Yes, people who receive well-being benefits can certainly get quick cash loans if they face a financial crisis. You may find it hard to believe, but the fact is that people who use charitable benefits are considered less risky by lenders, compared to those who have formal jobs. If you demand money quickly, as generally offered by payday lenders, and you already receive well-being benefits, the lenders consider you eligible for loans without further proof of your income.
Here are some options for availing instant cash payday loans or emergency cash loans:
Crisis / Emergency Loan – Anyone can get this loan by facing a financial crisis. This is regardless of your receiving welfare benefits. However, the usual preconditions for availing such loans must be met, which means that the loan seeker must be an adult, and the loan amount must be used to deal with crises, natural disaster and to meet daily expenses, but only for a short time. It is designed for people unable to meet the short-term demands of their family. The advantage of this loan given by DWP, the Department of Labor and Pensions (DWP), is the fact that the borrower does not pay fees, and he does not have to pay interest.
Bank and credit unions – You can call your credit union or banker and hand over your requirements to their customer service officer to find out what loans you can avail. If your credit rating is good, they would generally have a suitable offer to save you.
Online lenders – Nowadays you can find many individuals and companies offering loans online. Even if your credit rating is not decent, you can avail a loan from such lenders. This type of loan is often considered risky, but when you have no other option to get a quick loan, this should be good. Some companies send your information to multiple payday lenders and then inform you about the amount for which you qualify.
Government programs – Government also offers finance in various ways. It is worth talking to your charity employee for additional funds. Depending on the circumstances, you may also receive government grants. Usually you do not need to repay such grants. As such, you can’t really call them emergency cash loans. According to some government plans, those who receive welfare can expect help to get a cell phone for free.
Fixed rate payday loans – Online payday loans offer a variety of loans. One such type is the fixed-rate payday loan, which is useful in case of an emergency. These are also known as $ 10 payday loans, and they pay a flat interest rate of $ 10 per 100 borrowed.
Lenders of car securities – Although these are great for typing over any financial crisis, the interest charged is very high. The title of your car should be clear and no loan payment should be payable against that. Carefully review the terms of the loan to avoid fraud.
Instant Same Loans – This is the name of a company providing online loans across the UK and it is famous for offering loans at affordable rates. Regardless of your receiving well-being, having a low credit rating or a job paying a low salary, you can get a loan from this company if you are a British citizen. They have a very flexible process to handle the loan applications, and everyone can get money right away.
No fax loan – As the name suggests, the borrower does not need to fax a document to avail a loan. Most such lending companies give instant cash loans, even to the unemployed. It implies that even people who receive charitable benefits are qualified to receive this loan.