loan whilst recieving benefits?

Luster4

My partner and I desperately need a loan of about £5,000 - £7,500

Sadly though, my partner is out of work at the moment, so am very doubtful that we would be able to get a loan :,( But thought I would ask anyway...

we get JSA, Housing Benefit, Child Benefit and Child Tax Credit,

would we be able to get the loan whilst on them?

Thanks for your time!

Tixy

Almost certainly not for that sort of amount.

What do you need the loan for? maybe people can suggest alternatives/ other ideas?

BugsyBrowne

Luster4 wrote: »

My partner and I desperately need a loan of about £5,000 - £7,500

Sadly though, my partner is out of work at the moment, so am very doubtful that we would be able to get a loan :,( But thought I would ask anyway...

we get JSA, Housing Benefit, Child Benefit and Child Tax Credit,

would we be able to get the loan whilst on them?

Thanks for your time!

Yes you can and the best place to start would be your bank, I take it you haven't any PRE approved offers on your current at the moment.

Miss_Spendalot_2

star-fire wrote: »

Yes you can and the best place to start would be your bank, I take it you haven't any PRE approved offers on your current at the moment.

Really ? I thought that when you receive income support or whatever they give you enough money to live on, shouldn't the money you get be used for necessary items that your family need? Not for paying back loans that you borrowed to get things you want..

Don't the Social security have something called an emergency loan fund that you could apply for if it is for something that is needed as a priority for yourself or family?

Luster4

From what I know, when we walk into a bank, all we'll have is the list of benefits we get, so need to know if thats good enough on its own! We dont have any sort of credit rating as we are young and have only just starting our way in the world, so worried about that, but we desperately need this money for a personal matter and have looked into loads of ways of getting it but a loan is the only option, and was wondering if it was possible considering we are now on benefits and such?

So you think we should just go into our bank and ask?

Miss_Spendalot_2

Luster4 wrote: »

From what I know, when we walk into a bank, all we'll have is the list of benefits we get, so need to know if thats good enough on its own! We dont have any sort of credit rating as we are young and have only just starting our way in the world, so worried about that, but we desperately need this money for a personal matter and have looked into loads of ways of getting it but a loan is the only option, and was wondering if it was possible considering we are now on benefits and such?

So you think we should just go into our bank and ask?

Don't even know why I bothered answering post before to be honest, Have just realised you are kidding Right ?

opinions4u

Not being funny, but you haven't a hope in hell of being able to make the payments.

So, to cut to the chase, no reputable lender is going to lend you the money.

Luster4

s'

Miss_Spendalot wrote: »

Really ? I thought that when you receive income support or whatever they give you enough money to live on, shouldn't the money you get be used for necessary items that your family need? Not for paying back loans that you borrowed to get things you want..

Don't the Social security have something called an emergency loan fund that you could apply for if it is for something that is needed as a priority for yourself or family?

yeah we could apply for that, but its only £100 or something, no where near enough so its pointless.

We need this money now, we just cant wait all those years to save that amount, we need this money now so its the only option we have, regardless of whether it could be 'spent on better things'. It will make my partner's and childrens lives much better and will allow me to get my job back, so I think it's justified to be honest...

sulkisu

Don't take this the wrong way, but how old are you? You sound very young. Getting a loan is one thing - your chances are slim to none, I'm afraid - paying it back is where the problem lies.

A loan of £7500 at 6% will mean repayments of approximately £145 pcm over a five year period. If you have no disposable income apart from JSA, CTC and CB, it's hard to see how you can repay the loan and pay for food, bills and other essentials. It just doesn't add up and no reputable lender will consider it.

Luster4

opinions4u wrote: »

Not being funny, but you haven't a hope in hell of being able to make the payments.

So, to cut to the chase, no reputable lender is going to lend you the money.

We can easily, we've already planned out how the repayments would be and started doing it already as a 'practice' and we can do it over a 5 year period if the repayments are £100 a month for a £5000 loan with is the minimum we need.

We would've just saved up the money ourselves instead, but we just cant wait that long!

BugsyBrowne

Luster4 wrote: »

s'

yeah we could apply for that, but its only £100 or something, no where near enough so its pointless.

We need this money now, we just cant wait all those years to save that amount, we need this money now so its the only option we have, regardless of whether it could be 'spent on better things'. It will make my partner's and childrens lives much better and will allow me to get my job back, so I think it's justified to be honest...

If its anyhelp to you a friend has 5 kids and get well over 30k a year go into her account and she is always getting PRE approved loans and PRE approved credit cards.