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Budgeting Loan/Advance - Can I get a Budgeting Loan/Advance?

Find out more about Budgeting Loan/Advances.

Can I get a Budgeting Loan/Advance?

You can only get a Budgeting Loan if you are claiming one of these benefits on the day that you apply for a Budgeting Loan and on the day that a decision is made about your Budgeting Loan:

You can only get a Budgeting Advance if you are claiming Universal Credit on the day that you apply for a Budgeting Advance and on the day that a decision is made about your Budgeting Advance; plus your earnings are below the limit:

  • £2,600 total in the previous six months if you are single
  • £3,600 total in the previous six months if you are a couple

Qualifying period

You must have been receiving one of these benefits above, or have been the partner of someone receiving one of these benefits, for at least 26 weeks (breaks of up to 28 days are ignored).

In the case of Universal Credit, time spent on one of the other benefits mentioned above, immediately before moving to Universal Credit, will count towards the 26 weeks. Also, to maintain work incentives, the 26 week requirement does not apply if the expense for which a Budgeting Advance is required is necessary for getting or keeping employment.

Savings Limit

You cannot get a full Budgeting Loan if you (or your partner) have more than £1,000 in savings. This amount is £2,000 if you (or your partner) are over 62 year's old.

For Budgeting Advances you cannot get a full advance if you (or your partner) have more than £1,000 savings.

A decision is made on whether you can have a Budgeting Loan/Advance by looking at:

  • Your circumstances, and

  • Any existing Budgeting Loan/Advance you owe, and

  • Your savings, and

  • Your ability to pay back the Budgeting Loan/Advance.

You will not be eligible for a Budgeting Advance if you have an earlier Budgeting Loan or Budgeting Advance that has not been fully repaid.

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