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Home » Benefit Loans

Benefit Loans

Being unemployed is more than losing a job, it’s losing a source of income that may affect how you survive. This becomes more significant if you’re not just supporting yourself but a family. Groceries, utilities, sudden expenses – these are just some of the things you need to worry about and without a job, it’s almost impossible to work this out unless you have another source of funds. But if you’re only way to earn money is through employment, how will you look for a new career if you’re left with a little amount? Worse, if your physical and/mental aspect has been affected, leaving you with almost no chance to get up.

But as they say: “life goes on”. Having enough cash to survive is still possible – thanks to benefits loans!

Benefit Loans For The Unemployed

Whether you are looking for in between jobs or receiving benefits, acquiring a loan can help you with your monetary needs. Lenders know how losing a job can wreak havoc on your finances, especially if it’s the only way for you to obtain money. Luckily, there are loans for people on benefits that are fast enough to give them the assistance they badly need to sustain life.

Benefits loans – as most people call it, are intended for individuals who are receiving benefits for a minimum of 26 weeks. This includes disability benefits, income support, housing allowance, working family tax credits, pension credit, or jobseeker’s allowance. It is crucial that you have the ability to settle the loan to be granted.

benefit loans online with FinanceByte

Eligibility For Benefit Loans

Every government has a financial assistance offered to almost anyone deserving and you can get yours by talking to various designated departments. However, some factors may slow it down therefore, it’s best to work on it in the soonest possible time. The benefits are important not only as part of your funds; it will also help with your eligibility. Benefits loans are available only to those who are recipients of the financial assistance.

In able to acquire this, you need to prove that losing the job wasn’t your fault. Let’s say the company you’re working with suddenly shuts down, or you suffered from a mental or physical health condition due to the kind of job or place you’re working in. Even when you think that you’re already stable with your job, working on a promising career and earning a good amount of cash, unfortunate things may happen. For instance, bankruptcy hits your company and there’s no other way out but to shut down, thus, leaving you and your fellow colleagues unemployed; or you acquired illness because of the nature of your work or the kind of atmosphere you’re with, and the last thing you know, you can barely move anymore. Benefit loans are handy in this kind of situations. Being fired or resignation, on the other hand, will not qualify you from getting public assistance.

Applying For Benefits Loans

Physical or mental health condition acquired from your job may leave you with several difficulties, such as walking or even talking. Fortunately, there’s no need to visit a loan office to get benefits loans as it can be processed online. All you have to do is complete a few requirements – such as an online application form and a valid ID. Once submitted, the lender will release his decision in the soonest possible time and if your loan application was granted, you can have the money in your bank account in as fast as 24 hours. It has no restrictions and it can be used to address urgent expenses, sudden bills, and other expenditures that can’t wait. You can also use it to buy your medicine, medical equipment, clothes, etc.

However, benefits loans only offer a modest amount, but it is extremely useful. It is simple and quick to acquire, and not to mention, very convenient when you can barely walk anymore.

Instead of doing the traditional method of borrowing money, you can apply over the Internet. The verification process takes less than an hour and it’s even possible that you’ll have the money delivered straight to your bank account or your home. Before, where banks and other conventional lenders are the only sources of loans, getting a loan takes 30 days to complete the entire process.

With benefit loans, you can get the amount you need on the same day you’ve applied. There’s no paperwork required and long line, thus minimizing the stress. Even credit check is not required; therefore, you can have the monetary assistance you need even with a bad credit rating or without a credit history at all.

Repayment Period

Benefit loans are usually provided in a small amount, thus it’s settled on a short period. Usually, it is compensated after 14 days or 30 days for some. In case you cannot give the full amount, you can ask for a loan extension. Rollover – as what they call it, is given to the loan seekers who are willing to pay for additional charges in return for extending the loan. It is costly but a great option when you cannot settle overall loan amount – principal rate, interest, and other charges.

Being employed is not a prerequisite, however, the lender needs to ensure that you can handle the repayment without any hassle. If you can prove your financial capability – through benefits and/or bank statement, you can be approved automatically.

No Credit Check

Main street lenders and banks are crucial to their requirements and often, it includes the credit report. Failing to have good or excellent credit rating means automatic rejection. The lender will see you as a high risk to their business no matter how capable you are in repaying the loan. Therefore, if you need extra cash, you should rely on private lenders who offer benefit loans. Your chances of getting approved are higher, regardless of your credit past. The entire process is more convenient, making sure that your condition is addressed. Some lenders may even provide your cash directly in your doorsteps.


Representative Example:
305.9% APR. £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)
Please note:
Loanovao is NOT a lender – we are a licensed broker working with the most popular direct lenders in the market to find you the most suitable short-term loan plan. Our FREE quoting service compares more than 40 lenders quickly and finds you a lender with the lowest rate that they are willing to lend to you today.
Rates from 45.3% APR to 1575% APR – we provide a no obligation quote, your APR will be based on your personal circumstances
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