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

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Loan On Benefits Online

Being unable to work due to a disability or unemployment doesn’t mean that you’re exempted from having troubles financially. In fact, the situation may be a little harder since there’s little to no income at all. Nevertheless, there are ways on how you can use your welfare benefits to have the money you need. There are loans while on benefits available the moment you have no means to survive. Of course, there are criteria to meet, as is always when borrowing money. Here are some of the options you have when you need a loan on benefits.

Bad Credit Lenders

Almost anyone is accepted by bad credit lenders as long as they have a source of income. But technically, these lenders specialize in providing short-term loans for people who have unpleasant credit remarks or have no credit histories at all. It’s easy to find one in the area but if you’re not sure where to start, then you can easily look online. The downside is – the interest rates are higher compared to other lenders. However, the approval is quick, making it one of the best solutions during emergencies.

Online Lenders

Apart from the convenience they offer, online lenders provide the money quickly. A loan on benefits online can be acquired in a matter of minutes, therefore, you can have the financial support you ask immediately. There’s no need to go out and travel, thus, this loan is ideal for the elders or those who have disabilities.

Car Title Lenders

If you own a car and its dues are paid, then you can take advantage of this type of loan. The financial benefits it has can be obtained by submitting your car’s title and the best part is – you can apply for it even if you’re unemployed. The risk, though, is that the vehicle can be repossessed rightfully if you’re not capable of repaying the loan anymore.

Check Advance Loans

Also known as payday loans, this type of short-term loan requires checks for settlement. These lenders also give money in a matter of hours as long as you can submit a proof of income. Since welfare benefits are given regularly, check advance lenders are likely to approve the application.

Traditional Banks

When it comes to granting loans, banks are usually stricter. Not everyone who submits their loan applications go home with the money they need. Nevertheless, if you have an account with a certain bank, you can always check with the bank’s representative if they have any loans that would suit you. As long as you have a good relationship with the bank as a client and you have a good credit rating, then you can surely have an approved application.

Government Programs

Perhaps, this is the most familiar source of financial support for people on benefits. The government has various options offered to everyone who needs it. As a borrower, you’re guaranteed that there will be no cheating that would happen in this facility. To acquire loans while on benefits, you can start by communicating with the responsible department.

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.