Have you ever wondered if you’re eligible for a loan if you receive Universal Credit or other types of benefits?
Perhaps you have an emergency expense, or your budget isn’t quite stretching far enough for a one-off purchase, in this case there are a few options open to you.
Money and Debt Advice Services
First and foremost, if you feel you are struggling with money or debt, please reach out to organisations who can give free advice and will work with you to help find a solution:
• www.moneyhelper.org.uk
• www.adviceni.net
• www.stepchange.org
Budgeting Loans
You might be able to get a loan as part of your Universal Credit if you need to cover a specific expense – this is called a ‘budgeting advance’.
If you get a budgeting advance, you’ll get reduced Universal Credit payments until you’ve paid off the amount you borrow. This will normally be over 12 months.
A Budgeting Loan is interest free, so you’ll only pay back what you borrow.
There are certain restrictions and not everyone is eligible, you can find out more here.
Loans in Northern Ireland
It’s a fact that getting a loan can be considerably harder if you your sole source is income is from benefits. However, the good news is that depending on your personal circumstances, some lenders may be willing to consider certain benefits as a form of regular income.
Personal Independence Payment, Child Tax Credit and Employment and Support Allowance, could be considered as ‘income’ and influence whether a company is willing to lend to you.
Every situation is different and it’s likely a full credit check or open banking check will also need to be undertaken before a lending decision is made.
Your affordability will be assessed to ensure that if a loan is offered, it is both manageable and affordable for your individual circumstances to avoid running into financial difficulties.
Certain types of loans aren’t the right solution for everyone so it’s important to do your research and understand how they work fully before you apply.
About Firth Finance
For over 50 years our team has worked throughout Belfast and Northern Ireland to offer our competitive doorstep loans with fixed rates of interest and no hidden fees or late payment charges.
Today, we are the financial provider of choice for our many happy customers.
First time lenders with Firth Finance will get a maximum of £200-£300 with repayments weekly.
Applicants need to be resident in Northern Ireland, over 18 years of age, have a bank account, mobile phone number and email address. Repayments for first time loans are between 20 and 30 weeks.
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