{"id":698,"date":"2019-01-23T23:40:30","date_gmt":"2019-01-23T23:40:30","guid":{"rendered":"https:\/\/activeseniorsclub.co.uk\/?p=698"},"modified":"2019-01-23T23:45:24","modified_gmt":"2019-01-23T23:45:24","slug":"loans-for-people-on-low-income","status":"publish","type":"post","link":"https:\/\/activeseniorsclub.co.uk\/loans-for-people-on-low-income\/","title":{"rendered":"Loans For People On Low Income"},"content":{"rendered":"

If you are unable to afford basics such as clothes and furniture or you\u2019ve been hit by an unexpected expense like a funeral or moving, you may be eligible for a loan.<\/p>\n

This can be in form of an advance on your benefits or a traditional loan that you have to repay within a specified period.<\/p>\n

Here are some of the loan options available to you depending on your situation.<\/p>\n

Benefit Advances<\/h2>\n

If you need to cover some urgent expenses before your first benefit payment arrives, you can apply for an advance.<\/p>\n

This applies if you are eligible and had applied for Universal Credit, Carer\u2019s Allowance, State Pension, Pension Credit, Jobseeker\u2019s Allowance, Employment and Support Allowance or Income Support.<\/p>\n

To apply, call the appropriate benefits office.<\/p>\n

If you are eligible for an advance, it will be paid into your Post Office or Bank account that same day or the next working day.<\/p>\n

The advance is interest-free. A little bit will be deducted from your future monthly benefit payments until you\u2019ve paid it back in full.<\/p>\n

Budgeting Loan<\/h2>\n

If you need financial help to pay for specific expenses, check if you qualify for a budgeting loan.<\/p>\n

You can use it to pay for furniture, funeral expenses, rent, home improvement, clothes and even repaying other loans.<\/p>\n

To receive a budgeting loan you must have been receiving income support, jobseeker\u2019s allowance, employment and support allowance or pension credit for at least six months.<\/p>\n

If you are receiving Universal Credit, see below for information on applying for a budgeting advance.<\/p>\n

You can apply for a budgeting loan online<\/a> or by filling out form SF500.<\/p>\n

Like a benefit advance, a budgeting loan is interest-free and will be deducted from your benefit payments.<\/p>\n

Deductions are planned in such a way that you\u2019ll have paid back the loan in 2 years.<\/p>\n

Budgeting Advance<\/h2>\n

A budgeting advance is for those who receive Universal Credit hence they are not eligible for a budgeting loan.<\/p>\n

You can also apply for a budgeting advance if you receive Employment and Support Allowance, Jobseeker\u2019s Allowance or State Pension Credit.<\/p>\n

You must have been receiving a benefit for at least six months.<\/p>\n

Another requirement is that you must have earned less than \u00a32,600 for individuals and \u00a33,600 for couples.<\/p>\n

Once you receive the loan, the repayment process works the same way as a Budgeting Loan.<\/p>\n

Funeral Payments<\/h2>\n

You can get help covering funeral expenses if you receive any of the following benefits:<\/p>\n