According to official statistics there were as many as 20 million DWP benefit claimants on quarter ending May 2017 in the UK. This includes 66 % of old age pensioners while 36 % were working age population. This also suggests: more than 50 percent of UK households received some sort of benefits for child education, housing, old age, disability, employment and many more. However, not all these households are living under difficult financial situation. A majority of these benefits claimants also applied for additional loans such as payday loans, doorstep loans or bad credit short term loans in the same financial year.
While main street lenders do not approve loans for people living on benefits due to low household income, a lot of such borrowers need loans just to stay afloat. Many of these applicants are people who need short term financial support to meet their ends. For instance, someone who is broke due to a Divorce petition, or road accident or due sudden lay off. All these people are employable and probably making some sort of passive income; but they need cash advance loans to maintain their standard lifestyle.
Unlike main street lenders who do not approve loans for people on benefits for less than a stipulated time period (26 months in some cases), a private lender can help them avail quick loan without hassles.
Doorstep loans are weekly payment loans and thus provide greater flexibility and ease of repayment to the borrowers with credit limitation. To avail access to the list of doorstep lenders, all you need to do is contact a loan broker/ Direct Lender online. You can even fill a form on 786 Loans’ website for doorstep loans for people on benefits and can find FCA regulated lenders of doorstep loans.
Why doorstep loans are ideal for people on benefits?
Hassle free home collection loans
As the name suggests, doorstep loans (or home credit loans or home collection loans) are directed to your home. The same loan agent would visit you for loan disbursement and reimbursement. You thus stay away from any inconvenience of visiting a lender’s office. So whether you are an old age pensioner, part time employed, stay at home mom or a job seeker, you can primarily focus on your main job and need not worry about loan processing at any step.
Door to Door loans can even be available to people with varied credit hassles. You can even apply for such loans without any guarantor or collateral. The best part is these bridge loans are available with flexible instalment plans such as weekly, fortnightly, monthly or bimonthly plans.
Funding despite bad credit
Households with bad credit rating and low income group primarily depend on doorstep loans for their month end cash gaps. Unlike payday loans they get repayment relief as the repayments can be customised as week payments for 1 month, 2 months or 3 months. Do not not borrow doorstep loans for more than 12 weeks. You can use short term loans for Bad Credit if you need funds for longer period.