There are people in the UK who are living on DSS benefits and allowances that are offered by the government. People who are mentally retarded or physically disabled are listed as people on benefits. With the benefits offered by the government, these people can meet their day to day needs. In case, if they face any emergency and need cash then they can opt for loans for people on benefits.
This loan scheme is designed to help the borrowers to meet their various personal needs or desires. Just like other personal loans, these loans are classified as secured or unsecured. In the secured option, the amount availed is depended on the equity value of asset that is considered as against the amount.The repayment tenure is flexible and interest rate offered is feasible enough. So, the borrowers can meet their needs without feeling the burden of monthly loan installment. On other hand, unsecured option is designed for those borrowers who cannot afford to place or arrange the collateral against the loan amount. In this category, the interest rate is comparatively higher than secured loans as no collateral is pledged to cover the risk.
For meeting the instant needs, the people on benefit can opt for cash instant loans. These loans are helpful when you acquire the money faster by skipping several formalities which are associated with other loan procedures. This is because neither credit check nor collateral placement formalities are involved. These loans are used by the people on benefit to meet their temporary or short term financial crises.
The DSS benefit people who are tagged with bad credit score such as CCJs, IVAs, arrears, defaults, missed payments etc can avail the loan but at slightly higher rate of interest.
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