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Getting a loan while on benefits could be a hard time for you. Why? Because lenders doubt your capability to repay the loan. But don’t worry because there are still lenders out there who are willing to accept your loan application. Actually, the benefits that receive from the government do not affect your credit score. But for the eyes of the lenders if a person is eligible for government loans then there could be a chance that you’re having financial problems. So how can you get a loan while on benefits?
Acquiring A Loan Even On Benefits
You can choose to apply for a payday loan, although it’s not the best option you could choose but this is a short-term loan. The only problem with this type of loan is that it has extremely higher rates than other loans which may be difficult for you to repay in case you’re income is not enough to settle the repayments. Another option you could try is the guarantor loan where in you will need someone who is willing to be your guarantor. It could be a family or a friend you’ve known for a long time. They will be responsible for your repayments if ever you cannot afford to repay the loan anymore.
You may also try the home equity line of credit which is a secured loan, but this could be risky for your part because they will require you to set your home as collateral and if ever you failed to repay your loan they will get your home and consider it as your payment. Credit-builder credit cards might work also for you because they grant credit cards for people who don’t have much income or those who have bad credit score. The credit limit they offer are usually lower compared to other credit cards.
So don’t lose hope if you’re having trouble applying for a loan because there are many options to choose from. Just make sure that you’ll choose the right loan that will best suit your income.
Are you residing from UK and planning to get a loan but you’re having second thoughts because you have a bad credit? Well certainly it might really be a problem for you because almost all the lenders today are looking for borrowers with good credit score. You can have a bad credit score for some reasons like multiple late payments and missed payments from your previous loans. But there are ways to minimize or rebuild your credit score like sending multiple applications for a credit in short period of time, having a higher credit limit on your credit cards, and having multiple addresses for the past 3 years. Many lenders online offers loan for people with bad credit.
How To Get A Loan Based on Earnings
For you to get a loan with bad credit in UK, you must be at least 18 years of age and earning £400 a month. You must have bank account with debit card and a UK resident. These are the qualifications needed for the “CashUpJar” website where you can instantly borrow £100 up to £5,000 and can repay it for 3 to 36 months. Many online lenders in the UK offer loans with affordable rates with no credit score required. You can also repay them in a flexible time. Sometimes all they need is the details of your bank account and some of your personal information. So don’t worry if you have bad credit history because there are still some lenders who approved loan applications and lend instant cash for people like you.
Rebuilding Your Credit
It’s not that easy to apply for a loan especially when you have a bad credit, but if you know where you can easily borrow money despite of having a bad credit then it could be a good start to rebuild your credit score. If you want to apply for a bank loan then you can offer the money in your bank account as collateral if ever you can’t pay off your loan anymore.