In recent years, loan application and subsequent approval has become a walk in the park. With the burgeoning number of lenders offering bad credit loans in the UK, getting approved for a loan has never been simpler. Gone are the days when the requirements were stringent and having a good credit score a prerequisite to getting approved. Nowadays, it is simple to get approved for a loan even if you have a history of CCJs. All you need to do is choose one of the many different types of bad credit loans and you are good to go.
While there exists many different types of loans in the UK market, the most outstanding one has to be the doorstep loans for benefits. There is no doubt that the UK is home to thousands of individuals who are on benefit. These are individuals who receive a monthly stipend to meet their needs because they are jobless, old or simply incapacitated and therefore unable to work and earn an income. People on benefits are those that are supported by the government to meet their day to day basic needs because they can’t fend for themselves for one reason or the other.
That said, we all know that difficult times and hard economic times affect all of us irrespective of whether we are in employment or relying on the government for cash support. Even individuals on benefits contend with financial emergencies and require loans. But what are their chances of an approval when they are not in employment? This is where doorstep loans for benefits come into play. This is a loan product specifically tailor-made for individuals who are on benefit with the aim of assisting them get the much needed cash within the shortest time.
So what are the features of doorstep loans for people on benefits?
- Short term
This type of loan is for short term purposes and intended to help a person on benefits meet an urgent need until they get their benefits at the end of the month. The repayment period is usually between 15 and 30 days.
- Doorstep delivery of the loan cash
The distinctive feature of doorstep loans for people on benefit is the fact that the loan amount is delivered to the doorstep of the applicant. This is quite convenient for the aged or individuals who are incapacitated in one way or the other. An urgent of the lender comes to your home, explains to you the terms of the loans, ascertains whether you are qualified and a decision is made instantly.
- No security
Doorstep loans for people on benefits do not require collateral prior to approval. No security is required and this means that it is very simple or easy for the disabled or the aged to avail this kind of loan.
- No credit checks
You need not worry about credit checks when applying for doorstep loans for people on credit. The state of your credit rating is of no consequence to your chances of approval. Even those with bad credit can be assured of approval.