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Cash Loans For People On Benefits
People who are on benefits are usually the ones who are not able to work anymore due to age or a disability. They can also be employed individuals whose incomes are not enough to cover other expenses. While banks and lending facilities are likely to accept only those who have high earnings, there are still other financial options to choose from when you’re looking for cash loans on benefits.
Indeed, such people who are receiving public assistance can acquire quick cash loans during a financial crisis. In fact, they are more likely to obtain approval because lenders don’t see them as high risk; they receive regular welfare benefits, therefore, they are more capable of repaying. As long as you are able to meet the basic requirements, such as the age, bank account, and residency, then you can acquire the loan you need without providing any proof of income.
Financial Options For People On Benefits
Who would have thought that looking for cash loans on benefits is easy even if you have no regular job? If you’re looking for extra cash to help you with your expenses, here are some of the alternatives:
Bank And Credit Unions
Contrary to the belief that banks only accept those who are employed, recipients of welfare benefits can take advantage of loans from banks and credit unions. If you have an account with a certain bank for over a year and you have good credit ratings, your loan application can be granted in a matter of days.
Anybody who is suffering from a financial fiasco can receive this kind of loan, regardless if they receive benefits or not. Nonetheless, the basic criteria must be met, meaning the borrower must be of legal age. Also, the loan seeker’s purpose for borrowing the loan should be used to overcome an emergency, natural calamity, and/or to fund daily expenses. However, the amount is small and it can be utilized only for a short time. Nevertheless, it doesn’t charge any fees or interest.
The development of technology allowed impossible things to become possible; loan application, for instance, can be achieved online. Although most people see it as risky, borrowing money over the Internet is easy and convenient. Moreover, they only require a few prerequisites, making the entire process is quick and simple.
This type of loan comes in many names, such as cash advance, credit check advance, etc. One advantage of payday loans is that is offers fixed rate, therefore, the borrower knows the exact amount that he needs to pay should the maturity of the loan come. Lenders do not impose hidden charges, however, it comes with expensive interest rates. Nonetheless, payday loans provide easy and quick financial solution so you can resolve your emergency bills as soon as possible.
Car Title Lenders
A car title loan is a secured type of loan, meaning, you are putting your car as a security against the loan. If you own a car with a clean title and fully-paid loan, you can use your automobile as a way to borrow money. However, you should keep in mind to repay on time to avoid additional charges or worse, defaulting, as you may lose your car.
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)