24loanswales totally understand the financial hardship of a person who is living on benefits. Getting a lump sum amount of money assistance might be inadequate at times. As a trusted direct lender, we are always devoted to catering to your needs by offering options like loans for people on benefits.
There is no need to hesitate to seek additional financial support, as unexpected cash crunches can happen at any time. We are aware of the financial turmoil you face while dependent on benefits. Some unavoidable expenses can wreck your confidence by leaving you unprepared.
Find us at your disposal, and we will make sure to lend our helping hand as soon as possible. Our online existence makes it more convenient for you to apply for loans at any time, regardless of where you are. Once you have applied, you have to wait for some time to hear from us.
Well, it is almost out of the question to get loans for people on benefits from a traditional lending source. However, we can feel your stigma and are ready to arrange personalised deals. We do not see you as a risky borrower, and our eligibility conditions are quite realistic.
The key criteria to get a loan for a person on benefits will revolve around your personal circumstances and your ability to repay loans. Here, not having a regular source is not seen as a drawback, as you will be required to present an alternate income source. In this case, you are eligible if you are already receiving benefits consistently.
Be ready with the proof of payment you have. A few of the documents that play a vital role in the loan-getting process are:
These are, after all, personal loans that require you to satisfy the standard eligibility requirements as well. For example, you need to have the required age, UK residency and bank account access to prove your eligibility.
Should you find yourself confused? Contact us!!
We have classed some benefits as earning avenues as long as they can serve the purpose of repayment. Again, not all of them fall under the category of income. You must understand this before preparing to apply for these loans.
There are a range of loans for people on disability and other income support. Whether or not your loan request will be considered would depend on the type of benefit you may receive. This representation will draw a clear picture for you.
Benefits counted as your income
Benefits not counted as your income
Receipt of these benefits can play a significant role in influencing your eligibility. Some can make you eligible for loans, while others will not.
** Please note that the above are some examples of income benefits that are acceptable and unacceptable to us. However, you can talk to us first before concluding anything. These simple yet crucial validations can be done without any extra charges.
These are one of our specialised loan solutions which are designed to cater to the difficult-to-manage payouts of a person receiving benefits. However, we cannot promise guaranteed approval of loans as there are defined criteria to be satisfied by you. Instead, we can guarantee the features that you can enjoy with our lending services.
No necessity of security
You get this exposure to have these loans when you are on benefits. Another reason to convince you about getting them is their collateral-free nature. We need confirmation about your repaying ability, and that’s why we are reviewing the type of benefits you receive.
Apart from this, validation of your financial record and your future income will be done. Therefore, no room will be left for collateral to play a role. Above all, personal loans for people on benefits are available in a smaller range, which need no security.
Disbursal of loans happens fast
This is another feature accessible when you apply for loans on benefits with a direct lender i.e. 24loanswales. The loan request is processed virtually. Thus, it is a less complicated process with us.
Once finalising if you should get approval, we take the next action immediately. When loans get approved successfully, the amount gets transferred on the spot for quick acquisition by you.
Pre-paying does not attract fees
What do you think about the loan pre-payment facility? It will allow you to pay back loans in advance. If you can arrange additional money before the due date of repayment, you can take advantage of this feature.
By pre-paying, you can get relief from the excessive interest rates that you have to pay because of the extended repayment duration. Plan carefully and save money consistently to be able to free up money occupied by repayments.
Repayment is well-structured
You will have a specific schedule for deciding to pay back loans. Based on the chosen repayment pattern, you can pay loans monthly or weekly. Be cautious about being punctual to meet the loan debts.
Otherwise, missed payments will attract penalties. You will also have to cope with accrued rates of interest.
Interest rates are competitive
The loan cost depends on the interest that is calculated for these loans. Here, we customise the loan offers with interest rates that would complement your financial standing.
It might be good to analyse the offerings of other lenders. You can have a comparative study of the rates in this manner.
The moment you realise that there is an additional need for money, you can dig into these loans. When you are dependent on benefits and need a loan today from a direct lender in the UK, we are here to help you. In different types of scenarios, you can utilise this financing option to get out of the trouble.
There are no hard and fast rules to be followed as long as you stick to a legitimate purpose. It should solve the financial problem you are going through. Some of the relevant ways to make the most out of these loans are:
It has never been smooth to get loan assistance when you are a recipient of benefits and a bad creditor as well. Some lenders will strongly suggest you have guarantor loans to erase the negative effect of poor credit. This particular loan arrangement requires someone from your end who can guarantee that the loan repayment will take place right on time.
