loans for unemployed people on benefit

sam222

hi there

i have a disable friend,she is on benefit,he needs about £5000(for home improvement),i searched on line for her,there is some company like: loansforunemployedpeople.co.uk/loansforpeopleonbenefit.co.uk
but i havent heard about them and their interest is too high,

1.anyone knows these company?can we trust?
2.is there any othere company that lending money to unemployeds?

many thanks for any good advise

OneLife_OneShot

Advice,save up or you take a loan out for her, less chance of being swindled! No-one will give her a loan.

opinions4u

What sort of home improvements?

Would the local authority provide grants to fund disability related improvements?

Fiddlestick

sam222 wrote: »

i searched on line for her,there is some company like: loansforunemployedpeople.co.uk/loansforpeopleonbenefit.co.uk
but i havent heard about them and their interest is too high,

1.anyone knows these company?can we trust?

Never heard of them.

At best they will be loan brokers who will want their £60 fee in exchange for "finding" you a loan, at worst they will be scammers.

2.is there any othere company that lending money to unemployeds?

I'd very much doubt it, as they don't have any income with which to pay it back.

Would YOU lend £5,000 to someone with no obvious means of paying it back?

Can the home improvements not wait until after they find a job?

McKneff

they will take an up front fee to 'try to find you a loan' believe me they wont, but they will have fulfilled their obligation to you by 'trying' job done, they will be laughing all the way to the bank with everybody's up front fee.

gingeralan

Just don't even go there.

broad-sword_2

I'm afraid the only loan for someone soley on benefits is a Social Fund loan, and they do not lend £5,000!

borkid

Try the local authority first, my daughter had a loan from hers to replace windows ( they were so rotten they had holes in) and the kitchen ( deemed to be a hazard). The loan is repayable when her house is sold. As far as I can remember ( but I might be wrong) the interest rate is the bank of England interest rate) The loan has to be for home improvements though and they have to approve the contractor and the work. All the paperwork is a bit of a pain but there was no other way she would have been able to improve the house. I think the reason she was able to access the loan was because she had a disability premium element to her income support. The other thing is she had to agree not to sell the house within the next 5 years.

Things might be different with your friend's council though. Personally I wouldn't touch a loan company with a barge pole.

The other way my daughter has managed to raise money in the past was to remortgage , she had a lot of equity tied up in the house. She went to a broker who found her a deal with my husband as guarantor.

sam222

thanks all for reply

But i just was viewing norton finance company website ,they say they lend money to any circumestant,and don't mind prove of incom, i think they classed benefit as normal incom,even they have non status loans,im getting confused abit,pls advise me if im wrong,

many thanks

Tixy

Do they own their property?
Do they have a mortgage?
Do they live alone?
What benefits do they receive?.how much benefits do they receive?

dealer_wins

sam222 wrote: »

hi there

i have a disable friend,she is on benefit,he needs about £5000(for home improvement),i searched on line for her,there is some company like: loansforunemployedpeople.co.uk/loansforpeopleonbenefit.co.uk
but i havent heard about them and their interest is too high,

1.anyone knows these company?can we trust?
2.is there any othere company that lending money to unemployeds?

many thanks for any good advise

Depends on whether she owns her own home, and can afford the repayments on her total income.

Approach her own bank. Otherwise you will end up getting scammed by "brokers etc"