Loans For People On Benefits
The fact is that we all need a helping hand financially at time, but not everyone has the advantage of being in full time or meeting the income criteria of some lenders. This has traditionally been a big stumbling block for those on benefits, but the good news is that more and more lenders are now specialising in loans for people on benefits.
Whether you’re looking to improve your home, repair a vehicle, take a break, or simply need some extra cash to tide you over, CreditRaters.com can help.
How Do Loans For People On Benefits Work?
Benefit loans are designed for those with receive some or all of their income from government benefits. This can include Jobseeker’s Allowance, Universal Credit, Housing Benefit and Tax Credits.
Rather than adopting a computer says no approach to each online application, many lenders will now assess each case on its own individual merits, primarily looking at your ability to afford monthly repayments.
They’ll take into account factors such as your individual and household income, the purpose of the payday loan, any hours that you do work and your own personal credit score.
Loans for people on benefits are issued by bank transfer in the same way as a standard personal loan and you’ll need to repay the amount borrowed each week or month, plus interest. The dates or your benefit payday loan repayments will be listed on your credit agreement, helping you to avoid late repayment fees.
Am I Eligible For Benefit Loans?
Each individual lender brings their own acceptance criteria to the table, and the same applies for specialist benefit loans lenders. You’ll need to provide them with information about your personal and financial circumstances and they may carry out a credit check to assess both your creditworthiness and ability to repay.
No matter what lender you choose to apply to, you’ll need to fulfil some basic eligibility requirements, including:
- Being a permanent UK resident
- Having UK bank account in your name
- Having a UK debit card in your name
- Be able to afford your fixed repayments
If you’ve had problem with credit in the past then all is not lost. CreditRaters.com works with an ever growing panel of lenders who can help you to find a great deal on your next benefits loan.
Once you’ve been accepted and successfully repay your loan, this will be reflected in your credit score. By improving your credit score over time, you’ll increase your chances of being accepted for other forms of credit in the future.
How Can I Apply For Benefit Loans?
Comparing each individual benefits loans can be incredibly time consuming plus there’s still a chance that better deals might be available. By using Credit Raters to compare benefits loans, you’ll be able to quickly and easily find a fantastic deal for your circumstances without having to wait days for our decision.
It all starts by getting your personalised comparison. Simply enter a few details about your circumstances and we’ll instantly match you with mainstream and independent lenders from across the UK.
Take a look at the different interest rates and eligibility criteria to make sure that you’ve chosen a suitable lender then finalise your application for an instant online decision. You’ll then receive a credit agreement to sign and return electronically. In many instances, funds can be transferred straight to your bank account on the very same day that you apply, so you can focus on getting your finances back on track.
Start your journey to a great deal on your next benefit loans by getting a free, no obligation comparison with CreditRaters.com today.