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

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Can I Get A Loan On Benefits?

Almost everyone, even the richest people, will need an extra amount of cash to sustain a financial need. An employee, for example, may think of borrowing money when he needs to pay something and payday is still a week away. Meanwhile, a tycoon may also rely on a bank’s fund when he wants to expand his business. Therefore, borrowing money is a typical scenario to everyone.

Even those who are on benefits need a loan; sadly, these people are not exempted from sudden expenses and emergency bills. So, if you’re someone who receives welfare benefits and you need cash, you may constantly ask yourself “Where can I get a loan on benefits?”

Normally, banks and traditional lending institutions require a lot, including high income, employment, and a good credit rating. Unfortunately, those who are on benefits are mostly unemployed that’s why most of them think that it’s hopeless especially if they are in a financial difficulty. If you’re one of those who is struggling monetarily, then this article will enlighten you.

Who Are The People On Benefits

Most people think that those who are on welfare are the ones who are incapable of working due to an illness. While persons with disability are included, there are other people who are also in need of public assistance to increase their income, such as home care and child care. Unemployed individuals and those who didn’t receive much education are the ones who depend on benefits. It also includes children, single mothers/fathers, and employed citizens who receive very low incomes. This only means that benefits are not only inclusive to PWD. Nevertheless, these people can receive an extra amount of cash aside from the government if they are in dire need of cash.

Where To Get A Loan For People On Benefits

Although most people on benefits do not have a stable job, they still receive a regular income coming from the government. The check they obtain from public assistance can be used instead. However, they should still possess the other prerequisites, such as the age, credit rating (for some loans), residency, and an active bank account.

Traditional Banks

While banks are known to be stern with their demands, there’s still a chance for you to acquire a loan from them. You may start by talking to the bank’s representative and ask about the loan that will suit your needs. If you have a good credit rating and you’ve been with the bank for a long time, your application can be approved immediately.

Online Lenders

Applying online is convenient especially to those who can barely walk or stand anymore. With just a few requirements, you can have the cash you need in a matter of minutes. This loan is also beneficial to people who have bad credit scores or have no credit history at all.

Car Title Lenders

Cars are not only helpful when it comes to transportation; it is also beneficial when you need extra cash. If you have cleared the loan of your car and the title is already clean, you can utilize your car’s title when applying for a loan. Just be sure to repay the loan on time to avoid charges. Moreover, avoid default so that you can keep your car.

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.