WARNING: LATE REPAYMENT CAN CAUSE YOU SERIOUS MONEY PROBLEMS. RATES FROM 45.3% APR TO 1575% APR FOR HELP, GO TO MONEYADVICESERVICE.ORG.UK

The Answer To Your Cash Needs

Representative 277.5% APR

Representative Example: Borrow £700 and pay £111.27 per month for 12 months at an interest rate of 140% per annum (fixed).
The total charge for credit is £635.24 The total amount repayable is £1335.24. Representative 277.5% APR (variable). Your APR rate will be based on your circumstances

Non-payment could have a negative impact on your credit rating and have increased charges and interest rates.

The Great Things About KnightFinance

Super Fast Process

You could get money directly into your account after just a 15 minutes application.

Affordable Finance

Get the cash you need without the usual high costs, because of our wide range of lenders.

Low Interest Rates

Compare lenders to make sure that you get the lowest possible rates.

Unsecured loans

There’s no need to put any collateral against your credit, all our loans are unsecured.

Personal Loans that are Unsecured

It is so easy to get the finance you need today. Here at KnightFinance we pride ourselves on finding the right payment plan to suit anyone’s individual needs. Whether you are looking to borrow a small amount over a short period or are looking for much larger finance agreement we are able to help. Also known as personal loans or signature loans, unsecured loans are becoming a massively popular alternative to the standard bank loan. What unsecured refers to is how the finance is issued depending on the individual’s creditworthiness. Now when that comes to a bank loan, yes this is regarding your credit score, often making it difficult to get the finance you need. However, when we are talking about a loan that is not from a bank this is not the case. Many companies and lenders will not look at your credit score and will gauge your ability to repay on your current employment. So what is an unsecured loan really? This is quite an easy one, all it means is that the loan is not guaranteed by a property or vehicle. Because the lender does not have a source of collateral, just in case you default on payments for whatever reason, the interest for these loans can sometimes be higher than their counterparts. For those with bad credit, though, they are perfect for getting you back on track.

As a full time student working two jobs to get the bills paid and still being skint all the time, having a short term loan between pay days can be useful. Used Knight Finance after a recommendation from a friend and I’m glad I did. Borrowed just under £200 and paid £212 back, no where near the interest I would have paid elsewhere. Will definitely recommend if you’re strapped for cash and know you can pay it back.

Photo taken by Jonathan Chen

Alexia Newton

Support Worker

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Loan amount
£200 - £1,100
Loan term
1 - 4 Months
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Loan amount
£100 - £2,000
Loan term
1 -12 Months
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Excellent
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Affordable Loans for People on Benefits

Getting a loan approval can be a challenging especially when you want affordable loans, but you are relying only on benefits. However, there are many lenders and loan options to choose. The thing is that it takes time to search for affordable loans for people on benefits because you have to compare rates and fees of different lenders. Comparing different lenders and their loan offers will help you find affordable loans for people on benefits that will best work for you.

How to get affordable loans for people on benefits?

Affordable means you are capable of making the loan repayments comfortable without compromising your other monthly bills and obligations. Affordable loans for people on benefits are often the loans with the lowest annual percentage rate (APR) or interest rate. The lower the APR or the interest rate, the more affordable the loan is.

The lowest APRs are usually reserved for those with good credit rating. Therefore, having good credit is the best way to qualify for affordable loans for people on benefits. The key to this is by making repayments on the agreed schedule and not miss any of it. You might also want to pay off your credit card balances and missed bills.

To make the search easier for you, look for quick loans for people on benefits lenders who specializes on loans for people on benefits. From there, compare the lenders and their loan offers. Compare the loan rates of different lenders on the same amount you intend to borrow. You might also want to make a comparison of the fees and loan features in the loan agreement.

Bottom line is that it all boils down to your credit score and the type of benefit you are receiving. The APR depends greatly on your credit score, the amount and type of benefit you are receiving, and your personal circumstances.

Why People Prefer the Affordable Loans for People on Benefits

Affordable Loans for People on Benefits:

Many lenders in the United Kingdom offer affordable loans for people on benefits. You may find one who will meet all your needs, and offer you a ppl loan that you can repay over a period at a monthly repayment amount that is affordable for you.