You should find that person and seal a loan deal despite receiving benefits. The involvement of a guarantor can lead to high acceptance of loans. The person that you must produce should have good credit scores and an established source of income through a job.
However, the challenging part is to get the right person to agree as well. There is no need to go through any awkward situation as we are offering ano guarantor loan. As the amount involved here personifies short-term funding, you can qualify.
There is no problem if you live on benefits and need a loan today from a direct lender despite bad credit tags in the UK. 24loanswales can fulfil your wish, provided you stand up to our affordability aspirations.
Is it possible to get loans for people on benefits with no credit check?
Yes, as we accept poor credit scores, we do not require you to follow strict credit verifications. Instead, we keep our focus on affordability checks. This helps us in portraying a clear picture of your repayment capacity. Besides, loans for people on benefits with no credit check make sure that you do not take out a loan amount exceeding your financial limit.
We can perceive the urgency for cash you may confront even while living on benefits. For this reason, we never try to exaggerate the process for you unnecessarily. There are brief and streamlined steps which you must complete mandatorily.
Furthermore, skip steps like roaming around the bank or any lending institute. This is purely because we operate online and complete all the necessary steps virtually.
Preparation for application: This step will require you to fetch the loan form from our website. Then, look into it and put in the details as requested in the form. This shall hardly take a few minutes. Finally, carefully examine the application before submission.
Wait for a soft credit check: This step lets us understand the real facts about your current financial dealings. We will perform this to ascertain the possibility of getting loans back on time. However, this verification will leave no imprint on your credit scores.
Final decision about approval: If needed, we may ask you to provide a few documents before offering a loan for a person living on benefits. Otherwise, we will make the decision straightaway. Once approved, we will present the loan offer.
Acceptance from your end: You must go through the loan proposal to understand the rates and terms. If everything seems convenient, you can go ahead and accept the proposal. Once this is done, you can expect the money to be deposited in your bank account within a short span.
It is not a bad idea to consider looking for alternatives so that you can find a suitable option as a substitute. This validation will help you to be ready with other ways to borrow money if these loans are beyond your capacity.
Your financial circumstances may not be apt for getting these loans. Then, you can think of these financing options as an alternative to get through the ongoing financial trauma.
Same-day loans on benefits
These loans closely resemble payday loans for people on benefits. Fetch a loan amount by showing an income that is classed as benefits.
Short-term loans on benefits
If you are in search of small personal loans with no collateral condition, this is your destination. Let us onboard you in our lending journey.
Pay monthly loans on benefits
These loans allow you to repay them over months. You have to gather a small portion of the overall amount to be repaid for monthly payments.
When you are living on benefits and need a loan today from a direct lender, you can turn to us. We feel like we are on cloud nine, seeing the positive input from our clients. This has helped boost our confidence a lot.
Besides, some of the reviews might be negative, but we took them as lessons to learn and rectify. We assure you get a refined approach every time you seek our guidance or assistance. Our services combine different opportunities like loans for bad credit people.
Other inherent benefits are available with our lending solutions. They are:
Representative Example
Loan of £4,000 repayable over 12 months at an interest rate of 45.3% pa (fixed). Monthly repayment of £420.66. Total amount payable £5,047.96
Warning: Late payment can cause you serious money problems. For help, go to: moneyadviceservice.org.uk
Consider analysing your present financial circumstances to select any amount from within the range of £1000 to £5000. Depending on the amount you choose, the repayment term would vary from 12 to 60 months. Again, the selected amount can influence the rate of interest.
Yes, we keep different repayment options open for you. Thus, you can opt for pay weekly loans on benefits and take pleasure in the weekly payments facility. This way, when you release a small amount every week, the overall burden of loans becomes manageable.
Your application for loans for people on disability will be accepted here at 24loanswales. This is because we will count your Disability Living Allowance as your income. It does not matter if you are getting this benefit as the only Allowance or as a contribution to your stable salary.
If you claim this benefit, you can send us a request for loans for people on Universal Credit. Here, this will also be treated as your income. You should be able to establish a clear repayment strategy so that you do not have to face any problems later.
There is no requirement for you to explore anywhere else but here. We offer short-term loans that do not require the support of a guarantor as such. It would be better if you could generate an additional source of income, as it will make it easy for you to pay back loans within the given time frame.