Which Payday Loan is
best for people with
We at FinanceJar will find the plan to best suit your needs!
We Cater For All credit histories.
The best unsecured loans on the market.
Short term loans at their finest and easiest.
Great when you want to change your vehicle.
A helping hand is always appreciated.
Loans That Accept Benefits
While most banks and credit unions only accept the loan application of those who have a stable income and regular employment, those who receive welfare benefits can apply for a loan, too. There are loans that accept advantages and most of which have low-interest rates, making it easier to settle. But why do lenders consider them if their primary requirement is a regular income? Are there additional benefits that could be received if you’re receiving welfare funds? Are there other options if you want to apply for a loan aside from the government?
Why Lenders Consider Those Who Receive Public Assistance
It is a common misconception that people on benefits are not eligible for a loan because they are either unemployed or employed but with low income. However, there are intended loans for those on benefits that can assist them regardless of their credit scores. Unknown to many, lenders accept these people because the government is consistent in providing them the welfare funds. Therefore, it’s safe to assume that they can repay the debt. In fact, banks and credit unions see them as low risk compared to those who are employed as there’s a risk for them to lose their job.
Aside from the welfare funds that are regularly received, people on benefits are eligible to acquire additional funds, allowing them to settle the other loans easily and quickly. Applying for a loan nowadays has become easier for everyone because of the flexibility that the lenders offer. Nevertheless, whether you’re on benefits or not, having a good credit rating will always give you a higher chance of loan approval.
Where To Borrow Loans?
The government is known as the safest source of loans because they are less likely to cheat borrowers. There are various loan options extended if the borrower is in need of money to fund their daily expenses, repair their homes, or pay unexpected bills. You just need to talk to the department in-charge to know which option is available. On the other hand, you can turn to usual lenders to suffice your financial needs.
Banks And Credit Unions
If you have a good credit rating and relationship with your bank, there’s a higher chance of approval. Meanwhile, if you have a bad credit history, then it will be difficult. Otherwise, you may talk to your banker and ask for financial options available for you.
Check Advance Lenders
Also known as payday lenders, these loan providers are known for accepting those who receive payday check. However, those who receive welfare funds are eligible too because they are the recipient of regular income. Therefore, if you want a short-term loan in the most convenient, then consider payday loans.
Bad Credit Lenders
Being unemployed with bad credit is unfortunate, however, this should not hinder you from applying for a loan. Bad credit lenders accommodate those who are in need, regardless of their employment status and credit, as long as you are capable of repaying. Just make sure to not commit the same mistakes again and pay on time. After all, you can use this chance to improve your credit score.
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)