Loans on Benefits: Avail Better Deals that Suit Your Needs

by: Paul John

But somehow they all need some extra cash to combat an emergency expense then such loan can be an apt solution for their needs. These provide instant cash without asking any collateral or credits direct to the borrowers' account. These can be acquired without having to go through any hassle of paper work, faxing, collateral and long waits.

Requirements

To be approved for this loan borrower has to meet a simple eligibility criterion. These are as follows:

1. Borrower should be an adult.
2. He must be a permanent resident of United Kingdom for last 1 year with the same residential address.
3. He needs to be a dependent of DSS benefits for last 8 months.
4. Must possess an bank account on his name in any UK reputed bank.
5. He must have a savings account amounting at least £800 if he wishes to get the amount up to £500.
6. And last but not the least, he must have the ability of repay the amount to be loaned.

Once these set of criterion are met, then the person is eligible for this loan even in case of having bad credit rating.

Features

To avail of Loans for people on DSS, borrower needs to be on DSS benefits for the last 8 months. Everyone is equal no matter the credit rating whether good or bad, whether they have a home or not. These loans are suitable for all people who are in need of extra cash to fulfill their desires but have no option due to the lack of efficient income and some uncalled incidents making him disabled.

There are many kinds of bad credit like arrears, defaults, bankruptcy, insolvency, CCJs, IVA and issues such as these don't matter. Instead of excellent credit borrowers only need the ability to pay back the loan amount. This can be utilized for whatever purposes either personal such as home renovation, car repairing, medical bills, wedding etc. or commercial.