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Loans On Benefits
Most lenders will require a stable source of income to be approved; this is why even those who receive welfare benefits are eligible because they receive regular cash. As surprising as it sounds, lenders see those who get benefits as low risk compared to those who have bad credit or unemployed. Therefore, if you need quick cash, you should take advantage of loans on advantages providing that you really receive benefits. What you receive in a regular basis is enough and you don’t need to provide other sources of income.
Here are some options to choose from if you’re considering loans for benefits:
Banks And Credit Unions
Most banks or credit unions provide programs specially created for their clients that you may take advantage of. You may call your banker or a credit union representative to ask which type of loan suits you. If you have good savings or your credit is clean, there’s a big chance for your application to be approved.
Car Title Lenders
Those who own a car with clean title and fulfilled loan can benefit from this financial option. You only need to provide the title of your car to avail this. However, this type of loan is risky because it comes with very high interest rates. In addition, you may forfeit your car if you’re not able to repay the loan anymore. As collateral, the lender can rightfully acquire your property in the event of default.
From the name itself, this loan is acquired if you’ve experienced natural calamity or an emergency. It can be utilized for daily expenses as well; however, the amount is only enough to cover a short time. Nevertheless, you can use these loans for benefits if you are incapable of providing money for your family as long as you are of right age. Using this loan is cheap as it does not have any interest or other charges.
Apart from the government grants that you don’t need to pay, you may also obtain cash from the government by applying for a loan. There are various financial options that you can procure from the rightful department and you may start by talking to a welfare officer to find out the available alternatives.
These days, it’s possible to get a loan without leaving the house. Often, they require only a couple of requirements – a stable income and an active bank account. Credit is not an issue as most online lenders do not put it as a basic requirement. However, online platforms are riskier because of the expensive interest rates and other charges they provide. Other risks include identity theft because some so-called “leaders” are really aggregators who will share or sell your information to third parties without your consent.
This kind of loan processes the entire loan application and release of money on the same day of the application, thus, the name. Same-day loans are very handy during emergency cases and most same-day lenders will not ask for good or excellent credit rating or collateral. As long as you can provide a proof of residency, income, and bank account, then you’re good to go.
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)