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Loans For People On Benefits No Guarantor
Applying for a loan is beneficial for many reasons. Generally, it is an alternative if someone is in trouble financially. Most loans are easy to acquire if you opt for online lenders while some loans offer the lowest interest rates especially if you choose banks. The fastest time a lender can provide the money is within the day, thus, making it helpful when you’re in a critical situation. In addition, it’s the answer to your dilemma in money when you’re too shy to borrow from your friends and/or families.
Is Loan Really The Answer To Your Needs?
Most financial experts suggest thinking of loans as the last resort. Loans are not free; it comes with interest rates and other charges, therefore, you will repay an amount that is bigger than what you’ve borrowed. Borrowers are often left with more problems financially. Nevertheless, most people see it as easy money and there’s no problem as long as they’ve properly thought about it.
For some reasons, a loan is an answer to your financial needs. For instance, your income is not enough to survive the week and payday is still days ahead; applying for a loan gives you financial support to pay for your daily expenses. This option is also reliable when you’re unemployed or you’re disabled; there are loans for people on benefits with no guarantor available to give monetary assistance when you need it the most. These loans can be acquired in different sources, such as the banks, credit union, online lenders, car title loan providers, payday loans, etc.
Can I Apply For A Loan With Bad Credit?
Basically, banks and traditional lending institutions are very strict with their requirements. Apart from the high income, they only approve someone who has a good or excellent credit rating. However, the economy nowadays made it difficult for an individual to achieve a smooth credit. Missed or late payments, arrears, and default are the primary causes of bad credit ratings. Meanwhile, mistakes are likely to happen to cause wrong remarks on somebody’s credit. Whether it’s your fault or not, there’s a higher chance for your loan application to be rejected because they’ll automatically see you as high risk. Luckily, there are bad credit loan providers, willing to accept you despite your imperfect credit remark.
Bad credit lenders are lenders who provide a loan to borrowers who have poor credit ratings or have no credit histories at all. Most of their loan application processes are done online, thus, making it very convenient and comfortable to borrowers. This means that there’s no need to go out and borrow money. Even transferring the amount is done using the Internet. The lender, instead of requiring the borrower to visit their office, would simply send the amount to his bank account.
What Are The Requirements?
Every bad credit lenders have different criteria for their borrowers. However, some of the basic requirements include age, residency, and the accomplished application form. The online application form, which takes 5 minutes or less to answer, will only ask about your basic personal information and employment details. The lender will also demand your bank account as it will be used to receive the money and repay the loan amount when the due date comes.
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)