Budgeting Advance loans taken out from December 2023 onwards can now be repaid over 24 months.
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 on March 6 adding that the change will apply to loans taken out from December 2023 onwards.
People claiming other benefits from the Department for Work and Pensions may also be eligible for a Budgeting Loan to help pay for essential products or services which they would otherwise be unable to afford due to their current circumstances. Easy-to-read online guidance, which could potentially help more people access the service, has been published and simplifies the process including eligibility, what it can be used for and how it is paid back to the DWP.
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. What happens after an application is made? The DWP will either send you an email, text or letter letting you know whether or not you can get a Budgeting Loan - you must request which method of notification when you apply.
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