Those who are in employment are able to manage their savings as well as expenses as per their income. However, when are not employed and are on benefits, your income becomes very limited and in this situation managing, all of your needs becomes difficult. This is especially true for people living on benefits. However, if you are living on benefits you don’t need to worry now. Since, there are lenders who now offer Payday Loans for People on Benefitsso that they can meet both planned as well as unplanned expenses.
The benefits of 30-minute loans include simplified processing within 24 hours, easy availability, online applicability, low rate of interest, flexible repayment options etc.
You have two options for borrowing cash loans through payday loans. These are secured as well as DSS loans. Secured loans are sanctioned only on collateral and Loans for People on Benefits without any collateral. These loans can be availed for any purpose ranging from monthly household expenditures, medical emergencies, holidays, house renovation, purchasing household items or any other purposes suiting your requirement. Lenders place no restriction on how and when the money borrowed through these loans can be spent.
In order to borrow through Loans for People on Benefits, you must meet certain eligibility conditions prescribed by lenders. These conditions are common to all borrowers without any consideration of the amount to be borrowed. Accordingly, you must meet the following conditions:
- A monthly income of £1500 and above
- Attained the age of 18 years
- Living on benefits for the past six months.
- Have a savings in your account in a bank with a balance of £ 600
If you fulfill the above criteria you can avail loan as per the conditions given below
- Loan amount from £100 up to £1500.
- Repayment period from 14 to 31 days
- Application can be submitted online free of cost.
The best advantage of this loan is that you can borrow money despite your bad credit profile. Therefore even if you have bad credit factors such as arrears, defaults, IVA, CCJ tec., you can borrow money in a hassle-free manner.
Payday Loans for People on Benefits are a perfect option for people who need loans with low processing time/cost, a lower rate of interest, flexible repayment option, speedy application process, no restriction for bad credit ratings and flexible loan amount.