What are the Benefits of Loans? Loan benefits someone by enabling a person to buy something quicker for themselves or someone else instead of saving for the item over time.
Sometimes people ask us, can I get a loan on benefits and we hope to address that query too.
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You could of course wait and save up for what you want, but it is much nicer to buy that item you want or need, providing you can afford to do so.
You can check out our loans and see what type suits you best to apply for and get accepted today.
Some lenders will allow unemployed people and those on benefits, but the loan will still be subject to the normal credit checks and affordability checks as well.
Providing you have a regular income that can be proved, which includes receiving benefit payments, then the loan lenders we use are happy to accept new applications on that basis.
Just click on the links and banners to get more details of the loans and credit available to you now or go to the top Menu and click on the application form pages.
Lenders that offer headline rates of interest are being quite picky about who they’ll lend to at the moment and certainly will look very carefully at your capacity to repay your loan when deciding whether to lend to you.
Unless you have a rock solid full time income, then it’s highly improbable that you are definitely going to get access to a product at this type of cost.
Fear not though, there are a range of lenders who may lend to customers like this.
Lenders in this class will consider you to be a medium to high risk so you could anticipate higher rates with APRs starting at 50%.
You Can Still Get Loans When On Benefits
So, if you are still asking that question, can I get a loan on benefits, then we are pleased to let you know that out of the many loan lenders we use, there are some loan companies that just look for a steady income each month, no-matter where it comes from.
Additionally, almost all lenders who accept customers on benefits will not rely on your promise and will rather ask for an additional form of security such as an automobile, a guarantor or some other form of asset.
If you’ve got someone who is able and willing to back your loan application then a guarantor loan could possibly be a fantastic option.
We have included them on this website and have a page dedicated specifically to guarantor loans.
Several doorstep lenders will likely be able to give you a cash loan of up to 500 of where your income comes from, accumulated and delivered on your doorstep.
We have a page dedicated especially to doorstep lenders.
In case you have your own car that is free of financing and under 10 years old, then a logbook loan is an alternative.
Logbook lenders are lenders of last resort so be careful when looking at this alternative and find out what that means here.
We have a page dedicated specifically to logbook loans.
If you have a precious thing such as jewellery, a watch or just a smartphone or tablet PC, you may be able to secure a loan against them.
This is similar to a secured loan on a property, but just in a smaller scale and smaller amount. It will still work well though.
Online pawnbrokers will value your goods and offer a loan to you depending on that valuation.
Once the loan is repaid you will get whatever you used as secured back again.
See also Financial Loans.