Can I get a Payday Loan if I'm on Benefits?
It is possible to get a payday loan if you are on benefits, however not every lender will give loans to unemployed. Payday loans
are a unique form of short-term financing that requires borrowers to have few qualification requirements. Some specialists lenders deal with those who have benefits, and they offer you a certain amount of money against your benefits. Mostly they do consider your benefits as the primary source of your income.
How to find Lenders?
When you are on benefit, you need to get the specialized lenders either through online research or getting direct reviews. You can also use companies that deal directly in connecting lenders and borrowers. Just make a payday loan application and let the companies use the specialized information to pair you to payday loans lenders.
Benefiting from Payday Loans
You must legally be living in the UK and have a bank account that shows how you get your benefits and the amount you receive. You also need to prove you are over 18 years.
What’s count for you to receive Regular Benefits?
Different government benefits like the retirement pensions are considered a source of income and they need to consistent and verifiable. The benefits you receive should be substantial enough to cover or act as security for the amount you have applied. Other benefits that matter includes unemployment benefits and welfare benefits.
How does the Process work?
Payday loans are quite easy to apply, and they are also faster. Once the lender is connected to the borrower and the make a good match it will take less than 30 minutes to get a lender interested in you give you money. If you agreed on the laid down terms of the loan, the process is initiated immediately, and the cash deposited into your account.
How Lenders verify the Benefits of the Borrowers?
To receive payday loan on benefits, you need to have a valid document that shows your benefits as a source of your income. You also need
• Recent and correct bank statement preferably it should be within three months period
• Recent deposit reports for the benefits you receive grants, benefits, pensions, etc.
Since not all payday lenders loan to people who have benefits, the specialist lenders may offer different terms than the traditional payday lenders. These unique payday loans might have higher interest rates, and the repayment must be on shorter period or within the period you receive your benefit.