Warning: Late repayment can cause you serious money problems. For help, go to MoneyAdviceService.org.uk

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Loans For People On Benefits Direct Lenders

There are many loans for people on benefits nowadays and this makes it easier for a person who’s incapable of earning a lot. An unsecured loan, for an instant, is a convenient way to borrow money without risking any of your property. This is available for people on disabled individuals who are living on benefits because of losing a reliable income, physical ailment, or other reasons. It’s simple and fast and it’s one of the best alternatives if you don’t have access to regular loans. The best part is – it is done online.

Online loans for people on benefits direct lenders will not require the borrower to go out of their home. This is advantageous if you’re having a hard time standing or walking as you can submit your loan application over the Internet. Technically, it only needs a working laptop, a stable Internet connection, and an active mobile number.

Benefit loans direct lenders are specially made to address the financial needs of those who receive welfare benefits. Although it won’t require any collateral to be approved, it has several criteria that the borrower should meet.

Eligibility Criteria

Loans on benefits direct lenders have few requirements which include the following:

  1. The borrower should be a receiver of welfare benefits for at least 6 months.
  2. The borrower should possess enough savings, at least £500 and above.
  3. The borrower should provide a proof of citizenship.
  4. The borrower should own an active bank account that is 6 months old or above.
  5. The borrower should be capable of repaying the loan back on time.

Possessing these requirements ensure a smooth and instant loan application. Therefore, if you’re thinking about borrowing money from loans on benefits on direct lenders, you should get all your files ready beforehand.

Advantages

The loans that you can successfully borrow can be used for almost everything, but basically, the money is intended for your survival. For instance, it can be utilized for groceries, rental fee, medical bill, or other emergency expenses. While the loan is good for short-term use only, most lenders allow extension of the loan. This means that if you’re unable to repay the loan back on time, you can ask the lender for more time. However, this also means a new set of charges. Nevertheless, it has many advantages to offer.

Loans for people on benefits are essential; aside from the flexibility of the loan’s duration, it also accepts applicants who have bad credit histories. The application is usually done online so it provides instant cash without any hassle. When it comes to requirements, the lender usually demands few prerequisites. Unlike other loan providers, the lender will do not require the borrower to be a homeowner; almost anyone can apply whether he’s a tenant or not. As long as he can provide a proof of residency, then there will be no problem.

Loans for people on benefits are easy to acquire, however, every borrower should consider a few things first to ensure that they will not put themselves in a bigger problem.

Representative 305.9% APR.
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)

Warning: Late repayment can cause you serious money problems. For help, go to moneyadvice.org.uk.

 

FinanceJar is a credit broker and not a lender. We pass your information to a lender once you have been accepted for a plan. We take a fee from the lender only, once you’re approved and we do not add charges to your plan in doing so.