Loan for single mother on benefits

carlbcfc

A friend of mine is a single mother to 2 young kids. She receives benefits, and is looking for a loan of about 3k to get her out the hole she is in. Can anybody recommend a company please?

Malky

I think your friend will struggle to find a reputable lender who will lend to someone on benefits.

woody01

carlbcfc wrote: »

A friend of mine is a single mother to 2 young kids. She receives benefits, and is looking for a loan of about 3k to get her out the hole she is in. Can anybody recommend a company please?

How will she pay it back?

carlbcfc

A google search for unemployment loans came up with The Loan Centre https://secure.loan-centre.net/apply2.aspx

And these terms
Requested Loan Amount £3,000
Monthly Loan Repayments £116.76 (estimated)
One-off Membership Fee £67.50
Loan Term 36 months (estimated)

All estimated. But what is this one-off membership fee? Are they a broker?

carlbcfc

woody01 wrote: »

How will she pay it back?

Income support.

woody01

carlbcfc wrote: »

Income support.

So what will she live on?

I'm not being funny, but can you not see what a silly idea this would be? (assuming a lender would be mad enough in the first place)

CLAPTON

carlbcfc wrote: »

A google search for unemployment loans came up with The Loan Centre https://secure.loan-centre.net/apply2.aspx

And these terms
Requested Loan Amount £3,000
Monthly Loan Repayments £116.76 (estimated)
One-off Membership Fee £67.50
Loan Term 36 months (estimated)

All estimated. But what is this one-off membership fee? Are they a broker?

basically you pay them a fee of 67.50 in advance and they find you a loan for 200 at about 100% interest or m aybe find nothing at all.

dmg24

carlbcfc wrote: »

Income support.

IS is roughly £65 per week. Her repayments would be approx £30. What does she intend to live off?

indierocker85

carlbcfc wrote: »

Income support.

And what would she do if say, the budget on June 22nd decided they were paying the bare minimum to people on I.S?? How would she meet the payments if the unexpected happened? I think it's a foolish idea, and I think your "friend" should perhaps be a bit more specific about their problems, and see if there are other ways of dealing with them.

carlbcfc

woody01 wrote: »

So what will she live on?

I'm not being funny, but can you not see what a silly idea this would be? (assuming a lender would be mad enough in the first place)

She can pay out about £100 per month +-, and apart from receiving income support/child benefit, has a spotless credit rating. It is just getting on top of her and she knows she is going to struggle very soon. One payment would solve it.

Anyway, can we keep on topic.

carlbcfc

dmg24 wrote: »

IS is roughly £65 per week. Her repayments would be approx £30. What does she intend to live off?

She has 2 small children, and her income is £700 pm.

Read the OP before you give advice!