Well given that we are constantly asked the same question “how long does a budgeting loan take ?” back in December we decided to start a poll to see if we can work ou how log it actually takes in the real world.
What should I expect when I apply for a budgeting loan?
The idea Is that it takes around 20 working days for the application to be paid out ( if you have been accepted AND accept the repayment rate)
However, each case is different and because of that there can be a large difference in how long a budgeting loan application takes.
There are things that you can do to try to speed up the process and these are listed below.
- Download a Budgeting Loan Application, or get it from Job Centre Plus
- Fill it out clearly and fully
- Make sure that you have priced things reasonably, as this should result in less checking
- make sure you sign, date and put your National Insurance number on the form
- Send it back to the right place!
- You can replace the 2nd class envelope with a first class to cut postal delays
- You can deliver it yourself to your local Jobcentre.
What is the Budgeting Loan application process?
Here’s what generally happens in the Budgeting Loan process:
- You apply
- Your application is rated
- An offer is made ( or you are refused)
- Your offer is posted to you (2nd class)
- You reply
- The reply is processed
- Payment is issued ( usual taking 3 working days to hit your account)
Please remember to come back and fill out the following poll to give others an idea of how long it is taking to get a budgeting loan.