To make an application for a Budgeting Loan You will need to complete a Budgeting Loan form, this form is called an SF500 and can be either downloaded from the DWP website or from our own site here: click here to download the SF500 form.
The application for a budgeting loan is 9 pages long and you will need to complete the entire form to be considered for a budgeting loan. Once you have completed the form you will need to ensure that you sign it and date it before sending it back to the Benefit centre that manages your area, alternatively, you can drop it off at the jobcentre who will post the form to the section dealing with loans for your area via internal mail.
This is an advice site that also offers call forwarding options, and we are in no way affiliated with the Department - we are not affiliated with any organisation mentioned. for Work & Pensions, Budgeting Loans, or any other organisation mentioned on this website.
The entire process takes around 30 days from you posting the form to your application being decided and payment is issued if you are accepted for a loan and there is enough money left in the Budget.
Here are our top 5 tips for making that application process go as smoothly as possible.
- Complete the form as fully as possible
- Make sure that the form is readable
- Apply for permitted items
- Post your application back via 1st class post
- call to ensure that your budgeting loan form has been received
Filling in form SF500 for a Budgeting Loan
Before you apply, make sure you have all the information you will need to hand. You will need to provide information about your income, partner (if you have one), benefits, regular expenses, dependents, and any savings you have. You will also need to declare the reason for your application to ensure that you are eligible for a budgeting loan.
Once you have completed and signed the form, you will need to drop it into your nearest Jobcentre Plus office or post it to the benefits centre managing your area. You will then be contacted when a decision has been made.
Who can apply for a budgeting loan?
If you are receiving certain benefits and need money to cover certain urgent expenses such as job seeking costs, funeral expenses, securing accommodation, or essential furniture, you may be entitled to apply for a budgeting loan for the Government to help you cover this cost.
How much can I borrow with a budgeting loan?
A budgeting loan is interest-free and depending on your circumstances you could borrow up to £812. To apply, you will need to download, print out and fill in a budgeting loan form (SF500).