Payday loans for people on benefits
You are on benefits and at present you are in want of money? Here we will tell you how to find the way out by suggesting you several alternatives.
Well, we would like to start with one of the fastest alternatives to get rid of financial burden. What is it? And the answer is payday loans.
Representative Example: Amount of credit: £500 for 3 months. Total amount repayable of £823.26. Interest: £323.26. Interest rate: 292% (fixed). Representative 1192% APR (variable).
Is it real to take a loan if I’m on benefits?
Giving response to the question, we would like to provide you with the following information: according to the statistics 1/3 part of all borrowers are considered to be people who don’t have salary for paying off the borrowed. Of course, in most cases lenders want to see among the applicants who are able to pay for the loan. But 36 % of all loans are taken by people who are on benefits. So we would like to say that being on benefits doesn’t deprive you from taking a loan, because just like any person you can be scarce of money and need financial help.
What are the advantages of taking a loan in my situation?
- You have less chances for being approved dealing with traditional ways to borrow money, but with payday loans the chances are increasing;
- The entire process is pretty simple and fast;
- Rational APR and interest rates.
What are the requirements?
The requirements for being approved are not sophisticated, so you are
- to be an 18-years old person, who lives in the UK no less than six months/has the right to stay legally in the UK,
- and has £400 each month from your benefit allowance or salary.
- to have a banking account.
It can happen so, that payday loans for people on benefits is not what you really need, in such a case, we are going to suggest you other variants.
- A DHP (Discretionary Housing Payment) is a good way to get extra money from your local council for paying for the rent.
- Get an interest-free budgeting loan. The loan has been developed for those who are on benefits; the sum is to be paid off within 2 years.
- If you’ve got a little baby, ask for maternity pay.
- If you are pregnant or have got a baby less than 4 y.o. you can account on Healthy Start.
- Disability Living Allowance for children, for disabled.
There are plenty more alternatives, but if you want to settle the problem at swift rates, here no other alternative can be compared to payday loans.
How to find an ideal loan for you?
- Be sure that you really need to take it.Other alternatives are impossible.
- Make sure that you’ll pay it back without any delays and problems.
- Make a kind of research, comparing different companies that offer loans. The crucial point here is interest rates, penalties and, of course, terms and conditions.
Well, if you decided to solve the financial problem without any delays, just press “Apply”.