Loans For People On Benefits | Top Loans For The Unemployed - CreditRaters.com page
Sort by:
State of Residence
 
 
 
 
 
 
  • Loan Amount
    $400 - $50000
  • Loan Term
    24 Months
  • APR Range
    521.43% - 1173.21%
Representative Example: If you borrow $5,000 on a 36 month repayment term and at a 10% APR, the monthly repayment will be $161.34. Total repayment will be $5,808.24. Total interest paid will be $808.24. Honest Loans
  • Submit to borrow up to $50,000!
  • Works with wide range of lenders!
  • Friendly and fast loan broker!
  • Loan Amount
    $500 - $5000
  • Loan Term
    18 Months
  • APR Range
    59% - 160%
Loan Amount $2000, 9 monthly payments of $395,58. Total of payments $3,560.22, APR 160%. OppLoans
  • Get approved today with an easy online loan application!
  • Once approved, receive money in your account as soon as the next business day!
  • Payday loans average an APR of 400%. Compare to maximum 199% APR offered through OppLoans!
  • Loan Amount
    $2600 - $100000
  • Loan Term
    180 Months
  • APR Range
    13.33%
The Loan Exchange
  • Complete an application for free! Applying does not impact your credit score!
  • Select the offer that works best for you and save your offers for up to 30 days!
  • Your funds will be deposited right into your account in as little as one business day!
  • Loan Amount
    $100 - $1500
  • Loan Term
    30 Months
  • APR Range
    214.62% - 611%
Ace Cash Express
  • More than 50 years of experience providing short term loans
  • Wide range of lending products available
  • Excellent customer service record
  • Loan Amount
    $100 - $5000
  • Loan Term
    12 Months
  • APR Range
    143% - 688%
Advance America
  • Lightning quick deposits
  • High acceptance rates
  • Broad range of lending products

Loans and other forms of credit used to be reserved solely for those in permanent, full time employment with the unemployed and people on benefits automatically declined regardless of circumstances.

Fortunately, things today are quite different. This narrow approach to assessing applications has been replaced by a broader, more inclusive set of eligibility criteria with plenty of benefit loans  now available across the USA.

Read on to learn more about how benefit loans work, alternatives to payday loans on benefits and how you can improve your chances of finding the most competitive quotes available on your next line of credit.

How Do Benefit Loans Work?

Just because you’re on welfare or other state benefits shouldn’t stop you from getting access to the funds you need when life throws you a financial curveball.

In terms of borrowing and repaying funds, benefit loans work in exactly the same way as traditional personal loans in that you’ll be able to borrow a fixed lump sum which is repaid either in one go or over a convenient number of months.

So What Do Benefit Loans Do Differently?

The key differences lie in the way your loan application is assessed. Rather than focusing solely on your source of income, specialist loans for people on benefits paint a broad picture of your circumstances.

This gives them far more flexibility and understanding when it comes to providing loans where other lenders may have automatically said no.

What Loans On Benefits Are Available?

As well as the personal loans for people on benefits that we’ve already discussed, there are other avenues to consider.

Guarantor loans are a great way to reduce the risk to your lender by opting for someone you know and trust to stand as your guarantor during the term of your loan. If you’re unable to make repayments on your benefit loan then your guarantor will step in and take over the responsibility for these repayments.

Secured loans are another excellent resource for those trying to get loans on benefits. By securing your loan against an asset or property of value, this will again reduce the risk to the lender and potentially give you access to more favorable rates.

Can I Get Payday Loans On Benefits?

Payday loans and short term loans often get mistaken as the same. It’s important to understand the difference as all payday loans are short term loans, but not all short term loans are payday loans.

Your ability to get payday loans on benefits will depend on the type, frequency and amount of welfare that you’re currently receiving.

To put it simply, if you don’t technically have a payday then you won’t be able to get a traditional payday loan. However, there’s nothing to stop you from taking out a short term loan which is repaid in just a few days or weeks.

What Other Eligibility Requirements Are There?

No matter what your circumstances, you’ll need to fulfill a number of basic legal criteria to be considered for benefit loans. These include, but are not limited to:

All benefit loans bring their own qualifying criteria to the table. You may also need to provide evidence of other forms of income to verify your application and it’s well worth getting a good idea of your own credit score before applying to help you select the most appropriate lender.

How Can I Apply For Benefit Loans?

Applying for benefit loans is now quicker and easier than ever before thanks to the instant online assessment systems now in place with most lenders.

To give yourself the best chance of getting a competitive rate on benefit loans you’ll want to start with a personalised credit comparison. Tell us more about you and the loan you need and we’ll bring a huge range of suitable benefit loans from across the market straight to your smartphone, screen or tablet.

Compare interest rates, the total amount repayable on each option and more, and select a lender that meets your individual needs. Typically customers can complete the entire loans on benefits online application in minutes and, if approved, funds can often be transferred straight into your checking account within just 24 hours.