Loans for people on DSS benefits in 2012 can be quite hard to find if you do not know where to look or what to look for. It can feel hopeless to try and get financing when you are on benefits and have a poor credit rating but there are still many options available to you. In this article we take a look at the top four loans for people on DSS benefits in 2012. Choosing the right one for you will come down to balancing your budget and needs. Each section will recommend who each finance option is best suited for.
Top 4 Best Loans for People on DSS Benefits in 2012 No. 4 – Getting Secured Loans on Poor Credit (Government Covered Loans)
The US government is aware of the difficulty many people on low income are having in getting a loan. As such they are giving some lenders insurance against defaults on loans provided to low income people. This works well because it lessens the risk that the lender takes, effectively allowing them to take on more risky customers at lower interest rates. The vast majority of average banks have access to government insured loans like this so if you are interested you can try asking at a few of your local banks. If you need a personal loan while on welfare or SSD benefits then this is probably your best choice.
Top 4 Best Loans for People on DSS Benefits in 2012 No. 3 – Guaranteed Consolidation Loans on Poor Credit
Consolidation loans are a class of interesting financial products that are essentially designed to be debt management. A consolidation loan is typically a loan for the total amount of all of your current debt. Then the consolidation loan is used to pay out all of your existing debt, essentially rolling all of your smaller debts into one larger one. The consolidated debt is usually a little bit larger than all of your individual ones were but you will often save money on reduced account keeping fees and sometimes even interest rates. If you are having some issues with managing your debt well then a consolidation loan may be perfect for you. You do not need to be too concerned about a poor credit rating either, most banks will take the time to work out a good financial product for your needs. Many banks offer these colsolidation loans for people on benefits as long as then can show they have benefits income coming into their bank account.
Top 4 Best Loans for People on DSS Benefits in 2012 No. 2 – Guaranteed Homeowner Loans (Government Supported)
Buying a home while on benefits might seem like the last thing you would be able to do but it is possible with government supported guaranteed home loans. Similarly, to secured loans the government is supporting these types of loans in order to assist low income Americans in getting finance for home ownership. There is a definite economical advantage to the country to having more citizens owning homes and the government is trying to support this whenever they can. In order to get a government supported home loan then you need to show that you are on low income but have the ability to pay off a loan over the long term.
Top 4 Best Loans for People on DSS Benefits in 2012 No. 1 – Pay Day Loans Help for Beginners
Payday loan lending is a unique type of financing available that is especially useful for people with bad credit or whom are on low income. These are short term loans provided by cash advance specialists to people who need cash in under 48 hours. These loans are based on your weekly, fortnightly, or monthly income and not off your credit history. As such, these are a great way to get financing even with a terrible credit history, in fact you do not even need to show your credit history in most cases. Even if you are on welfare you can still get a cash advance loan, it is simply calculated off your welfare check. This is a great option for low income people because there is very little risk that you are not going to be able to afford to make repayments – they are relative to your income. In terms of loans for people on DSS benefits this one ranks as the highest because it is the most available to everyone.