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Loans For People On Benefits

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Loans For People On Benefits

Many people are forced to live on meager amounts of government benefits each month, which can make purchasing items that are pricier, such as furniture or appliances, hard to do. Most government benefit programs are only large enough so that the recipient has just enough money to scrimp by from month to month in order to pay for everyday living expenses like rent and utilities, and to purchase food. Rarely does any benefit program offer the recipient enough money to cover emergencies or larger purchases.

Fortunately, there are loans for those who draw government benefits that can help them to make needed purchases that their smaller monthly incomes do not allow them to make outright. These loans have been a godsend to many people who need to make larger purchases but do not have the means to do so. Loans for those who draw government benefits can be made to those who are receiving Social Security, Supplemental Security Income (SSI), retirement, pensions, and welfare payments.

Secured And Unsecured Loans For Monthly Income Consumers

The types of loans that are available for the monthly income consumer can be either secured or unsecured. Secured loans are those that are written for those people who have security to offer to the lender in the form of collateral, such as those who are benefits but who own their own homes or other real property that the lender can place a lien upon. Secured loans for those who are on benefits are less expensive than unsecured loans (those that do not require collateral) because the lender is assuming a greater risk when writing these types of loans. This means that you will pay less interest on the money that is borrowed when you take out a secured loan.

The secured loan gives the lender security in your property and if you fail to repay him for any reason, the lender can seize the property and force the sale of the property in order to recoup the money that has been extended to you in the form of a loan. Unsecured loans for those who are on benefits do not require that you post collateral, and are therefore more expensive when it comes to calculating the interest that is charged for unsecured borrowers. So even though the secured loans for people who are on benefits is less expensive, there are more non-homeowners out there - which makes the unsecured loan the most popular type of loan, but also the hardest to obtain.

Obtaining Your Loan

When you apply for either the unsecured or secured version of the loan for people on benefits, your lender will take into account your credit score (as measured on the FICO credit scoring scale), your monthly income from benefits, and the other bills that you have coming in that are previous obligations. The lender will use all of these factors to determine your ability to repay the loan money that is extended to you. You should be prepared to submit to a credit check, provide the lender with statements of your monthly income from the agency that issues your benefits, and also to fill out a loan application that will ask general information about how to contact you and perhaps will ask for references of three people who know you well.

Amounts Available

Many people on benefits are eligible for loans of this type in amounts ranging from $500 up to around $5,000. The amount that you borrow should never be more than you truly need because you will be paying interest on this money. You should also make sure that the amount of your monthly payments does not exceed what you are comfortable with paying because you might find yourself overextended financially and unable to repay the loan.

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