Quick Cash Loans For People on Benefits and Welfare – Same Day No Fees Bad Credit 2012 & 2013

Being on government benefits can mean maintaining a difficult balance between buy groceries, paying bills and giving your family and yourself a decent life. When something goes wrong the balance you have fought hard to maintain can be destroyed in an instant. If someone has an accident, your are the victim of a crime or food and gas prices go up (without benefits increasing to match as they often don’t) you may find yourself unable to even pay your bills. Fast cash loans can help you get out of this bad predicament but you need to know what to look for and what to avoid. Loans for people on welfare should never be taken on lightly, but if you absolutely must have a cash loan now then you should know how to find the best one for you.

The First Step – Ditching Your Bank and Joining a Credit Union

The first step in getting a quick cash loan while on benefits is to switch over to a credit union. Banks a run for shareholders and their customers are simply numbers on the computer. When you are on benefits and have bad credit they will not give you a second look, you need to talk to an actual human who will judge your case on it’s own merits. When you join a credit union you will be able to talk to a representative and tell them your situation and let them know what you need a loan for. It may not be possible to get a large loan immediately, but even getting a small loan that you can pay back will help your credit rating and will give you a bit of financial breathing room.

The Second Step – Comparing Loans Online

The second step in securing some extra cash funds while on benefits is to use an online search and comparison tool. Some loans you can even enquire about online to make the whole process easier. These tools will allow you to enter the amount of collateral you have (even if it’s none), your income (even just your benefits pay) and the amount and repayment period you want. The interest rates will vary greatly but you should be able to find a fast cash loan that doesn’t have day one fees.

The Third Step – Seeking Out Payday Loans

Payday loans for people on benefits, sometimes called cash advances, function just like an advance on your payday check. These types of loans have very high approval rates, require no collateral, and, above all else, they are fast (often less than 24 hours until approval). This makes them a perfect choice for an emergency where your paycheck just wont come in time to pay a bill or some other unforeseen expense. Typically the loan wont be for the full amount of your pay and the difference will be the interest you pay.

Avoid ‘Loan Sharks’

Always remember that if something sounds too good to be true then it probably isn’t. Loan sharks prey on people in desperate situations but you can protect yourself by simply heeding that simple piece of advice and always reading the conditions of any loan. Another way to make sure that the loan is coming from legitimate source is to check for customer reviews and to see if you can find their physical address and contact information.

Keep Realistic Expectations

Think about your situation from the point of view of someone loaning money. Would you consider yourself to be a risky person to loan to? If the answer is yes then you should realistically expect that you will not be able to get a fast, low-interest, no collateral loan with no upfront fees. Such a thing barely exists for people with good credit rating, let alone those with bad credit. High repayments is how lenders cover their risk and if you need cash fast you should prepare yourself for a high interest rate loan. Think carefully before you accept the loan, will you be able to make these repayments in the future?

Get Some Extra Cash

While getting a loan you should consider a few other ways to generate some additional cash. At worst you will make a few dollars for groceries, but you could make enough to help repay your loan. Selling unwanted personal items (jewellery, electronics and other luxury items are a good place to start) can raise some initial cash. You could also take on odd jobs (if you are physically able), you could baby sit or you could even try to make a few extra dollars online. You could also write online to make money! Any extra cash you earn is going to help you out while you secure a loan.