Budgeting Loan Online Application

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We have been considering ways that we can help people to get access to the Budgeting Loan system and have come up with a way to enable applications to be taken/completed online and then for the completed form to be posted out to the applicant with a pre-paid envelope so all that they need to do is sign and post it back the the correct Benefit Centre who will have already been sent an electronic form so that they can begin processing the application.

More information on the Budgeting Loan application

The idea is that we design a secure form with SSL that sends your completed application directly to the DWP by email, then we also send a paper application to you that is already completed based on the online form information with an envelope for your signature.

This way the DWP can start looking at you application on the same day- however as this will take a lot of work on our part, we have a couple of questions- and would like to ask that you take a few minutes to consider and reply below

Click here to find out more about the Budgeting Loan application process – as well as how to get your application started.

How to apply for a Budgeting Loan

Note that this loan only applies to the mainland UK and the islands around mainland UK. Northern Ireland has a different type of budgeting loan.
A budgeting loan is open to anyone who has claimed for the benefit for the whole of the last six months. “Benefit” means income support, income based Job Seeker’s Allowance, income-related Employment and Support Allowance, Pension Credit and Universal Credit with Pension Credit (you are not eligible for a Budgeting Loan if you claim for Universal Credit without claiming Pension Credit).

If you are involved in any industrial action or you owe more than 1,500 for a crisis loan or budget loan if you cannot claim for a budgeting loan. One alternative to a budgeting loan is a budgeting advance which it is worthwhile checking you are eligible for.

It will take 15 days for you to be either to be accepted or rejected for a loan. You should receive the money 12 days after the day of acceptance.

As well as applying online, you can print off form SF500 or pick one up from your local Jobseeker’s Plus. You can also ask for the form to be delivered to you, this may take up to 5 working days though. It could take up to 25 working days for a filled in printed form to be processed, so it is quicker to fill in a form online.

Can I still get a budgeting loan?

The smallest amount you can borrow is £100, the maximum amount is £348 if you are single, £464 if you have a partner and £812 if you or your partner are in receipt of child benefit. Whether you receive this money depends on whether it is felt you can pay this money back, whether you have savings of over £1000 (or £2000 if you or your partner are 65 or over) and whether you are still paying back a budgeting or crisis loan.

The good news about a budgeting loan is that it is interest-free. You are usually given 2 years in order to repay a loan. If your weekly benefit is £57.90 you will get a deduction of between £2.90 and 6.95. If your weekly benefit is up to £300 you will get a deduction of between £15 and £36. However, if you stop receiving the benefit you will have to come up with a different way to pay back the loan.

Before choosing a loan it is worth discussing matters with your Job Centre Plus. If you live in Wales you might choose to look into finding out the Discretionary Assistance Fund. If you live in Scotland you might look into a Community Care Grant or Crisis Loan. Unfortunately, English or Welsh people can no longer apply for a Crisis Loan.

4 thoughts on “Budgeting Loan Online Application”

  1. yes this would be very helpful, as I always check online for information before contacting whichever department is needed and if I were applying for a budgeting loan and came across the online form i would fill it in then and there which would get the process started a lot faster than waiting until i had time to go to the job center pick up a form, go home and fill it out, that process could take up to a week, whereas by filling in the online form get things started sooner.

    1. Hi thank you for taking the time to reply.

      Of course the present method of application will remain the same- however we feel that the present process is slow and costly and would love to highlight areas for improvement and possibly put together a ‘proof of concept’ that you could use to speed up your Budgeting Loan application ( or any other benefit loans for that matter.

      We will keep you posted on developments if enough interest is shown to warrant the work needed to bring this to fruition.

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