Understanding Loans for People on Benefits
Need a loan 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 if you are on benefits?
If you’re claiming income support such as unemployment 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.
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 will need specialist help finding a lender who can accommodate their needs and particular 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 loan repayments in addition to monthly expenses.
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?
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|
Frequently Asked Questions FAQS
How long does it take to get a loan on benefits?
With Multi Month Loans, your credit application 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?
For those who receive benefits and may not want to borrow a short term loan, 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 the best deals on short-term credit options.