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DWP zero-interest loans up to £812 can now be paid back over two years

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DWP News

Benefits,Your Money,Money

You can get a loan from the Department for Work and Pensions for anything from a pair of shoes to a new washing machine

Universal Credit claimants taking out a Budgeting Advance Loan of up to £812 will now have 24 months to repay the full amount, following a change made by the Department for Work and Pensions . This extension from the previous 12-month repayment period is designed to ease financial pressure by allowing smaller repayments over a longer time.

The DWP has published easy-to-understand online guidance to simplify the process, including eligibility criteria, acceptable uses for the loan, and repayment methods. The amount taken depends on your total income, which includes any benefits you get and what you can afford. If you stop getting benefits, the rest of your Budgeting Loan must still be repaid.

 

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