You have seen the commercials, listened to the ads and read the websites full of applications for payday loans. But, you feel stuck. Unlike millions in the workforce, you are one of the many who, due to any number of unfortunate circumstances, find yourself limited to government benefits or a pension. Now, thanks to an unfortunate and unforeseen circumstance, you are suddenly in need of a quick, temporary loan – but there is no way a doorstep loan would be extended to you, right? Wrong! Fortunately, there are many considerations to make in choosing the option of a cash advance loan, even if you are not working a regular day job. Read on to discover what your options are.
But I don’t have a Steady Paycheck
A primary concern for people receiving benefits is that they do not receive weekly or biweekly payments from employers. However, even short-term benefits arrangements can substitute for an employer paycheck.
The easiest way to discover your loan eligibility is to apply! In completing an application, simply fill out your information fully and to the best of your ability, making sure to include any form of benefits you are receiving. In particular, having a payment stub or bank record of your benefits deposits may be of use during the analysis process.
What about Permanent Disability?
We all recognize that benefits come in all shapes and sizes, with no two situations being completely alike and most lenders will look at your specific situation and help you make the best decision possible.
If you are still concerned that your government benefits will not yield the loan you need, the next step is to take a look at the other forms of income or collateral that may be a considering factor in a payday loan. The three most common forms of consideration are private pensions, vehicle, and property collateral.
Don’t Forget those Private Payments!
Often, people overlook strong, viable options they have when it comes to providing proof of income for doorstep loans for people on benefits applications. A common source of income sometimes overlooked is private pensions and retirement plans. Also, to the government assistance or benefits, some receive, many people also have benefits in the form of retirement or disability plans extended by employers. These alternative forms of payment can be an excellent option for showing a form of income stability not unlike having a job itself.
The Power of Collateral
A less frequently seen, but still viable option depending on the company and the item, is the use of collateral in obtaining a loan for people on benefits. Do you have a vehicle you own in full? A home? A small piece of land? Even an expensive piece of jewelry? Valuable items – preferably those with deeds, notes paid in its entirety or certificates of insurance proving value – can sometimes be held in the short term as an additional safe haven of insurance for the company. Allowing them the security needed to provide you with a short-term loan for your emergency situation, even if you rely on benefits as your primary source of income.
If you are on benefits, you will be receiving a fixed income every month. This should suffice your needs, but if you are hit with an unexpected bill, you may not have the funds to cover it. This is when Doorstep loans for people on benefits come in handy. Also, it won’t matter if you have a bad credit rating. The Agents just look at your current financial status to determine whether you are eligible for a loan. You don’t even need a bank account. Last, but not least, if you are unable to leave your house for whatever reason, a doorstep loan makes sense as the money is delivered to you.
There are not many requirements needed to be eligible for a doorstep loan.
- Firstly, very importantly, you MUST be over the age of 18.
- You must be a legal UK resident.
- Last, you must show some documentation that you will be able to repay the loan, in the form of pay stubs or documentation of benefits.
That’s just about it. They don’t look at your bad credit rating or any other information like that. They just see how you are currently doing financially, and if you meet the above requirements, you are eligible to get a loan! When it comes to nontraditional loans questions, remember that the only bad question is no question at all. Do not let a benefits-based income stop you from reaching out and receiving the fast assistance you need.
This loan is usually targeted at people with bad credit ratings, no credit history or people on benefits as they find it hard to get loans from other financial institutions.
Doorstep Loan companies are everywhere at the moment and if it’s something that you are considering right now or feel that you desperately need then it shouldn’t be difficult to find a suitable lender. It’s always recommended that people seek knowledge of the lender’s reputation before deciding if they are suitable for you and by checking out the customer reviews and complaints forums online it should help you to establish a better understanding for peace of mind.