Unemployment benefits, disability living allowance, incapacity benefit, income support, what benefits are you availing right now? Some, only one or any other? Living on benefits is always challenging and brings many consequences that are more in the category of ‘annoying’. The major situation that remains with you while living on benefits is MONEY CRISIS. Nights restless, days stressful, it is not easy to manage the baggage of expenses with small money coming with benefits.
Challenges of Living on Benefits In General
- Lack of affordable houses. Reason, council properties being sold or not being replaced.
- Social housing is an option with lower rent but the houses are in poor condition.
- Private renting is not possible due to inadequate money for deposit.
- People are biased against people on benefits.
- Food, electricity, clothes, medicines and many more needs that usually remain unfulfilled or partly satisfied.
All the above are majorly related to the problem of inadequacy of money.
Why not borrow some funds?
There are several options of loans for people on benefits and they are fortunately available online with faster procedures. Do not worry, loans are not always obligations, in fact they can support in bad times. However, you need to manage them with discipline and avoid missed repayments.
Conditions Apply To Qualify For Loans for the People on Benefits
The road to approval is bumpy but situation is not hopeless. The online lending is also a synonym of specialised lending. The lenders purposefully offer some loans for those living on benefits. Search on the internet and you can find ‘several TO many’ options. You just need to fulfil some conditions to qualify for the loan. These are –
Repayment capacity should be reliable
Lenders know you are living on financial help, they already keep the deals customised. The instalments are kept as small as possible but you also need to show some efforts from your side. In any case, it is necessary to prove to the lender that you have the capacity to repay the loan. Once it is proved, the approval does not remain a rocket science.
In case of poor credit, the situation should be consistent
Living on benefits includes financial crisis and pending obligations. This is sure to bring bad credit in your life, but don’t worry all doors are not closed yet. The loans are available for bad credit people but only if poor credit situation is not existing from long. Otherwise, this may make the loan company reject the application. Bad credit score from long time make you prone to very bad credit situation and the lenders feel afraid to approve funds to very bad credit people. Reason, you know very well. With a small duration of bad credit in the past, it is not difficult to get the approval.
Precautions to Keep While Applying While Living On Benefits
Your financial situation is critical and one wrong step can snatch the chance of getting approved for the loan. Keep some precautions and then apply for the loan.
Apply for the suitable loan
Loans for people on benefits are available. In the greed to get funds easily, do not apply for other loans that are difficult to achieve. For instance, the payday loans in the UK are speedy and are available in abundance but not for people on benefits. Apply only for the loans that relate to your situation.
Do not make multiple applications
In the thirst of getting funds faster, many people apply to many lenders at the same time. This leaves search footprint and that increases the chances of rejection. At a time, apply to only one lender.
Try to show some extra income
Are you earning some pennies from a part-time job or freelance work? Then mention it in your financial details while filling the online application form. This can bring the approval easily as the prime concern of the lender is to get the instalments on time. More income or money means more capacity to repay the loan.
Look for no credit check if you are a bad credit or first-time borrower
Borrowing funds for the first time or with bad credit is not considered promising. In the previous case, there is no credit history, which lender can see and understand your creditworthiness. In the latter one, you have a bad financial behaviour and have become less reliable. In that case, it is better to apply for the no credit check loans for the people on benefits.
The small tricks can give big and desired results. Try and implement the information above and manage your money mess with dignity without taking any help from friends. Life is a struggle that you can win only on your own efforts, give your best and leave the rest.