Finding a loan can be difficult, and the process can be even more complicated if you are on benefits. It is because even though you receive a relatively predictable level of income from the government, your income may be significantly lower than that of those who are employed.
If I am on Benefits, can I get a Loan?
You may be able to get a loan if you receive benefits.
The good news is that certain lenders are willing to accept certain benefits as a regular source of income in some circumstances. Benefit recipients may in fact be eligible for a loan, depending on a number of additional factors. The kind of 300 loan offered to those on long-term benefits, such as Disability Living Allowance, will likely be different from that offered to those on short-term or temporary benefits, and different lenders will be able to accommodate these distinct types of borrowing.
Is It Possible To Apply For A Loan Based On My Benefits?
Benefit recipients can apply for a loan in a similar manner to those who receive regular income from employment. It may be necessary to provide additional information about the types of benefits you receive, along with your total monthly income and usual expenses, but the process is quick, easy and stress-free.
As a reputable credit broker that is authorised and regulated by the Financial Conduct Authority (FCA), we work with lenders that consider applicants from a variety of backgrounds, including those who receive benefits. Our eligibility checker will give you an instant indication of your chances of being approved for a loan without the need for a credit check. Afterward, you can complete our quick and easy application form, which only performs a ‘soft search’ of your credit file to help us identify the lender most likely to give you a loan.
Is It Possible To Get A Loan On Disability Living Allowance?
The Disability Living Allowance (DLA) will be replaced by the Personal Independence Payment (PIP) for anyone over the age of 16. PIP is for those with long-term ill-health or disabilities, and the amount you get each week depends on how your condition affects you.
People who receive Personal Independence Payments may be eligible for loans, since lenders consider these payments to be a regular source of income.
Is It Possible To Get A Loan On Disability Living Allowance?
The Disability Living Allowance (DLA) will be replaced by the Personal Independence Payment (PIP) for anyone over the age of 16. PIP is for those with long-term ill-health or disabilities, and the amount you get each week depends on how your condition affects you.
People who receive Personal Independence Payments may be eligible for loans, since lenders consider these payments to be a regular source of income.
How Much Money Can I Borrow?
The loan amount you can borrow with Little Loans ranges from £100 to £10,000. The amount you can borrow depends on your circumstances and your ability to repay it.
Here you can use our loan eligibility checker to see if you will be approved by one of our lender partners. You will learn whether you have a good chance of getting approved without damaging your credit score, and it will have no effect on your credit score.
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