Time To Say Yes To Bad Credit Loans On Benefits

You have maxed out your credit card bills, your email thread is swarming with payment reminders, and your bank account is in the red. You are not likely to get a loan as defaults have already taken a toll on your score and creditworthiness. When traditional lenders slam the doors in your face, online lenders turn up to give you a helping hand

A bad credit loan is a debt that you take out when your credit history is less-than-perfect. A poor score allows of high default risk, and hence, traditional lenders decline your request. Forever Finances have understood that financial irresponsibility is not the only reason that accounts for multiple defaults.

Here is the credit rating by Experian:

credit rating by Experian

What Are Bad Credit Loans On Benefits?

As everyone knows, bad credit loans are for individuals with poor credit scores. These are specialised loans and thus offer only a small amount to borrow.

When it comes to bad credit loans on benefits, these become more specified loan options dedicated to those living on government-sponsored benefits. Many lenders in the UK refrain from offering loans on benefits because they doubt aspirants’ repayment capabilities.

On the other hand, we are ready to take that risk by accepting applications for loans for bad credit on benefits.

We can consider those benefits as the repayment source if you lack a stable income. However, loans will only be available on affordable deals where the loan amount is decided only after analysing the current capacity of your monthly income.

We accept these benefits whole offering such poor credit loans:

  • Disability Living Allowance
  • Unemployment Benefits
  • Universal Credit
  • Child Benefits
  • Employment and Support Allowance

How Bad Credit Loans Can Help You

Poor credit history may hold you back from taking out a loan at attractive interest rates. You will also be denied access deals that are generally available for good credit borrowers. It will be hard to take out a short-term loan even if you explain your genuine credit needs to your lender.

These loans have been designed specifically for borrowers who have been facing difficulty in keeping up an acceptable score. If you have fallen behind repayments due to any reason, these bad credit loans are an alternative to finance your emergency needs.

You can apply these loans for the following reasons:

What Are The Salient Features Of Loans On Benefits With Bad Credit?

At ForeverFinances, one can get loans on benefits with bad credit on multiple features. Here, we should say that the impact of these features may be different from individual to individual, but the impact will be good only.

Given below are some features for which we are dedicated:-

Indeed, you want these loan features in your favour. Thus, don’t hesitate and start applying for loans for bad credit and living on benefits.

Bad Credit Loans Help You Improve Your Credit History

No loan can be better than bad credit loan when it comes to building credit. Your score will go up if you do not make any default in repayment of credit card bills and utility expenses. If you continue to pay off your dues timely, it shows up that you fulfil your financial obligations. With higher creditworthiness, you could apply for a loan at a lower interest rate and the best deals next time.

Make sure information on the electoral roll is accurate and updated. Try to go through your credit report at least once in a quarter to ensure it does contain your contact details accurate and does not show any erroneous default. A lender always tries to check your credit report to know how you have handled debts in the past. With timely repayment of your poor credit loan, you can improve your credit rating.

Will I Also Get No Credit Check Loans For People On Benefits?

Many advantages we have prepared to offer to those with less-than-perfect credit scores. Still, we receive maximum queries on:

Do we offer no credit check loans for people on benefits?

The answer is YES.

We can consider your loan application with no credit check despite having a poor credit score and living on benefits. Our primary concern is your repayment capacity. If you have borrowed the sum according to your actual financial needs and have the affordability to pay the prescribed interest rates, you can simply apply for these no credit check loans.

However, the facility is not on every loan deal or for every situation. We often conduct a soft credit check that is also not harmful to your credit profile. It does not leave any search footprints, and your chances of getting funds are always open.

What About Very Bad Credit Loans On Benefits?

Like people with bad credit scores, those with very bad credit ratings are also worried about their financial opportunities. Living on benefits may be relaxing for them, but still, these benefits are not adequate to manage every expense.

Since mainstream lenders may not be interested in assisting people living on benefits, the demand for very bad credit loans from direct lenders in the UK is on the rise. We are indeed among those lenders ready to offer adverse credit loans with no issue of received benefits.

We have kept the advantages of bad credit loans and very poor credit loans on benefits without the slightest difference. Go through the given table to have a clear knowledge of this:

Bad Credit Loans on Benefits Very Bad Credit Loans on Benefits
Affordable interest rates Competitive interest rates
For the small and medium amount Only for a smaller amount
Loan duration up to 60 months Avail loans up to 12 months
Weekly and Monthly Repayments Fortnightly, weekly and monthly repayments
Soft/No Credit Check Soft Credit Check

Why Direct Lender Only For Bad Credit Loans On Benefits?

There is always confusion in the mind of the borrowers about whether to approach a direct lender or whether traditional lending institutions are still good enough to borrow funds. Some people even take the help of loan brokers. One thing you must remember is that approaching mainstream lenders or brokers will only put an unnecessary burden on your finances.

When you are living on benefits and need a loan today, you should seek the help of a direct lender especially with bad credit.

Everything comes directly with:

Moreover, as a responsible direct lender, we say:

ForeverFinances provides bad credit loans on benefits at lower interest rates than other direct lenders and guides you on how to get a loan with no hassle. Apply online today!


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