Is it possible to get cash loans for people on benefits?
If you're currently receiving benefits but need to plug a shortfall in your finances, there aren't a huge amount of options available to you. These days very few banks or regular financial institutions will have much interest in lending money to anyone who is currently out of work, or unable to work because of health problems because it represents too much of a potential risk for them.
While that is certainly understandable, it doesn't really leave you with much choice should you find you need money for an emergency such as an illness in the family, a car repair, or something essential for your children. This is where cash loans from quick loan services can come in handy.
These small loans are specifically created in order to tide people over through lean times until they receive their next payment, whether that is wage from work or benefits cheque. Because they are only meant to be used as a temporary stop gap measure, the duration of these loans rarely exceeds one month, although in most cases they can be as short as a week.
It's not only the duration of the loan that's limited either, quick loan businesses rarely offer sums of much more than £500 to their customers. This minimises their risk exposure should they fail to be repaid for any loans, and it also means that customers are unable to run themselves into a financial black hole because of their services.
The way they make their money is by setting a high interest rate, usually of 25% which must be paid in full along with the initial loan on the due date, so once you repay the money when you are supposed to you will have no problems with additional charges or fees, making these services surprisingly versatile for emergencies, and with no credit check or proof of employment needed they're open to everyone, meaning available cash loans for people on benefits.