Getting the loans can be tricky if your finances lack stability. If you are living on benefits, provide relevant documents and budget carefully to establish payment ability. This can help you apply for a loan for people on benefits
Lenders, especially the traditional lending firms, hesitate to assist people living on benefits. Reach out to direct lenders who consider benefits as valid income for loan eligibility. The funds that come from the Government benefits are not sufficient as regular income. To ensure the loan repayments, work out affordability realistically, and borrow mindfully.
Figuralloans keeps the understanding of this. You are always welcome to apply for loans while depending upon the benefits. We are ready to forward our financial help to all the potential borrowers. With us, you have the following things in your favour:-
In the UK, many individuals get certain financial benefits from the Government. It is basically a concept related to social welfare. Government aims to provide benefits to help citizens in keeping their standard way of living despite all odds.
People, living entirely on these benefits, are automatic choice of disability living allowance loan. Some common Government benefits are:-
| Type of benefits | How they help |
|---|---|
| Unemployment benefit | Financial support for someone who is jobless |
| Health benefit support | Get them for medical purposes |
| Disability allowance | Financial assistance meant for disabled people |
| Child benefit | Support provided to raise a child. Helps getting child benefit loan |
| Housing benefits | Managing housing cost and paying rent. Allows applying for housing benefits loan |
Loans on benefits from a direct lender in the UK are another form of unsecured personal loans. These are applicable for those living on Government benefits (excluding individuals living on income support alternatives, housing benefits, pension credits and many more).
Surviving entirely on government benefits is not practical for a long time. You will realise the need for a loan at some point in time since these benefits cannot solely fulfil your personal ends. Create a part-time income stream and borrow only for genuine reasons.
With mainstream lending poses too many restrictions on these individuals, many direct lenders are committed to offering these loans. We are indeed one of them.
Apart from the primary deal on loans for people on benefits, we are ready to offer other loan options as well for those living on benefits. Some of them include:-
Are you interested in any of these loan alternatives?
As time goes by, the living cost becomes higher. With this, our needs and desires also increase. Benefits alone cannot content us in such a scenario, and you want to get a loan on benefits. It becomes more challenging if you do not have a regular monthly income.
On the other hand, getting loans with continuous financial instability is also tough. You need a helping hand, and we are ready for this.
Our primary purposes for offering loans for people on benefits are to:
If you are clear about your loan purpose, then click here to post your loan query.
Same day instant benefit loans are specialised lending products. You will not find this too much in the UK marketplace. We offer these loans on borrower-friendly features, which include:-
| Attributes | What you can expect |
|---|---|
| No personal guarantee | Repayment will be on you, as no guarantor is required |
| Realistic rates | Loan rates are fixed based on your affordability and financial status |
| Minimal paperwork | Some basic documents need to be submitted while applying online |
| Use in multiple ways | Get emergency loans on benefits to manage urgency and even to meet small needs. |
| Flexible repayment | Repay loans in different patterns, such as weekly or monthly. |
| Transparent cost | No hidden charges, and you will have to pay nothing upfront as well |
| Cash-at-home service | Get funds delivered to your doorstep without needing a bank account |
| Disability allowance accepted | No issues in considering this allowance as an income source |
Many unemployed people and individuals with disabilities often look for loans for bad credit with no guarantor while living on benefits. We provide you with the same despite your unsatisfactory credit history.
People living on benefits usually struggle to maintain their credit scores. It is because they have limited income and government benefits are sometimes insufficient. They have to use their credit cards more or rely on loans.
When these people are not able to make a credit card payment or loan repayments, they lose their credit scores. When they approach banks or other mainstream lenders, they either get loan denial or have to pay a very high-interest rate.
In these circumstances, direct lenders like us can provide them with an unemployment benefit loan. You are welcome to do so if you live on benefits but need a loan without a guarantor today from a direct lender despite the bad credit.
At Figuralloans, we do a lot of favours, such as:-
If you are living on benefits and need a loan today from a direct lender, then also the loan process will be quite similar to those earning standard monthly income. However, you may have to provide additional information regarding
Other than these factors, the eligibility criterion is more or less simple and straightforward.
For instance, you should be above 18 years of age and a permanent resident of the UK. You should have an active bank account for which we need details to transfer the amount once your loan application gets approved.
After fulfilling all the eligibility conditions, you can now start applying for loans for people on benefits. We have an online loan process, which is quick, straightforward and hassle-free.
As the dependable and reputable online direct lender in the UK, we consider applications with any credit background. These include people receiving government benefits. You only need to pursue the given below steps to post your loan application:-
Figuralloans offers only affordable benefit loans irrespective of whatever benefits you are receiving. You get the amount that is under your repayment capacity.
We offer personalised offers on loans for people on benefits. These are framed to provide loans to individuals struggling for their finances despite those benefits.
We aim to provide you with consequential financial benefits regardless of where you are living in the UK. The best part of our lending service is that the same facility is also available on loans for self-employed people.
We specialise in supporting applicants in getting bespoke offers, especially on short-term loans. The application procedure is smooth enough for everyone, and the transfer of funds is done within 24 hours.
FLEXIBILITY and INSTANT FUNDING are the two primary features, which can please anyone while approaching Figuralloans. If you also want the same in your favour, start applying for loans for people on benefits.
Are there alternatives to loans for urgent needs?
Direct lenders in the UK provide a range of loans as an alternative to the benefits you receive. The best options are doorstep loans and short-term loans. Cash loans at the doorstep are considered the best option when you need small funding, such as up to £1000. Similarly, you can apply for short-term loans through a text message, even with a poor credit score, and they are available on easy instalments.
What can I use a loan-on-benefit for?
These loans are beneficial during financial emergencies, such as medical problems, urgent car repairs, or paying bills. As there are no credit score barriers, one can also apply for on-benefits loans to build a positive credit score.
Can I get a loan urgently (today)?
Yes, these are online loans on benefits and therefore, do not involve a lengthy procedure. However, it will be better if you prepare everything well in advance and apply early in the day to get the desired funds on the same business day.
How much can I borrow?
Loans on benefits from direct lenders are short-term loans. You can borrow up to £5,000, depending on your affordability and financial circumstances. No collateral or personal guarantee is required, but you must compare loan offers. We prioritise providing transparency in the cost structure. Repayment will be flexible for you.
What if I'm unable to repay the loan?
Proper repayment of the loan is crucial. Otherwise, it will directly impact your credit score. This will be a setback to your financial credibility, which further reduces your chances of loan approval. Thus, set reminders or choose the auto debit option for loans for timely payment. Contact the lender immediately if repayment seems complicated.
What interest rates and fees apply?
Like other short-term loans, on-benefits loans might have higher interest rates due to the applicant's poor credit score, and no collateral is required. On the same note, lenders impose high costs, such as late repayment fees and loan origination fees, among others, to minimise the risk. For competitive rates, pre-qualify to get multiple offers for comparison.
What information do I need to apply for a loan?
Small loans on benefits require less information from applicants compared to long-term loans. Only the basic details, such as identity proof, income proof, credit history, and current affordability, are required by the online lender.
How long does it take to process a loan application?
It won't take too much time because the entire application is online. You only need to submit a one-page online form, and soon you will receive the loan quote. Give us your consent and receive the required funds on the same day.