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Quick Loans On Benefits
Normally, a loan is given to someone who is capable of repaying it back. Therefore, to be eligible, one must have a reliable source of income. But what if you’re not able to produce a large amount of money that is enough to cover your expenses? What if suddenly, a disease hits you and you’re not able to work anymore? Does that mean that there’s no way for the loan application to be granted? It’s a common conception that banks and lending facilities only accept those who are employed but unknown to many there are available quick loans for people on benefits too. So if you’re thinking about borrowing money but you’re not sure if you’re eligible for this type of loan, then continue reading below:
Who Are The Welfare Recipients?
Basically, a person who receives financial support from the government is called welfare recipients. The money is used to ensure that they will meet their daily needs despite their circumstance. Commonly, they are the ones who are disabled, the elders, unemployed, single mom or dad, or those who receive a lower income. Some developed countries also offer assistance to those who are taking care of persons with disability (PWD) or those who don’t have sufficient money to take care of their children. Depending on what country you are from, you may always call your government agency if you want to confirm your eligibility.
Can You Borrow A Loan If You’re A Welfare Recipient?
Like other people, those who receive welfare benefits also experience financial struggle. There will be unexpected expenses and emergency, causing a shortage of money. Therefore, they will still need a loan from time to time. Because of this, there are lenders who have designed fast loans on benefits to guarantee that you can have quick cash. No matter what your emergency situation is, you’re certain that you can address it at the soonest time possible.
Loan Options For Welfare Recipients
Car Title Loan Car title loans are popular among those who own vehicles, such as motorcycles, boats, cars, etc. These items are valuable that you can utilize its title if you want to borrow money. However, this doesn’t exempt you from the condition that the car will be repossessed by the lender if you cannot repay the loan amount. It is also associated with very high income, therefore, it’s hard to repay if your income is not enough. Personal Loan There are personal lenders who are versatile enough in their prerequisites. This means that you can borrow money from them even if you are not a regular employee as long as you receiving a stable income or benefits. Looking for a personal loan for people on benefits is not difficult; by simply going online, you can discover a number of lenders. You may also ask assistance from licensed brokers as these professionals have wide access to different lenders. Banks And Credit Unions Banks are considered very strict when it comes to the loan application. However, if you are a good saver or you’ve been a client of the bank for a long time, then you can talk to their representative and ask about the available loans that will suit your requirements.
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)