Loans for Immigrants
When you arrive in a new country with no proper housing, funds, or relatives to help you, it can get extremely nerve-wrecking and frustrating to navigate the new place on your own. Many immigrants come to a new country looking for a better lifestyle, but they need the initial financial boost to help them get there. If no friends are relatives are present to give financial help, these people have the option to turn to small loans.
What Can New Residents Use Loans For?
- Basic necessities, such as food and clothes
How Can Applicants Get Approved?
To be approved for such a loan, applicants would need to be an immigrant with humanitarian protection who is 18 years old or above. Lenders have the right to deny any applications that don’t meet their requirements.
If you’re in need of financial help but you don’t meet any of the requirements mentioned, these are the alternative solutions that might help:
- Asylum Support – You might be able to seek asylum, totaling around £37.75 for each person in your household. This option might also grant you shelter in the meantime. Feel free to apply here.
- Maternity Grants – For pregnant women or mothers with children under three years old, maternity grants might be a plausible option.
- National Health Services – Refugees or immigrants who are sick might get to receive free medical attention at certain national health services. The consultations and treatments will most likely be free of charge if you meet a certain criteria.
- Local Organisations – Local humanitarian or refugee-focused organisations might be able to supply you with the basic necessities you need to get back on your feet.
How we work?
How to Apply for a Loan
If you’ve looked into all of those options but still decide that you need to take out a loan in order to solve your financial problems, first consider the following points:
- Make sure that this is an absolutely necessary step before you take out the loan. Like we mentioned, there are other alternatives that can possibly help your situation much more than a loan would.
- Be certain that you can pay it back in time without any delay. Timeliness is key to staying out of financial debt. A loan will only help you if you can pay it back on the agreed time.