Personal loans for people with bad credit on SSI are very difficult to obtain since you have a low income and likely a poor credit rating. I you are on government benefits then you can likely only afford the bare essentials and debt repayments are simply too much. This means that you will never have a chance to develop a decent credit rating and, as such, you will never be able to take out a conventional loan. Everything is not lost, however, as there are loans specifically tailored to people in this situation and they forgo the conventional credit checks in favor of a more personal approach. You can sometimes even get these in the form of bad credit debt consolidation loans. In this article we take a look at both advance cash loans for emergencies and debt loans for people with bad credit.
What Are Bad Credit Loans for People on SSI? – Getting Payday Loans Online
if you have fallen into an emergency or another dire situation where you must raise a certain amount of cash quickly then it may seem like there is not much you can do. Banks will not loan to you and good luck getting another credit card while on government benefits. However, there is actually help available though advance cash payday loans companies.
These companies do away with credit checks in favor of a more personal means test where they find out how much you can actually afford to repay. This approach even works for people on benefits since they can simply create a loan amount and period that is suitable to you income. To make things even easier you can also find these types of lender online. Go to their websites and you can even apply and be approved online in as little as a few days. You could have the emergency funds in your account by the end of the week.
Debt Consolidation With Bad Credit – How to Get a Bad Credit Debt Consolidation Loan
Debt consolidation with bad credit can be tricky as well since conventional debt consolidators will not loan to people on benefits. As such, debt consolidation with bad credit comes instead from people who specialize in low income loans. Similarly to payday loans these are worked out on the basis of how much you can actually afford to repay so you will always have the piece of mind of a single easy to pay loan from month to month. Debt consolidation is simply one large loan that takes over all of your smaller loans. This has the effect of reducing the time and effort required to make repayments and it also reduces the amount of fees that you have to pay overall. With separate loans you could be paying four or five sets of monthly fees whilst with a consolidated debt you only have to pay the one set.
Additional Ways to Make Money Quickly to Assist With Your Bad Credit Debt Consolidation Loan
If you have already done both of the above things and are still having financial problems then there are a few other things you can do to ease the burden in the short and long term. In the short term you can sell unwanted things, do some day labor, sign up for surveys, become a product tester, or even ask your local social security payment office for an advance. In the long term you could start your own business. While the popular saying ‘you have to have money to make money’ has it’s merits, 50% of all entrepreneurship is done by people who have no money, people who do it out of necessity.
Do you have any skills that you could sell to other people? Could you learn a skill online or at a local class? Getting this sorted and creating your own work is by far the best thing you can do for your long terms financial security. It can be tough in the beginning but starting out small has it’s advantages. You can try a few different things to ‘see what sticks’ before committing long-term. It is also worth mentioning that the internet has made it even easier and cheaper to start a small business. You can start a writing business with nothing more than a basic internet computer and some spare time. So, if you have exhausted your options in personal loans for people on welfare then perhaps you should try creating your own income source?