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%
Direct Payday Loans for People on Benefits
Relying on benefits or pension alone can be hard at times of financial emergencies. When unexpected expenses come your way and you are unable to borrow money from friends and family, you might decide to search for a loan. Many lenders in the UK offer direct payday loans for people on benefits, and most of them are online.
Direct payday loans for people on benefits are probably the quickest way to get the money you need. Application process is simple, easy, and hassle-free. With quick approval and processing, funds will be transferred in your account within the day. No need to wait in line or get an appointment.
With direct payday loans for people on benefits, you will be working with only one company. Unlike loan brokers, direct lenders work with you from the beginning of your loan application, to its approval, funding, collection of repayments, to the end of the loan agreement.
How does direct payday loans for people on benefits work?
Direct payday loans for people on benefits are usually small in amount and are short-term. Payday loans in general must be repaid in a one-time payment, which is usually by the borrower’s subsequent payday. But, there are lenders you allow installment repayments, mostly in two to six months. The amount you can borrow and the loan term vary according to the quick loans for people on benefits lender, your credit score, and your overall personal circumstances.
Direct payday loans for people on benefits are unsecured type of credit, so you don’t have to worry about putting up a personal asset to guarantee the money you’ll borrow. But in the case of a one-time payment payday loan, the lender usually asks you to draft a post-dated check of the total amount you owe, which includes the interest and other fees or leave your ATM card and hold onto it. The post-dated check with the total loan cost and/or your ATM may serve as your loan security.
Since direct payday loans for people on benefits are unsecured type of borrowings, they have very high interest rate compared to traditional loans. If your credit score is low, expect to have an even more sky-high interest because you are perceived as a high-risk borrower. Although advertised rates of payday loans are often over 1000%, interest is capped at 0.8% per day. This is why you should work with authorized ppl lenders.
Authorized lenders follow strict regulations and implement policies on lending set by the FCA. With capped rates and fees, you can be assured that you are not paying more than you should on the amount you borrowed. Many lenders online can be deceiving, so it is important for you to take time to check the background of the lenders before taking out any loan.
Direct payday loans for people on benefits are great to cover for any unforeseen costs. Anytime you are short in cash and you want to get instant or quick cash, these loans are readily available for you. You can use direct payday loans for people on benefits to spend for any necessity such as groceries, gas or medical bills. These loans are also useful to pay for rent, credit card balances, purchase an appliance or furniture or for any personal reasons requiring small amount of money.
Qualifying for direct payday loans for people on benefits:
To get a loan approval without a stable job and rely only on benefits or pension can be hard than if you had an income from a regular employment. However, there are many credit lenders offering direct payday loans for people on benefits. While you might struggle to get a loan from banks and traditional lenders, look for lender offering these loans specifically designed for your needs.
Try to work with nonbank lenders who typically operate online. Search the web and you’ll find so many options for you. Online lenders are more lenient and flexible compared to banks and traditional lenders. Eligibility criteria are very basic and general, too.
Eligibility criteria for direct payday loans for people on benefits may vary among lenders, but as a general requirement, you’ll need to be of legal age and a UK resident with an active bank account. Your capability to make repayments is a big factor, so lenders will be looking into the amount you receive each month from your benefits. You must also be receiving the benefits for at least 26 weeks.
Benefits come in different forms, including income support, disability benefits, working family tax credits, housing allowance, support allowance, jobseeker’s allowance, and some pension credit. The loan amount you can borrow depends on the type of benefits you are receiving.
Your credit score is also an important factor that may influence your eligibility for affordable direct payday loans for people on benefits. If you have other source of income such as house rental, income from investments or commissions on top of your benefits, you have a high chance of getting a loan approval.
If you’re receiving benefits and you need to borrow money, there are still ways for you to get the money you need. Look for direct payday loans for people on benefits because these loans are designed specifically for your case. It is important though that you compare the rate of different lenders before you apply for a loan for you to get the lowest loan cost possible. You might as well want to compare the fees and other loan features to maximize your search.
Never take out any form of credit if you are in doubt that you will be able to afford the loan or make the repayments on time. Taking out loans that you cannot afford will only make matters worse for you. This will make things even more difficult for you, and will damage your credit record even more.
If you’re struggling to afford basic living costs, then getting a loan is definitely not the answer. Instead, you can ask help from your friends and family or find a debt charity that is able to assist you for financial assistance. Keep in mind that direct payday loans for people on benefits are for urgent or emergency expenses only and not for any long-term expenditure or for anyone who is in deep financial crisis already.
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.