What are Benefit Loans?
Loans for people on benefits are a method of borrowing money, even if you are not currently employed, if you are on benefits. If you are low on funds and need immediate cash, you may still qualify for an emergency loan, even if you aren’t conventionally employed. The solution is to get a payday loan for benefits. These loans rely on your beneficiary income source, rather than your employment. You apply for one much the same as you would a payday loan.
What types of beneficiary income could qualify you for getting a loan? If you are receiving government assistance, disability payments or periodic income from a structured court settlement, you could be entitled to getting a payday loan. Other types of income could be derived from property rentals, child support payments, receiving income from a trust fund and other situations where you receive a constant fixed source of income, either weekly or monthly.
What are Loans for People on Disability?
If you are disabled and are unable to work, you may be interested in payday loans for people on disability benefits. Your ability to loan money is dependent on your debt-to-income ratio. If you are deemed able to repay, you may be given a loan — even if you do not have steady unemployment, but instead are relying on disability payments.
Following are hypothetical amounts someone could potentially qualify for who submit an application.
|Loans for Benefits||Loans for People on Benefits||Amount|
|Same Day Loans||Need a Loan Today||£100|
|Pay Weekly Loans||Bad Credit No Guarantor||£200|
|Unemployed on Benefits||Doorstep Loans||£300|
|No Guarantor||Instant Online||£400|
|Direct Lenders||Loans for Unemployed||£500|
|Doorstep Cash Loans||Payday Loans||£1000|
|Short-Term Loans||Payday Loans Benefits||£2000|
|Unemployed on Benefits||Need a Loan Fast||£5000|
While traditional lenders may not consider your benefits or disability payments as a source of income from which they can provide funding for, this alone won’t prevent you obtaining a disability loan through us. However, you may discover that it may be difficult to get a loan, especially a larger amount, if your only income is derived from disability payments.
Loans for Bad Credit on Benefits
As you can imagine, getting a conventional loan when you are on benefits and have bad credit is a difficult task. Payday lenders are accustomed to working with people who have had issues maintaining their credit rating. If you have bad credit or no credit, feel free to submit your application. It’s completely free and you may be surprised that you actually qualify to receive a payday loan.
The reason that payday lenders are more willing to work with people who have bad credit are several fold. The first can be that your credit is not as bad as you imagine. Many people think their credit scores are horrible, while they may have done things that have since corrected their score. Another reason is that the cost of working with risky borrowers is baked into the price. Payday loans cost more than conventional loans, which in turn entices lenders to make a riskier loans. Regardless of the reasoning, if you are in need of obtaining a loan and have run out of other options, submit your application today.
Loans for Unemployed
Are you unemployed, but still receiving a fixed income of some type? Perhaps you are receiving unemployment benefits. Again, it boils down to what your periodic income is. If our lenders determine you can afford to make repayments, you may qualify for a loan. Submit your application today to learn for certain.
There are many types of unconventional income that are not explicitly tied to a “conventional” job. Many people fear they are unable to get a loan because they are unemployed, meanwhile they are receiving other types of fixed payments that are classified as benefits. If you are receiving income of any type, we encourage you to submit your application. Our lenders will judge your situation individually and give you a quick decision on acceptance.
Benefit Loan Alternatives
If you are unemployed and not receiving any type of income, chances of you getting a loan are slim. There may be alternatives to getting a benefits loan if your income isn’t sufficient for borrowing the amount you desire. You may be interested in getting a logbook loan, where you can put a vehicle, motorbike or other item of value up as collateral to secure your loan. We do not currently offer logbook loans, but it is an option you may consider if we are unable to provide a payday loan for benefits.