Pay Weekly Loans On Benefits
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Representative 277.5% APR Representative Example: Borrow £700 and pay £111.27 per month for 12 months at an interest rate of 140% per annum (fixed). The total charge for credit is £635.24 The total amount repayable is £1335.24. Representative 277.5% APR (variable). Your APR rate will be based on your circumstances.
If you’re unemployed due to a disability, you still need to face challenges that regular people deal with. In addition, you also worry about being qualified for a loan or not. The good news is that there are loan options available to provide assistance when you’re having financial difficulties. The bad news, however, is that it has several consequences that may aggravate the problem. This article will shed light on the different options for loans for people on benefits and the drawbacks that they should consider.
Commercial financial institutions, such as banks, provide a so-called “access loans” to help people with disabilities. The money can be used to purchase equipment that will cater to their special needs, such as a vehicle, specially designed showers, stair lifts, or toilets. The amount is big enough, therefore, the credit score is an important issue. Those who have a bad credit remark are likely declined while those who have a higher credit rating have a higher chance of approval.
Employed individuals are the ones usually granted with this loan, however, persons with disabilities (PWD) may also qualify. Lenders are prohibited to restrict you from borrowing money just because of your disability, however, you should be able to provide proof that you can settle the loan without any difficulty.
One way of earning money when unemployed is by having a small business. When you’re not capable of procuring traditional jobs, you may apply for a loan and establish a small business. There are different departments that you can approach when you want to sustain yourself through entrepreneurship.
What Loans To Avoid
While all loan options do not come free of charge, there are lenders that you should get rid off because of the expensive interest rates they apply. Pay weekly loans on benefits and payday loan, for instance, are two loans that promise fast cash. These lenders usually claim 100% approval to entice customers and although they provide money, the interest rate they charge is just too high. Sadly, those who are having a hard time applying for a loan may consider them because they accept almost anyone, even those who are on benefits and need a loan fast. In fact, the lender sometimes favour people on benefits even more because of the regular welfare income they receive.
Borrowers may satisfy their financial concern temporarily but it won’t be long until they realise that they have to repay a huge loan amount, which is consist of the principal loan and the interest. Because of the costly rates, borrowers have difficulties repaying the loan, thus, leading them to delayed payments. As a result, the loan is either extended or charged with a new set of fees aside from the original loan amount. This is what traps people in the cycle of debt; therefore, it is important to consider your loan options before you apply. Secured loans and loans from the government are usually cheaper so it’s best to take note of these alternatives first. Moreover, double check the lender if they are legitimate to avoid being scammed.
- It’s actually possible to get weekly loans if you are on benefits
- Short and long-term loans are available online.
- FCA accredited lenders will provide a reputable service.
Weekly Benefit Loan FAQs
If I am only receiving a disability benefit, will any lenders work with me?
We work with various lenders, many of whom will be willing to do everything possible to assist you with a cash loan. However, there will be certain criteria that will need to be met before an application can be approved. These will be discussed with you at the time of application.
How much money will I be allowed to borrow?
When applying for a loan ,you will have to provide information regarding the amount of income you receive and a list of expenses that you cover regularly. Our auto decisioning process will then determine how much money you have left after your regular bills have been paid and from this, calculate an amount that you will be able to comfortably repay each week.
Can I repay my loan before the due date?
You definitely can do this. However, you will need to contact the lender you are working with to confirm what their policies and procedures are with regards to repaying your loan sooner than planned.
What happens if I pay an instalment after the due date?
In cases like these, additional interest and/or penalty fees will be added to your initial loan amount. This is why it is crucial to ensure that you have sufficient funds on hand on the date that your loan instalment is due to be deducted from your bank account.
What can I use my loan funds for?
Once the funds are in your bank account, you will be able to use them for any legal purpose you like. For example, you can repay another outstanding bill, purchase groceries, pay for car tires or repairs or even cover the cost of your child’s upcoming school trip. The choice is yours.
Why must I provide my mobile number when applying to pay a weekly loan on benefits?
Lenders will usually use your mobile number as a means of verifying that the rest of the personal information you provide is true and accurate. If you don’t have a mobile number, you will need to inform the lender at the time of application to discuss an alternative.