Loans on benefits — do they exist?
From time to time in life, virtually everybody needs some form of loan. That might be to buy a car or simply to settle a bill.
That applies equally in the case of people on benefits.
It is true that when they’re considering a loan application, lenders expect the applicant to have some form of regular income. However, that doesn’t necessarily mean the same thing as a salary or wage. That’s because some lenders will also take into account regular income in the form of benefits.
That means that it may be possible to access loans when on benefits in situations such as where you have hit an unexpected snag in your budgeting or need to spread the cost of a large purchase over several months.
People often confuse loans for benefits with bad credit loans, but they are not the same thing. Being on benefits doesn't necessarily mean you have poor credit or that you're a high-risk borrower, and many lenders certainly won't view your application that way.
Whatever the circumstances, you're welcome to apply for loans today, on benefits or otherwise.