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If you’re on benefits, a lot of lenders might not be keen on granting you a loan. There is a reason why you’re on benefits in the first place and this is most likely because you are not in a very stable place financially. Lenders operate on the concept that they will lend money to customers that can afford to pay it back. This is why it is hardly a surprise to find that getting approved for a loan while on benefits can be hard.

How To Acquire Loan While on Benefits

Still, this should not prevent you from taking out one. You’ll find that there are lenders these days who would be happy to extend some extra cash for you as long as you are receiving any form of income monthly. This includes getting paid benefits. There may be specific requirements that the lender will require you to meet. 

One option that you will want to consider is a Budgeting loan. It is interest-free and would make for an ideal option for borrowers who do not want to deal with the added burden of an expensive short-term loan. It can be used to pay for unexpected and essential expenses when your income is low. Among the things that it can be used for include buying clothing or footwear, furniture and household equipment, advance rent, travelling expenses, removal expenses, maintaining and improving your home, and funeral and maternity expenses among others. 

Certain requirements need to be met if you’re to qualify for a Budgeting loan. To apply for this loan, you’ll need to have been claiming benefits for 26 weeks or more consecutively or without a break that’s more than 28 days. The lowest amount you can borrow is £100. However, the maximum amount will depend on the circumstances in your household. 

How much you’ll be allowed to borrow can also be affected by any existing loans you may have taken on the Social Funds. At the same time, how much you have on your savings can also affect how much you’ll be allowed to take out too. 

If you’re someone who is receiving benefits, then getting a loan might a frustrating process for you. But there are special lenders who could help you when a mainstream lender can’t.

Many lenders are reluctant to entertain applicants who are receiving benefits, they see them as a high risk applicant, and will have second thoughts lending them money. Here are a few things you should know to get the best chance of getting approved.

Does receiving benefits affect my credit score?

The benefits you receive won’t reflect on your credit reports at all and will not affect your eligibility for loans. But, due to the fact that you’re receiving government aide means you are having some sort of difficulties with your income.

Lenders will only evaluate your regular income and not include the benefits you’re receiving, and if they see that you’re struggling with your monthly payments, surely you won’t have a chance of getting approved.

What are my options if I’m on benefits?

  • Guarantor Loans – A guarantor is someone who is bound by contract to repay any debt if the borrower fails to do so. It gives lenders the security of lending money to someone who has low income. By having guarantors, you’ll have access to options that normally wouldn’t be open for you.

  • Secured Loans – A secured loan allows you to offer an asset with monetary value as a collateral in case you default. A good example of a collateral would be your car or your home. Lenders will have the right to seize said collateral if you fail to pay your debt.

  • Specialist Lenders – Lenders who specialize on people who have low income tend to offer high interest rates, so be careful when considering this option and conduct your research.

  • PayDay Loans – Consider this loan when you are truly desperate for cash. Most payday loans have sky-high interest rates; some people consider payday loans as traps. Often requiring a quick repayment, lenders will offer to extend your loan but will offer a higher interest rates.

Tips on how to get a loan while receiving benefits.

  • Budgeting – Making sure that you have the income to pay for the loan that you’ve applied for. This ensure that you won’t damage your credit further, and will not put you on a bad spot.

  • Check your credit record – You are given a free credit report yearly, use that and check on your credit. This will give you an idea on what and where you’re qualified for.

  • Compare lenders – See which lenders give you the best rates and terms, and also make sure that you’ve met their requirements.

  • Apply – This is why research is important. When you want to apply, head on to your lender. The lender will definitely ask you for your information, financial details, and will run some checks on you. Being prepared, even by a little, will help your chances in getting approved.

Bottom line

It’s disheartening to know that people who are receiving benefits are having a hard time getting traditional loans, because they are mostly the ones that need it the most. But it’s also the lenders responsibility to ensure that they their money back.