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Your One Stop for Loans
It doesn’t matter what kind of financial situation you are in, what your credit is like or what your bank told you when you tried to get a loan from them. We have so many lending options available through lenders we broker for that just about everyone is eligible for some of these loans. Our lenders offer both personal and short term loans, ranging from just a few months’ duration up to 36 months. You can choose from small loans you pay back quickly to larger loans that take years to repay.
Your options are immense, when you choose Lendplex, and we make it easy for you to discover the one loan that fits your needs perfectly.
People who are on benefits can also access financial assistance by loan lending companies. If you are already receiving some benefits or pension, getting a loan is possible for you. You can use the loan to spend for some necessities. These necessities may include clothes, furniture, food, and others that you may feel important to your continued existence. No matter what your needs are, benefit loans are readily available for you.
What are benefit loans, and why you might need one
Benefit loans are credits that are specifically designed for those that receive or rely on benefits as their source of income.
While such benefits or pensions are great, you can’t count on them for all your basic necessities. Sometimes, unforeseen circumstances may make it difficult to go by on benefits alone. It’s undeniable that such benefits are not enough. You would need benefit loans at some point to have an adequate resource to meet up with your needs.
You also need benefit loan to cover other needs such as paying for your rent, repaying store cards or credit cards, medical expenses, home renovation or emergency expenditures.
You may need the benefit loan despite your benefits to finance your education if you are training for a different career, travel expenses, and take care of your car. You can use it for other needs that cannot be adequately covered by your benefits.
In the UK, many lenders have loans for people on benefits in their plan. You may find one who will meet all your needs, and offer you a benefit loan that you can repay over a period at a monthly repayment amount that is affordable for you.
Qualifying for benefit loans
As you would probably think, finding a loan while on benefits is going to be more difficult than if you had an income from a regular employment. However, many benefit loans lenders that consider applicants on benefits.
Eligibility criteria for a benefit loan varies from lender to lender. However, as a minimum requirement, you’ll need to be at least 18 years old and be able to how that you can comfortably afford the repayments each month. Your ability to make repayments the loan is a big factor.
Other qualification for this loan is determined by some factors such as the borrower having been receiving the benefits for at least 26 weeks. Examples of benefits include income support, disability benefits, working family tax credits, housing allowance, support allowance, jobseeker’s allowance, and some pension credit.
The type of benefit loans you are receiving will affect the type of loan you can apply for and the loan amount you are allowed to borrow.
Another factor that may influence your benefit loan eligibility is your credit history. If your credit score is low, you may find it hard to get a lender who is willing to give you a loan. If you fortunately find one, the interest rate is likely to be high to make allowance for your poor credit rating.
Your employment status is another crucial factor you cannot overlook when looking for benefit loans. If you are unemployed, it becomes a huge effort to get a willing lender for fear of repayment. If you have other sources of income such as house rental despite your unemployed status, you still have a high chance of getting a lender who is ready to go all the way to lend you a loan.
Types of benefit loans
If you’re on benefits and looking for a loan, a guarantor loan is a worthy option to consider. You will have to have someone to co-sign your loan to support it and he or she will be expected to cover your repayments if you’re unable to do so. However, in return you will receive an APR of around 40-50%, which although more expensive than that offered by the banks and other traditional lenders, is considerably lower than many other options available to you.
High cost short-term loans
Many high cost short-term loan lenders will consider applicants who are receiving benefits. As the name suggests, high cost short-term loans are designed for a one off emergency and not for long-term or sustained financing. These loans are also known as payday loans or quick cash. Although advertised rates are often over 1000%, interest is capped at 0.8% per day.
Doorstep loans are also called home credit. Doorstep lenders generally pay you in cash, and deliver the loan to your doorstep. Likewise, they will collect repayments from your home. When applying for a doorstep loan, you will be assigned to a personal agent that will decide whether to grant you the loan or not. Due to the personal nature of this product, they are typically more lenient towards your credit history. Saying this, doorstep loans are an expensive form of credit and should be considered as your last resort.
