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

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Jobcentre Loans

The government’s assistance is available to everyone, especially to those who are unable to support themselves in terms of financial. This includes, but is not limited to individuals who are unemployed, disabled, employed but receiving a low income, taking care of someone, single mothers or fathers, or retired. The type of financial support gained from the government depends on the person’s status – each circumstance has a different option available. Nevertheless, the amount of money received will allow the person to cope up with the financial struggle that he is undergoing.

If you’re unemployed and you’re looking for a job, the government has specific loan alternatives that you could choose from. This article will serve as a guide to jobless individuals who are looking for jobcentre loans.

Loans Available For Unemployed Individuals Looking For A Work

Jobseeker’s Allowance

Basically, this loan is offered to individuals who are currently searching for a new job; however, those who are working less than 16 hours can also take advantage of this. The loan amount is determined by the borrower’s national insurance contributions or income and they will gain a flat weekly rate. In the United Kingdom, for instance, single adults receive £57, however, they may obtain less if they have saved more than £6,000. Meanwhile, the applicant is not eligible is his savings is more than £16,000.

How To Apply For A Jobseeker’s Allowance?

As a qualified applicant, you have two options to choose from – visiting a local job centre or applying online. After the application, an adviser will assist and explain what the loan is about. He/she will also clear all the other concerns you have, therefore, you should feel free to clear any questions in your mind. Once everything is settled, you can proceed with the agreement.

What Happens Next?

After signing up an agreement, the lender can start claiming his jobseeker’s allowance ever two weeks. The agreement – on the other hand – should be reviewed regularly. The loan is beneficial not only to sustain all your expenses while you’re still looking for a job, it also provides other benefits such as being qualified to receive financial support with housing and council task. The successful applicant is also qualified for NHS dentistry and prescriptions without any charge.

Job Grant

While the government provides financial support to those who are in need, you can only receive a job grant if you are already taking either a jobseeker’s allowance, an incapacity benefit, or an income support for at least 26 weeks. The government will also demand that the applicant should be about to begin a 16-hours per week job – which is considered as a full-time job).  Once all the requirements are fulfilled, you can obtain a one-off tax-free payment which is simply known as “job grant.”

Other Qualifications For Job Grant

You may also apply if you’re previously receiving benefits but has stopped because your partner is working for more than 24 hours a week. £100 is given to you and your partner if you have no child at all. Otherwise, you may receive £250 if you have a family.

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.