Life is filled with many financial challenges. Sometimes everyone can use a little help. We may eventually come to find ourselves on support or benefit programmes, and even then, be looking for additional funding opportunities. But how does receiving regular monthly benefits affect your ability to get a loan?
If you are seeking loans on benefits, Omacl.co.uk will be the best place for you to be able to shop safely, quickly, and be able to zero-in on the best deals. We are not a direct funder but instead we partner with the best direct funders offering short-term financing, and we broker their services to you. Just complete our simple online application, and you will instantly access the best possible deals.
Being on a benefits programme will not hinder your ability to apply for short-term financing here at Omacl.co.uk. We specialise in securing loans from £100 – £5,000 repayable on 1 month to 36-month terms. These deals apply to everyone, regardless of whether or not you are on benefits…however, it is important to understand how receiving benefits might impact your borrowing abilities and the deals you are presented.
Rates from 49.9% APR to max 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable).
In most cases, a lender is not concerned with you being on benefits or not, but rather they are concerned with your ability to pay back the loan. So some benefits programmes are seen as income while some are not, and this is a crucial distinction to understand.
At Omacl.co.uk, our lending partners are typically not looking at individual programmes you are on and specific amounts being received, but more how they affect your monthly income as a whole. It is not unusual for a person to be on multiple support programmes, and these are usually seen as a lump sum of income before expenditures.
Some of the UK benefit programmes currently viewed this way and seen as income will include:
Do note that this is not an exhaustive list, and new options are rebranded, added and removed all the time. But these give you a solid idea of what the lenders will see and be bundling with your other sources of monthly income to determine what your full borrowing capacity is. In this regard, receiving money from these benefits will directly impact your loan application process.
There are other relief programmes in the UK that lenders will not see as income, so they do not tend to have as direct an impact on your application process for short-term financing. These will include
If you are receiving any of these benefits it is not seen as an additional source of monthly income, however, it may have an impact on the amount you can borrow as well as the terms or the conditions of your short-term loan. Be sure to understand the full details of any loan offer you are considering.
At Omacl.co.uk, we operate with full transparency for your safety. We are brokers of loans offered by direct funders, so with completing one simple online application here, you are immediately in front of dozens of financial providers eager to earn and keep your trust. It can be as easy as 1-2-3:
Because it is convenient and is not directly impacted by receiving benefits, many of our customers will return for multiple loans over time. It is quick, simple money when you need it, and can be used alongside most any benefit package you are already receiving.
In addition, our short-term loans have no designated use, so you are free to spend the proceeds however you choose. This flexibility allows our customers to handle emergencies or settle bills when things get tight, it always seems to come in handy. Try one of our short-term loans, and you will find it is the money you need to get through a tough time right when you need it the most desperately.