Cash loans for people on benefits are specially carved out loans for those who are physically challenged and getting a monthly benefit amount from the government under its DSS [Department of Social Security]. The loan is mean for providing instant monetary help to them within 24 hours and, therefore, no credit checks and not many enquiries are made on them.
The applicants should be getting a fixed amount of benefit money from the DSS and should also be having a saving of at least £500 in their account to prove their repayment capability. An online application to the selected lender can immediately fetch you the money for any purpose like paying off an electricity bill, credit card bill, old debts and any emergency.
Cash loans for people on benefit usually range up to £500 to £1000. You will be approved an amount up to the period of two weeks and the repayment date will be fixed as your next date of getting the benefit amount.
Your bad credit history of late payments or payment defaults are not a concern, as the lenders know that you can easily repay on the loan as you get the benefit money regularly.
However, irrespective of good or bad credit history, cash loans for people on benefit are little expensive due to high APR. Your next benefit money may be under the stress of repaying the loan.
It would be better, therefore, to first search for an affordable offer of cash loans for people on benefit so that you can find a loan that has comparatively lower rate of interest. Such loan can save you money on interest payment and you can repay on the due date without incurring late payment penalties on extending the loan for a month or so.