Loans using welfare payments

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Moose_M
Moose_M Posts: 2 Newbie
in Loans
Hi I was wondering if there are a list of loan companies that use benefit payments as part of your income for loan eligibility. I have working tax credit, DLA for my son, and child benefit. I can't seem to find any and it's not until you enquire individually that you find out that the company doesn't accept it. Any help greatly appreciated.

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  • sourcrates
    sourcrates Posts: 28,878 Ambassador
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    Hi,


    May i ask why you are looking for a loan ?
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  • System
    System Posts: 178,094 Community Admin
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    Unfortunately there isn't a list of companies that do however sub-prime lenders like Oakham advertise they do but given the ridiculously high rates of interest you really really don't want to go there unless you are happy repaying three times what you borrowed.
  • Farmer_Johnson
    Farmer_Johnson Posts: 124 Forumite
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    If you have no savings, so need a loan, this suggests that you spend all that you receive so where will the money come from to repay the loan?

    You are unlikely to find any reasonably priced loans in your situation so will probably need to cut back, save up, and buy what you want later.
  • twhitehousescat
    twhitehousescat Posts: 5,368 Forumite
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    DWP budgeting loan ? interest free
  • antrobus
    antrobus Posts: 17,386 Forumite
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    Credit union.
  • enthusiasticsaver
    enthusiasticsaver Posts: 15,594 Ambassador
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    I would exercise caution if you relying on benefits only and looking to borrow. This may not be the wisest option as committing probably already a reduced income to repaying borrowing may get you into a debt hole. Credit union is probably your best bet.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
  • elle_may
    elle_may Posts: 396 Forumite
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    You would not be able to include DLA in any loan as that is your son's income.
  • fatbelly
    fatbelly Posts: 20,499 Forumite
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    Sourcrates' question is relevant. Do you have priority debts (e.g. rent or council tax) that you are trying to pay off?
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