Cash Loans for People on Welfare Are Possible
Yes, people who are receiving welfare benefits can surely obtain quick cash loans on facing a financial crisis. You may find it hard to believe, but the fact is that people availing of welfare benefits are considered less risky by lenders, compared to those having formal jobs. In case you require funds quickly, as are generally offered by payday lenders, and you are already receiving welfare benefits, the lenders consider you eligible for loans without any additional proof of your income.
Here are some options for availing instant cash payday loans or emergency cash loans:
Crisis/Emergency loan – Anybody can receive this loan on facing a financial crisis. This is irrespective of your receiving welfare benefits. Nevertheless, the usual prerequisites for availing such loans need to be fulfilled, meaning that the loan seeker must be an adult, and the amount borrowed should be utilized for coping with emergencies, natural calamity and for meeting with day-to-day expenses, but only for a short time. It is designed for people incapable of fulfilling the short-term requirements of their family. The benefit of this loan that is provided by DWP, The Department for Work & Pensions (DWP), is the fact that the borrower is not charged any fees, nor is he required to pay any interest.
Bank and credit unions – You may call upon your credit union or banker and convey your requirements to their customer service official to know what kinds of loans can be available to you. If your credit rating is good, they would generally have a suitable proposal for bailing you out.
Online lenders – These days you can find many individual and companies offering loans online. Even if your credit rating is not decent, you can avail a loan from such lenders. This kind of loan is often considered risky, but when you have no other option of getting a quick loan, this should be fine. Certain companies would submit your information to multiple payday lenders and then inform you on the amount that you qualify for.
Government programs – Government also offers finances in various ways. It is worthwhile talking to your welfare officer for additional funds. Depending on the circumstances, you could also get governmental grants. Usually, you don’t need to pay back such grants. As such, you can’t really call them emergency cash loans. Under certain government plans, those receiving welfare can expect help for getting a cell phone without any charge.
Fixed rate payday loans – Online payday lenders offer a variety of loans. One such type is the fixed rate payday loan, which comes handy in case of an emergency. These are also known as 10 dollar payday loans, and they charge a flat interest rate of 10 dollars per 100 borrowed.