Instant Loans

Instant loans are examples of affordable loans for people on benefits. These loans are convenient and quick to obtain since they are accessible online. All you need is a computer or a smartphone or tablet, and the internet. If you use an iOS or Android device, you’ll find apps designed to help you apply for these loans easily. The turnaround time of these loans is super quick, you don’t have to wait for days or weeks. Majority of online loan lenders transfer approved funds into bank accounts within the day of application.

Online instant loans are good examples of affordable loans for people on benefits because these loans are cheaper. Online lenders can save from the cost of having a physical store or office, and therefore offer more affordable loans than those with physical office. The rates and charges vary among lenders, so take time to compare different lenders. Check with other lenders first because you might get a much affordable loan from other lenders.

Guarantor Loans

If it’s your first time to borrow money or if you have a poor credit history, a guarantor can help you get affordable loans for people on benefits. A guarantor loan is the same as an unsecured loan, but you have a friend or family member that will co-sign the loan for you and take the responsibility for your loan repayments if for any reason you cannot make the repayments anymore.

A guarantor must have a good credit rating. With a guarantor, the payday loan is perceived to be less risky for the lender. As a result, the loan will have a lower interest rate than that of an unsecured loan without a guarantor. Guarantor loans may be cheap enough as affordable loans for people on benefits, but you should still look for the one that is cheapest to pay back. The cost of a guarantor loan depends on the loan amount, the APR, and the repayment period.

The loan amount is the amount you can borrow or the principal amount, which is usually between £1,000 and £10,000. The amount you are allowed to borrow though depends on how much you are receiving from your benefits. Your repayments will be spread evenly throughout the credit loan term, so you pay the same amount each month.

The interest charged on a guarantor loan is usually much higher than a normal loan. The loan term is the period in which you have to pay back your loan. Most lenders offer terms of less a year or one to three years. However, a short-term loans cost less than a long-term loan because you pay less interest overall.

You can ask anyone to be your guarantor as long as he or she can meet the requirements. The guarantor may be a friend, family member or work colleague but they must be at least 18 years old, or over 21 for some lenders, in full time employment, someone other than your spouse or someone you do not share a bank account. Your guarantor will have to pay back your payday loan if you cannot make it yourself, so make sure he or she fully understands the responsibility and the risk involved before you apply.

Secured Loans

Affordable loans for people on benefits can also be secured loans. Secured loans usually have lower cost because the loan has a collateral. A collateral is a personal asset of the borrower, usually a house or a vehicle. Other acceptable collateral or loan security are jewelry, bonds, land, and anything that is of value.

Conclusion

If you are looking for affordable loans for people on benefits, you’ll find many lenders offering multiple options for you. You’ll just have to take time in comparing lenders and loan rates to find the most affordable loans for people on benefits. Choose the loan that works best for your needs.

The Benefits You Will Obtain From Applying to Affordable Loans for People on Benefits

5 most recent personal loan reviews

Review of Colonial Second Charge Loans

I love CSC loans I have been with them nearly three years, need a top up as my son is getting married. They where brilliant as usual, no problems, done so quick - they were my life savers when needed most, thank you.

Review posted by Mary Hartnoll, Canterbury

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Together

As guarantor for my daughters, loan the service we got was quick and efficient, did checks, asked questions and all was sorted very quickly, would definitely recommend Together loans to all.

Review posted by Susan Mills, Darlington

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Shawbrook Bank

Brilliant service. The application process was a doddle, the Shawbrook representative who called me was polite, understanding and cheerful. The whole thing (from starting the application process to receiving the money) took around 3 or 4 hours. Very quick and efficient and no long or silly forms to fill out. Just what was necessary. Am very pleased I chose Shawbrook.

Review posted by John Marcus, Surrey

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money
All reviews have been sourced from the UK Trust Pilot to certify authenticity.

Representative 277.5% APR

Representative Example: Borrow £700 and pay £111.27 per month for 12 months at an interest rate of 140% per annum (fixed).
The total charge for credit is £635.24 The total amount repayable is £1335.24. Representative 277.5% APR (variable). Your APR rate will be based on your circumstances

Non-payment could have a negative impact on your credit rating and have increased charges and interest rates.