Monday 14 July 2014

Loans for People on Benefits - Government Programs

One frequent question I get asked on the Millionaires Giving Money blog is do loans for people on benefits really exist? After reading and responding to these emails I was inspired to start a series of posts on all the different options people have when they're looking for loans for people on benefits. I will also explore all the options for unemployed people, disabled people and people with bad credit all of whom are looking for a loan. Before you consider taking out a loan make sure you look at the small print. Know exactly how much you are borrowing and how much you are required to pay back. Understand your APR rate and always find out in advance what the monthly repayments will be so you will know in advance if the payments are affordable. So without further ADO, here is the first idea for loans for people on benefits.

Loans for People on Benefits : IDEA 1: Government Programs

There are cash loan options from the government which people on benefits can apply for. These are the safest kind of loans you can apply. Be careful to check the small print before you apply for one of these loans, there are a lot of scam sites who are offering cash loans for anything between $500 and $5000 and they are masquerading as government websites. 

Government loans are available and you can borrow money to do miscellaneous repairs to your property. You can use these loans for repairs or you can repair your own property and then pay yourself which means you can get your hands on the money and spend it on whatever your real need is. To apply for a government loan for people on benefits visit the USA.Gov website to find the program for your state. Alternatively you could call or visit your local courthouse to find out what kind of loan programs are available for people on benefits. You can check your eligibility straight away when applying for the loan.

Government loans for people on benefits have very low APR interest rate which is why it is much better to take out a government loan compared to a payday loan. Many of these programs regard welfare payments to be stable and reliable income. If you can show that you are living within your means and are saving every month and can afford the extra payments there is a good chance you will be eligible for these loans. Another government loan program to consider is the Department of Social Security Loan Program. Again visit USA.Gov and search for the program within your state.

Before you take out any loan for people on benefits it is important to consider the need for taking out the loan. If you're finding it hard to make ends meet and the loan is not essential then it might be a good idea to not take out the loan for people on benefits. If you really need the loan then you should always consider the APR interest rate, the monthly repayments and how much you will be paying back in total. If you can afford the payments based on your benefits income then you can go ahead with confidence.

1 comment :

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