The Answer To Your Cash Needs
The Great Things About KnightFinance
Super Fast Process
You could get money directly into your account after just a 15 minutes application.
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.
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.
See How Our Competitors Compare
Borrow £500 for 4 Months, Four Monthly Repayments of £215.81 Total repayment £863.24 Interest Rate PA (fixed) 270.10% Representative APR 997%
Payday Loans for People on Benefits
You might think that only those with regular jobs can have access to loans, but people who are on benefits can also access financial assistance from lenders. You can use the loan to spend for unforeseen emergency costs or some urgent necessities.
Anytime you are short in cash and you want to get instant or quick cash, you can rely on payday loans for people on benefits. You can also use these loans to spend for groceries, gas or medical bills, pay for rent, credit card balances or for any personal reasons requiring a not so large amount of money.
If you search online for loans for people on benefits, you’ll be presented with different types of loans. One of the most popular forms of benefit loans are the payday loans. Yes, you read that correctly – payday loans! Even if you don’t have a regular job, the benefits you are receiving serve as your paycheck. Many payday loan lenders consider people on benefits because they see the increasing demand.
Payday loans for people on benefits are probably the fastest way for you to get some cash. Applying for these quick loans for people on benefits are pretty easy, as only little to no paperwork is needed. You just need to provide your personal information and the details of the benefits you are receiving. What the lenders want to see is how much you are receiving from your benefits per month, and whether you can afford comfortable the repayment of the loan.
What are payday loans for people on benefits?
Payday loans for people on benefits are usually small in amount ranging from £100 to £1,000 or more, depending on the lender. Since these loans are small amounts, they are over for a shorter period. The amount you are allowed to borrow depends on several factors, but is usually based on the amount you are receiving from your benefits.
Payday loans are usually settled in a one-time payment, which is usually by the borrower’s subsequent payday, hence the name “payday” loan. However, some lenders allow ppl installment repayments, which can be over two to six months. The loan term vary according the type of benefit you are receiving, your credit score, and your overall personal circumstances.
Payday loans for people on benefits are unsecured, which means you don’t have to borrow against a personal asset to secure the loan. Since payday loans for people on benefits are unsecured type of credit, they come with very high interest compared to bank loans and regular personal loans. If your credit score is low, the higher the interest is because you are seen as a high-risk borrower.
Payday loans in general are criticized for their ridiculously high interest. However, you don’t need to worry because payday loan lenders, the authorized ones, are now regulated accordingly. Although their advertised interest are often over 1000%, interest is capped at 0.8% per day.
You can be assure you that authorized lenders follow strict regulations and implement policies on lending set by the FCA. With capped rates and fees, you are dealing with a fair and reasonable loan cost. Many lenders online can be deceiving, as there are many loan sharks around. These lenders are definitely not authorized to do business. It is important for you to take time to check the background of the lenders before taking out any loan to avoid falling into the hands of fraud and loan sharks.
Taking out payday loans for people on benefits:
True enough that applying for a loan without a job and rely only on benefits can be a struggle than if you had an income from a regular employment. That is why you should look for lenders offering specifically payday loans for people on benefits. While you might struggle to get a loan from banks and traditional lenders, you sure can get a loan from credit lenders of payday loans for people on benefits.
Lenders of payday loans for people on benefits are mostly nonbank lenders who usually operate online. Search the web and you’ll find many of these lenders you can compare. Nonbank online lenders are more relaxed and flexible when it comes to credit standards in comparison with banks and traditional lenders. Eligibility criteria are also very basic and general, so they’re not difficult to meet.
The requirements for payday loans for people on benefits vary among lenders, but basic qualification includes being of legal age and a permanent resident in the UK with an active bank account. Your capability to make repayments is the most crucial factor. Lenders will check how much you are receiving from your benefits. Another requirement is that you must be receiving the benefits for at least 26 weeks.
Benefits that considered by lenders are income support, disability benefits, working family tax credits, housing allowance, support allowance, jobseeker’s allowance, and some pension credit. The amount you are allowed to borrow depends on the amount and the type of benefits you are receiving.
Your credit history will also be checked as mandated by law. However, you don’t need to worry of you have a low credit score because these lenders will not put emphasis on your credit rating, but rather on your capability to repay the loan.
Payday loans for people on benefits are great for any unforeseen urgent expenses. These loans are also useful if you are short in cash and just need a small amount to get you through the month end. You’ll find many lenders offering payday loans for people on benefits.
Taking out these affordable loans are quick and hassle-free because qualifying is easy. Qualification requirements for payday loans for people on benefits are basic. What the lenders are looking for is whether you can afford to make the repayments comfortably. While credit history is a factor, lenders can look past low credit scores.
Payday loans for people on benefits are known for their very high interest rate, but you can be assured that you are not paying more than what you should, as long as the lender is authorized. You can access payday loans for people on benefits from nonbank online lenders, but be cautious in choosing the lender you will work with. Be sure the lender is legitimate and authorized.
5 most recent personal loan reviews
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
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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
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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
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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.