Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

Loans for People on Benefits in London

Representative Example: If you borrow £550 over 6 months at a flat rate of 207.6% per annum (fixed) with a representative 1013.3% APR you will make 6 monthly payments of £186.82, repaying £1120.90 in total. Loan term lengths from 1 to 60 months. Multi Month Loans is a licensed credit broker not a lender. Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservce.org.uk

Receive the money the same day! With Multi Month Loans

Get the cash sent to your account in 15 mins!*

Representative 1013.30% APR

Understanding Loans for People on Benefits

Need a loan and currently receive state benefits?

Need a loan and currently receive state benefits?

How do I apply for a loan on benefits?

How do I apply for a loan on benefits?

Need a loan in London and currently receive state benefits?

We specialise in assisting applicants in finding excellent deals on short term finance, ensuring we match you with the lender best suited to your requirements. We guarantee a quick and easy application process, and all of the lenders we work with can transfer funds in as little as 24 hours.

If you’re looking to borrow money and claim benefits, here’s how we at Multi Month Loans may be able to help.

Can you get a loan in London if you are on benefits?

If you’re claiming income support such as universal credit or disability benefits, then you may find it challenging to be approved for a loan by a bank or building society. However, some short-term personal loan lenders may be willing to lend you money, subject to your credit rating and your affordability.

Generally, loans for unemployed or customers who receive state benefits will need a lender or broker who specialises in finding customers this type of finance.

Interest rates and APR may vary depending on the lender, so check your terms and conditions beforehand.

How can I get a loan with bad credit and benefits?

Loan applicants who claim benefits and are looking for bad credit loans, will need specialist help finding a lender who can accommodate their needs and particular personal circumstances, especially if they already have low credit scores. They will need to ensure that their benefits are enough to cover the cost of their benefit loan repayments in addition to monthly expenses.

If you are struggling with debt, contact the Money Advice Service or StepChange for more information on how to manage your debts.

Will I need a guarantor?

Payday loan lenders may require you to provide a guarantor with your application if they believe you may be unable to repay your loan or if you have bad credit. A guarantor will ensure that your loan is repaid in the event that your benefit payments are late or if you are unable to make a payment.

Although at Multi Month Loans, it is not a requirement for applicants to provide a guarantor unless they wish to do so.

How much can I borrow?

We provide a range of different loans for amounts of up to £5,000 for 1 to 24 months. Some of the amounts most applied for by applicants include £100, £200, £500 and £1000 loans.

How do I apply for a loan on benefits?

To apply for a loan, you will need to fill out an online application form. You’ll need to provide your personal and financial information, and a soft credit check will be performed to confirm your identity and affordability. Once the check has been completed, you’ll receive a decision on your loan application.

If approved, you can receive your loan in as little as 24 hours.

Why Choose Multi Month Loans?

Why choose us? Multi Month Loans
How do I apply? Our online application form
How much can I borrow? We offer loans of £100 – £5,000
How long can I borrow for? For periods of 1 to 24 months
When will I receive my loan? From as little as 24 hours*
Are there any hidden fees? No, we charge no fees for the service we provide
Representative APR 277.6%

FAQs

  • How long does it take to get a loan on benefits in London?

    With Multi Month Loans, your credit application in London can be approved in just under 15 minutes. After your application has been approved by a lender, and the terms and conditions of the loan are agreed. You can receive your credit in as little as 24 hours.

  • What are the alternatives to bad credit loans for people on benefits in London?

    For those who receive benefits and may not want to borrow a short term loan in London, there are many other options available, such as;

    • Borrowing family and family
    • Applying for a budgeting loan

  • Why choose to apply with Multi Month Loans?

    Applicants who receive state benefits may need special assistance in finding lenders and loan terms designed to suit their needs. At Multi Month Loans, we specialise in helping customers find suitable deals on short-term credit options in London.