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Budgeting Loans
A Budgeting Loan is an interest-free loan, which is designed to help people with one-off regular expenses that can be difficult to budget for when claiming certain state benefits.
The main aim of a Budgeting Loan is to provide you with items, such as essential household furniture or bedding, where, if you did not receive the money, the health and safety of you and your family may be at risk.
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Do I qualify
A Budgeting Loan can only be awarded if you are receiving Income Support, Income-based Job Seekers Allowance, or Pension Credit, and you have been receiving one of these benefits for a period of at least 26 weeks.
You must also be using the loan to pay for one or more of the following expenses:
- Furniture and household equipment
- Clothing and footwear
- Rent in advance or removal expenses for a new home
- Travelling expenses
- Expenses connected with seeking or re-entering employment
- Improving, maintaining or securing your home
- Repaying Hire Purchase (HP) and other debts associated with any of the above items
How much will I receive
The amount of Budgeting Loan that you could expect to receive will depend on your circumstances. However:
The minimum loan amount that you could expect to receive is £30
The maximum loan amount that you could expect to receive is £1,000
If you have any savings of £500 or more (£1,000 if you are aged 60 or over), this could affect the amount of loan that you will be awarded.
How do I claim?
You will need to complete the Budgeting Loans claim form (SF500) in order to make your claim.
You can obtain the budgeting Loans claim form (SF500) by contacting your nearest Jobcentre Plus office.
Alternatively, you can download the claim form from the Department for Work and Pensions website by logging on to www.dwp.gov.uk, or by clicking your mouse on the following link:
Please click here to download the Budgeting Loans claim form (SF500)
Is there anything else I should know?
Before you apply for a Budgeting Loan, you should first check to see whether you would qualify for a Community Care Grant. The reason being, a Community Care Grant is not repayable, where a Budgeting Loan is – for more information on Community Care Grants, please click here
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