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%
Loans for Ppl on Benefits
Having benefits or pension can be a good thing, but it may not be enough for all your necessities. Unexpected bills and emergency expenses may make it hard for you to go by just on benefits alone. Your benefits might not be enough when you’re on a tight spot. You would need to take out a loan at some point for additional funds to cover unforeseen expenses and meet your needs.
When you rely on benefits and you need to borrow cash, there are financial assistance available for you. There is such thing as loans for ppl on benefits. Such quick loans for people on benefits are also associated with unemployed loans, bad credit loans, and other short-term loans. In some cases, some people on benefits may qualify for a long-term loan, but this depends on several factors and the personal circumstances of the borrower.
You can use loans for ppl on benefits for any personal reason such as urgent costs, emergency bills, unexpected yet important trips, and basic items like clothes, furniture, food or anything that you may feel important to your continued existence. Loans for ppl on benefits can also be used to cover other needs such as paying for your rent, credit card balances, medical expenses, home renovation, and other needs that cannot be covered by the benefits you are receiving.
You can easily find many loans for Ppl on Benefits lenders in the UK who offer loans for ppl on benefits. Look for a lender who can lend you the amount you need, and offer you a loan that you can repay over a viable term at a monthly repayment amount that fits well into your budget.
Taking out Loans for Ppl on Benefits
Finding a payday loan with only your benefits as your source of income is oftentimes more challenging than if you had an income from a stable job. However, it is not impossible. As the number of lenders in the market increases each year, so is competition. As a result, many lenders offer affordable and flexible loans for all types of needs and credit file.
While banks and other mainstream lenders are usually the ports of call for a loan, you might want to try to take out a loan from nonbank lenders. These financial firms are becoming increasingly popular because of their flexibility and less strict eligibility criteria. Requirements are general, making loan applications quick and hassle-free. Search through the web and you’ll find so many options for you.
Eligibility criteria for these loans may vary from lender to lender, but the basic loans for Ppl on Benefits requirements include being of legal age and a UK resident with an active UK bank account. Your ability to make the loan repayments is the biggest factor, so expect that the lender will check the amount you are receiving each month from your benefits. It is also a requirement that you must be receiving the benefits for at least 26 weeks.
Loans for Ppl on Benefits lenders may consider the following benefits: income support, disability benefits, working family tax credits, housing allowance, support allowance, jobseeker’s allowance, and pension credit. The loan amount you can borrow depends on the type of benefit you are receiving.
Another crucial factor in qualifying for loans for ppl on benefits is credit history. Finding a loans for Ppl on Benefits lender who is willing to lend you the money you need can be challenging if your credit score is low. If you find one, the interest on the loan is likely to be high to make compensate for your low credit score. This is because you are considered a high-risk borrower. If you have other sources of income such as house rental, income from investments or commissions on top of your benefits, you have a higher chance of getting a loan.
Types of Loans for Ppl on Benefits
Guarantor loans are a popular option for people on benefits. A guarantor loan need to have someone to co-sign the loan to support it. The guarantor is obliged to make the repayments for you if you fail to do so. Although the interest of guarantor loans is more expensive than banks loans, it’s cost is considerably lower than many other options available for people on benefits.
If you can’t get a loan elsewhere due to low credit score, there are short-term loans you can qualify to. These short-term loans particularly for those on benefits with bad credit have extremely high interest rate. That is why, it is important consider this loan as your last resort and only for emergency purposes only.
Payday loans or quick cash are the most common examples of high-cost short-term loans. Expect that advertised APRs are often over 1000%. However, these loans are now regulated with the interest rate capped at 0.8% per day, so you should not be paying more than what you should.
Doorstep loans, also known as home credit, can also be an option for people on benefits. From the name itself, doorstep loans are delivered right at your doorstep. A lender’s agent comes into your home to discuss the affordable loan with you. Once you are approved, the agent gives you the money you need, in cash right at that moment. Likewise, they will collect your repayments from your home, which is usually done weekly.
Doorstep loans are convenient because of its personal service. You don’t even need to have a bank account in order to get a loan. These loans are also less strict towards your credit history. This makes doorstep loans an expensive form of financing with its high interest rate.
If you’re receiving benefits and you need to take out a loan, there are a number of options. Compare the types of loans for ppl on benefit and the lenders offering them before you apply. Make sure you meet the lender’s requirements as well. Otherwise, loans for Ppl on Benefits lenders can easily reject your loan application, which will pull down your credit score, making your search for loans for Ppl on Benefits even more difficult.
Never take out any type of loans for Ppl on Benefits loan if you are not sure whether you can make the repayments on time or not. If you’re struggling to afford basic living costs, then taking out a loan is definitely not the answer. Instead, help from charity or from your friends and family for financial assistance.
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
Ease Of Use
Value For Money
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
Ease Of Use
Value For Money
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
Ease Of Use
Value For Money
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.