Is a loan really the answer?
Only you can answer this question. Never take out loans or any sort of credit if there is a chance you won’t be able to afford or make the repayments on time. That will only make worse whatever financial difficulty you’re experiencing at the moment and make things more difficult for you in the long run. This will also further damage your credit record.
If you find yourself in the position where you’re struggling to afford basic living costs, then borrowing is not the answer. Instead, find a debt charity, as they are abundance around, which will be able to assist you. Or, you can approach your friends and family for financial assistance.
If you’re receiving benefits and looking for a loan, then you must know you still have a number of options. It’s extremely important that you compare your options before you apply to ensure you’re meeting the lender’s requirements. Failure to do so will result in you being declined, damaging your credit score, and making your search for a loan even harder. Take your time to compare benefit loans among different lenders before jumping into any loan offer.
Representative APR is 1325%, if you borrow £200 over 6 months at 292.0% p.a. (fixed) your first repayment will be £33.60 followed by £96.00, £75.84, £66.88, £62.40 and £48.96 the following months. You will repay £383.68 in total, there are no additional fees.
A loan of £7,500 over 5 years will cost you £157.40 per month at a representative 9.9% APR.
The total cost after 5 years is £9,443, which includes £1,763.93 interest at 8.8% fixed and a £180 fee. The total amount of credit is £7,680.
How Much Do You Charge?
Lendplex charges nothing for its services. We have no payment options available on our website, as you may notice, because we never charge you. Additionally, you don’t have to pay the lenders extra just because we are bringing you and them together. Our services are completely free of charge.
How Long Do I Have to Repay the Loan?
The length of the loan depends on two factors- how big the loan is and what the lender’s terms are. Each lender has their own terms, and the larger the loan is, the longer you usually have to repay it. Interest rates may change as well based on loan length and the size of the loan.
Be sure you pay attention to the lending terms, as it is important to pay back the loan on time and in full. If you don’t, then you will have to pay additionally. How much extra you will have to pay will depend on each lender’s own terms.
Is It Easy to Be Approved for a Loan?
This is the biggest hurdle many people have to overcome when they want to get a loan- eligibility. Either they simply aren’t eligible or they fear they aren’t. Many people believe they would not be approved for a loan because they simply don’t have a lot of money to pay for a loan. What they may not realize is that with all the lending options our lenders have available, there is likely a loan or two that will fit just about anybody. You may be able to find one that you can pay very gradually on without a lot of interest and still get the full loan amount you are looking for. You won’t know until you try our loan matching service, though. It’s fast and simple, and you can find out in moments if you are eligible.
5 most recent personal loan reviews
I didn't expect that I would get a loan being that there was so many loan companies with so many requirements. When I tried Genie Lending, the process was swift, as soon as all my documents were sent to them. I am impressed and happy beyond words. It was such an easy process. Rates were quite high but that's expected for a bad credit loan. Thank you team Genie.
Review posted by Emmanuel Forsberg, Stafford
Ease Of Use
Value For Money
Very easy and very honest about what they offer and the rates are very good as well. Also the people I spoke to was very easy to talk to. Definitely would recommend to anyone in need of cash quick long or short term. Ps thanks Joseph
Review posted by Daniela Hyatt, Luton
Ease Of Use
Value For Money
My wife has very poor credit and was in urgent need of a new vehicle to get her too and from work. Luckily Everyday Loans agreed to give her a loan, which should start to build up her credit. The application was quick and easy (she did it on her phone over breakfast), and the money was sorted out within a couple of days. The interest rates seem very fair too considering the credit score.
Review posted by Gary Coombe, Glastonbury
Ease Of Use
Value For Money
We source our reviews from TrustPilot to ensure authentic results.
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)
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Rates from 45.3% APR to 1575% APR – we provide a no obligation quote, your APR will be based on your personal circumstances