it work

To apply for a family loan at Boom Community Bank you will need to complete an application and provide any required documentation. Our team will review your application and, if approved, provide you with a loan agreement outlining the terms and conditions of the loan.

Upon being approved for the loan, we will ask you to reach out to the DWP in order to have the entirety of your child benefit transferred to Boom Community Bank each month. A portion of your Child Benefit will be allocated towards repaying the loan and a little will go into savings. Any remaining funds will be deposited into your membership account and be safely held there until you withdraw it. You also have the option of leaving it to accumulate for Holidays, Christmas or any other future spending.

Things to consider

Before taking out any loan, it is important to carefully read and understand the loan agreement. Make sure you know the interest rate, repayment terms, and any fees associated with the loan. It is also a good idea to set up automatic payments to ensure that you make your loan payments on time and avoid any late fees or negative impact on your credit score.

At Boom Community Bank, we are committed to helping families access affordable financial support. Our family loans repaid with Child Benefit can be a useful option for parents who need additional financial assistance.

Contact us today to learn more and start the application process.