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Cash Loan Options for People on Welfare Benefits

Do you need cash quickly?

It may surprise many that people getting welfare benefits can also procure instant cash loans. Of course, there are certain prerequisites, as is always the case for borrowing funds. Here, you’ll come to know about the many options for procuring a loan at short notices, even while getting welfare benefits.

Government Programs

The best way to avoid getting cheated on borrowing money in small or big amounts and at short notice is to check the various options offered by the government. You can find many government sponsored programs extending loans for various reasons, including undertaking repairs of your home. You just need to check with the office of the Human Services in your local courthouse, and get to know under which plans you are eligible to borrow funds quickly. The outstanding feature of these loans is their low rate of interest. Usually, welfare benefits would mean stable income, and you are quite likely to get the loans. Another option for the loan worth exploring will be to check with the department of Social Security Loan program.

Usual Lenders

Even when you are already getting government benefits, your options of getting instant cash are not limited to just bad credit lenders. Here are a couple of options you should not overlook when looking for cash at short notices:

Traditional Banks – Those people with reasonably good credit rating can borrow funds quickly, but it will be difficult to get a loan from traditional banks for those with bad credit. If you have been having a good relationship with your banker, your loan can be approved fast.

Car Title Lenders – In case you have paid all your dues towards your car and its title is clear, you can avail of this loan, but expect to pay very high rates of interest. Do spend time to read and understand the contract before signing it.

Check Advance – Quite like others getting paid through paychecks, people getting financial benefits would generally be offered cash by payday lenders, even if the borrower is without a job. Checks issued by the government would more than fulfill the conditions of most lenders.

Online Lenders – They are fast and easy to deal with. When looking for quick money, you’ll find online lenders helpful. Even if your credit history happens to be bad, you can generally locate an online lender willing to offer you fast money.

Bad Credit Lenders – If you look around your local area, you can surely locate a couple of these lenders. Though you may find the rate of interest a bit high, you can expect a quick approval. They make a great choice for those with low-income and poor credit.

Why do lenders consider the recipients of welfare benefits to be good clients?

The general feeling among people getting welfare benefit is that, irrespective of their credit score, they are not qualified for availing personal loans quickly. But they are wrong. The fact is that the majority of lenders, including banks, love lending money to these people, as they are aware that the government is very consistent in paying welfare funds to people. In this case, the lenders’ money is safer than in case of other job holders, as there is no fear of the borrower losing his/her job.

Additional Benefits

In case you are availing welfare funds, you may be qualified for availing additional funds, allowing you to pay back your personal loans more easily and quickly. Those with a decent credit rating can expect a quick approval of loans.

So, now that you are aware of the various options for getting quick loans, even if on welfare, do not hesitate to approach lenders when you face a financial crisis.