Do you need money? Are you unemployed? You might want to consider loans for people on benefit or welfare. If you have fallen on tough times and you dont have a job then there are loans for unemployed people on benefits, you might be surprised at how readily available they are. You might have more choice that you think if you are on welfare, benefits or SSI. If you search the entire market then there are many companies that offer loans for people on benefits. Just a warning – be careful as there are unscrupulous lenders out there such as those who offer doorstep loans for people on benefits or ones that conceal the real APR rate.
Payday Loans, Logbook Loans, Pawn Brokers & Money Lenders
Finding lenders to welfare isnt really that hard, a quick search on the internet will show many money lenders that offer loans for people on benefits or welfare. Most of these are pawn brokers, money lenders, payday loans and Logbook advances so you have to be very careful before you even consider taking out the advance, check the small print! With many Pawn shops you need to offer valuables so if you are certain you can repay the monies then this is a viable option for you. For example if you have a luxury car and need a quick loan and you know that you can pay off the loan before they take possession of the car then this is a realistic option for you. If on the other hand you dont have the means to pay the loan back your luxury can will be taken away!
Check the Term, APR, Amount Repayable
You may also find in your searches online that companies offer payday loans for people on benefits; nothing in this world is for free so be very careful and always checkout what the APR is on the money you borrow; sometimes the APR go to 1000% and many people end up in a viscous circle of insurmountable debt. Sometimes you can payback more than four times what you borrowed and you could end up in even more debt which often ends up in bankruptcy! I would definitely recommend that you check with the lender how much you will be paying back in total. Unfortunately there are many unscrupulous vendors out there who feed on providing loans for people on benefits and you must make sure that you are not being taken for a ride and being ripped off. Sometimes lenders perform a qualification for welfare check to see if you are really on benefits.
Manage Your Bank Account To Get Better Loan Rates
Sometimes the approval process is quite lengthy and very administrative, when you apply for loans for people on benefits so it is important that you have your bank account in order; it is not good to have an overdraft that has been exceeded. Some companies are prepared to provide you with an advance but if you do have bad credit then the APR or charge on the advance is very high. If you have time before you need the money then get your account into credit and have regular money going in. You might even be asked to give security for the privilege if you default on the payments; these products are usually given as loans for people on DSS benefits.
New Borrowing Company Called Borro
New companies are springing up and there is one in particular that has been created called Borro, this is a professional company that allows you to take out advances or loans on benefits and valuables such as fine wine and luxury cars. These loans are designed for people on government payments and work by you providing the company with some sort of security or promise to social security money. This company is quite reputable and I have seen quite good reviews from the loans taken out from people on benefits.
When you are being helped out with social security money you should be careful what you take the money out for. If it is very hard to make ends need when you are on these payments which are extremely low. However if you can budget properly and find ways to cut your expenditure and increase your income then you will prevail.
Whatever your circumstance there is a loan out there for people on benefits and if you are able to show some sort of income coming in and are able to provide a good financial statement then these Loans for People on Benefits can be obtained.