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Benefit Loans for People
A successful application generally means that you met all the lender’s criteria, including age, residency, a source of income, and a good credit. Therefore, if you lack one or more, your loan application is likely to be declined. However, those who receive benefits are also eligible.
As surprising as it sounds, those who get welfare benefits can also acquire loans. Loans on benefits are specially designed for these individuals, providing that they can comply with all the prerequisites. This article will shed light on the options available when you want to obtain loans quickly, despite having benefits as the only source of income.
One of the most popular options, when you’re looking for loans for ppl on benefits, is the programs provided by the government. Probably, it’s because no cheating will happen even if you borrow a small or huge amount. The first thing that you need to do though is to check the loan options available to you with the responsible departments. This low-interest rate loan can be used to improve or repair your home, paying for medical bills, etc. Whatever loan option is provided to you, it’s possible to have it immediately since welfare benefits are a stable source of income.
Usual lenders are the lenders that can provide you quick cash despite the bad credit histories of good credit remarks. Here are some usual lenders to choose from:
Bad Credit Lenders – Just by looking online, you can check on a good number of bad credit lenders. These lenders provide loans to anyone, even to those who have undesirable credit. Their approval rate is also higher compared to conventional loans; the downside is that they provide smaller loan amount and low-interest rates.
Car Title Lenders – Providing that you have settled all your car dues and there’s no problem with the title, you can get this loan in no time. Car title loans let you have the money you need by surrendering only the title of your car and not your car itself. This means that you can still use your auto while you have the cash you’ve applied for.
Check Advance – Also known as payday loans, cash advance loans are the fastest way to have the cash you need when you run out of money. Usually, payday lenders lend the cash within 24 hours or less. Their terms and conditions are versatile and they accept even those who are unemployed or have poor credit history. However, their interest rates are huge that if often leads borrowers to a cycle of debt.
Online Lenders – Borrowing money has never been easier – thanks to online lenders! These lenders provide quick money, convenience, and accessibility. Even if you have a poor credit score or is unemployed, you can still get your loan application approved.
Traditional Banks – Banks are the primary source of loans and they are trusted by many people. Borrowing loan from them is very convenient providing that you have a good credit history, however, if you fail to meet all of their criteria, then you will get rejected. Those who have bad credit are automatically declined because banks are stern with their requirements.
Representative example: £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)