DWP loans of £812 for people on Universal Credit can repaid over two years

People on Universal Credit who take out a Budgeting Advance loan of up to £812 to pay for an unexpected emergency will have 24 months to repay the amount instead of 12. Chancellor Jeremy Hunt made the announcement during the Spring Budget in March, explaining that the new measure will be applied to loans taken out from December 2024 onwards.

Those who have been claiming Income Support, Income-based Jobseeker’s Allowance, Income-related Employment and Support Allowance or Pension Credit for at least six months may be eligible for the loan, which is repaid through deductions from their benefits. Top Money Stories Today What is a Budgeting Loan? A Budgeting Loan is money people who have been claiming the benefits mentioned earlier for at least six months can apply for financial help from the DWP.

If you can get a loan, the DWP will also tell you how much your weekly repayments will be from your benefits and if you accept, your weekly repayments from your benefit will start straight away. But it’s worth noting if you requested a decision by email or text message, you will get this within seven days. If you asked for a decision by letter, it will be sent within 21 days.

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