Loans For People On Benefits

Here at First Choice Finance we are experienced in trying to help people with some kind of benefit mixed in with their income to find a loan. If you are eligible for a loan you may find amounts offered are smaller and less lenders are available to you. Personal loan plans could range from £1,000 up to £15,000 if you are seeking an unsecured loan. We no longer process these loans in house but will offer to refer you to an associate personal loan broker who may be able to help you. In general if you want an unsecured personal loan you are probably best to try your bank or building society first.

Advice And Recommendations From First Choice

We are a mortgage and credit broker who offer advice and arrange secured borrowing products for homeowners. The loans can be secured on your home or on another home you own - such as a buy to let property.

If you are a homeowner you may have more loan options if you are looking to take out a homeowner secured loan or a remortgage and have some equity in your property (that is the difference between your mortgage and the value of your home). Please visit our Secured Loans For Homeowners page to find out more.

Some lenders loan plans are suitable for certain types of mixed income circumstances. In the Uk many of us are on some kind of benefits these include income support benefits, working family tax credits, child benefit, housing allowance, disability benefits, personal independence payments, disability living allowance, as well as the various types of tax credits that may be available, although to qualify for a loan you are likely to need at least some employed or self employed regular income. The type of benefit you receive will have different impacts on the loans that you may be eligible for and the amount you can borrow. Utilise our simpleon line enquiry form to see if we can help you borrow the money you require.

Benefits for Families

Many families income have a notable proportion of benefits, these include child benefits and tax credits for working families, it is important to note that these benefits can be included in your income on some loan applications, potentially helping you qualify for a loan plan whilst ensuring the loan repayments are affordable, our finance & loan support team will be happy to discuss your options and try to help you find a loan provider or intermediary that is best suited to your circumstance from a selection of lenders.

Disability / Caring Benefits

If you have a disability that prevents you from working or care for someone with a disability then you will most likely achieve disability allowance from the government, this does show that you do get an income and can sometimes be used when applying for a loan, if you are on disability benefits you may still be able to get approved for a loan helping you spread the payments for those larger purchases.

Income Support

If you are a low earning family your income may be topped up by the government via income support, again there are some loan lenders who will accept this in there calculations and will include this in there affordability calculation increasing the chance of getting approved for a loan. Although clearly you need to ensure the loan payments are affordable and that any source of income you are using for the loan is going to last for the loan term. As with any finance you should only borrow the amount you need to deal with the specific scenario you find yourself in.

Unemployment Benefits / Job Seekers Allowance

If you are unemployed it will be more difficult finding a loan unless you have some form of regular income or possibly someone to be a joint applicant who has a demonstrable PAYE or self employed income. Lenders do not offer loans for those of us purely on job seekers allowance but if you have any other income then there may be loan plans available to you.

Here at First Choice Finance we aim to give our customers access to a whole host of loan products through our lender panel or brokers we deal with. Finance options could include personal unsecured loans, secured home owner loans, and guarantor loans. With our wide selection of secured loan plans we have loan plans for home owners and could help them borrow from £10,000 up to £100,000 subject to affordability and criteria. Some of our lenders have limited loan plans available for people who may have an adverse credit history or been declined finance in the past, for no obligation help then please feel free to get in touch.

Homeowner Secured Loans 9.8% APRC. Representative example: Borrow £50,000 over 180 months. 60 months at 8.1%, £497.83 pcm fixed at 60% LTV. Then 120 months at 10.1%, £539.89 pcm variable. Total payable £94,656.60. Total cost of credit £44,656.60 (including: £795 lender fee, £985 broker fee & £42,876.60 interest)..

Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.