Loans For People On Benefits: A Ray Of Hope In Time Of Financial Crisis

People who are mentally retarded or physically disabled are listed as people on benefits

. Thus, people stay on the benefits provided by department of social security because of certain disability. With the benefits offered by the government, these people can meet their day to day needs. But, if they need extra money for any emergency or fulfilling other needs, then opting for loans for people on benefits is a better solution than knocking the door of relatives and friends. These loans can easily wipe out all financial crises of the disabled people. They let people fulfill their various monetary requirements like paying off a number of debts, home renovation, traveling expenses, paying-off household expenses, wedding, education and so on. There is no limitation on usage of the loan amount.

These loans are classified as secured or unsecured. In the secured option, the loan amount offered depends upon the market value of the valuable asset of the borrower that is placed as collateral against the loan amount. It ranges from 5,000 to 75,000 for the repayment term of 5 to 25 years. So, the borrowers can meet their needs without feeling the burden of monthly loan installment. Also, due to the security against the loan amount, the lender comes up with better terms and conditions like reasonable rate of interest. Whereas, unsecured option is for those borrowers who cannot afford to place or arrange the collateral against the loan amount. The loan amount in this case ranges from 1000 to 25000 with the repayment period of 1 to 10 years. But the interest rate for these loans is comparatively higher than secured loans as no collateral is pledged to cover the risk of the lender.

Before applying for the loan, the borrower must satisfy some conditions like he should be a permanent inhabitant of UK with the age of eighteen years or more, must hold a checking account for direct online transactions, should stay on DSS benefit form the past at least 6 months and must have the savings of minimum 500. The DSS benefit people with bad credit record such as CCJs, IVAs, arrears, defaults, missed payments etc can also avail the loan, but at a slightly higher rate of interest.

Online process is the best way to search for and to obtain the loan. Internet shopping can facilitate borrower to compare various rates in the market and to sort out the best one. Thus, good online searching can get you best loan deal ever. Also, you need not move out of your house and stand in line to avail the loan. Simply you need to fill up the online application form with your personal details and send it to the lender. You will get your money deposited into your bank account on the same day or the next business day.

by: Melissa Mia

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