If you’re receiving income support but have found looking for borrowing difficult, we can help search the market. We can find income support loans that match your needs exactly. You can apply for an income support loan between £1,000 and up to £15,000 with a guarantor. You will then see from 40+ direct lenders who can look to give instant approval. Apply now, and we can give you a personalised table of offers of income support crisis loans today.
What is an Income Support Loan?
If you’re receiving income support, you may have had difficulty finding lenders able to offer personal loans. An Income support loan is an unsecured loan that you can apply for when other loans are not suitable. The way they work is by having a guarantor attached as part of the loan application. This means a lender can take less of a risk when lending to you. The guarantor will usually be someone that has a good credit score and is in full-time employment. The lender will then have assurances that the loan repayments will be made. Even in the event payments are missed or you fall into financial difficulty.
How Can I Apply for an Income Support Loan?
To be eligible to apply for an income support loan, you’ll need to meet the following minimum requirements:
- You are 18 years of age or older
- You are a current UK resident
- You have a UK bank account
- You have a regular source of income
- You have a suitable guarantor to co-sign
Meeting the above will mean you can use our credit on demand system to look for income support loans for you. However, this doesn’t guarantee you’ll be accepted for the loan you apply for. A credit and affordability check are needed as part of your application. Once you click apply now, we’ll work quickly to show you a personalised table of offers. These offers will meet your requirements without a credit check needed. It’s then just a case of choosing the lender you wish to continue with. After a check of your credit file and affordability, a decision can be given within 90 seconds.
Income Support Crisis Loan with Bad Credit
You may have a poor credit rating due to currently being unemployed. Or, your credit history as had issues with making repayments on time. You could even have bad credit due to not having any history of borrowing. This means a lender will not be able to successfully see evidence of maintaining a loan. Even if you do have bad credit, you may still find lenders who are happy to provide you with the money you want. But you’ll need to carefully consider your position. As responsible lenders, we cannot lend to someone in financial difficulty. This is so that further borrowing doesn’t impact your finances even more. We need to ensure you can afford the loan which is why credit and affordability checks are completed. We’ll help you find the lenders who are best placed to help you with an income support loan. However, you may find the loan terms they can offer are shorter and have a higher rate of interest.
Why Should I Choose Personal Loans Now for Income Support Loans?
As a direct lender and broker, we provide income support loans directly or through the lenders we connect you with. We have helped many people in a similar position get approved and are proud of our high acceptance rates. Some of the main reasons people choose Personal Loans Now to apply for an income support loan include:
- Fully online application – you can complete an application for credit completely online. This so you won’t need to wait around for paperwork to sign before approval.
- Low APR Rates – we’ll find you income support loans that have the lowest APR rates available on the market.
- High Approval Rates – we have helped 50,000 people already find the loan the works for them, and we’re eager to help more.
- Instant Approval – once we have your application, you can get a decision in 90 seconds.
- Same Day Funding – you can receive the loan amount into your bank account on the same day.
- Bad Credit Applicants Welcome – we can help you find lenders willing to loan to applicants with a poor credit rating.
There are so many reasons to apply for a loan through us. Click apply now and get your own personalised table of offers. This will show you the best of what’s available with income support loans. The best thing about it is, you won’t need a credit check to see the offers available to you. Only once you have applied for the loan you want will you need a credit check. Why not try it yourself today and see what Personal Loans Now can do for you.
Income Support Loans FAQs
Do I Need a Guarantor to Apply for Income Support Loans?
If you’re receiving benefits such as income support, it could mean your credit rating is poor and your income is low. Having a guarantor as part of your application will provide you with the best chance of being approved for a loan. A guarantor loan will help elevate your chances of approval. It will provide the lender with a bigger guarantee that you can make the repayments. We still can’t guarantee you’ll get the loan you want, however, you will be in a much better position to apply.
I Have Poor Credit, Can I Still Get an Income Support Loan?
Yes, an income support loan is ideal for someone with bad credit. This is because you may be out of work or on a low income. Having a guarantor to support the loan can mean an overall better chance of approval. At Personal Loans Now, we consider your affordability as a whole. This ensures you can make the repayments you have requested without impacting your finances further. If you have poor credit, we recommend that you look into why this is. You should check your credit score with a credit reference agency, such as Experian or Equifax. By doing so, you can find out why your credit score is poor and start to look at ways of improving it. Building up your credit score can take time. This is why if you get approved for a small loan and maintain repayments, you can start to improve trust with lenders.
What Happens if I Miss Repayments on an Income Support Loan?
If you miss repayments on an income support loan, you need to contact the lender ASAP. By doing so, you can come to an agreement with a suitable time frame to pay the arrears. If you cannot and continue to miss repayments, you risk the lender taking legal action to reclaim arrears. This could either be the arrears amount or even the whole amount of the loan. Before taking out a loan, we recommend that you work out your current income and expenditure. This is so you can see what your disposable income is. After all your important bills are paid, you can see what you can afford to pay monthly on an income support loan.
Who Can Be a Guarantor for an Income Support Loan?
For an income support loan, you will need someone to act as a guarantor for the best chance of being approved. The guarantor you choose will need to meet the following requirements:
- They can be a close relative, friend or co-worker
- They cannot be a spouse or someone you have a joint bank account with
- They must be in full-time employment
- They should have a good credit history and score
- They need to be at least 21 years of age, but no older than 75 years old. Some lenders may accept someone who is at least 18 years of age, so you will need to check the lender’s requirements.
If you have any questions about the person you can use as a guarantor, please contact us. Speak to one of our friendly advisors who will be help to assist you.
Is it Cheaper to Have a Guarantor Loan?
In some circumstances, a guarantor loan can work out cheaper than other types of unsecured or secured borrowing. This is because having someone co-sign a loan agreement can lower the risk involved when lending to you. The amount of interest applied can also be much lower. This will vary depending on the lender. You will need to check the offers available to you to find the lowest cost loan in terms of interest. We charge a fixed rate of interest at 39.7% RAPR (Representative Annual Percentage Rate). But other lenders may charge anything up to 99.9% and also can vary between fixed-rate and variable rates. A fixed rate means the interest stays the same throughout the loan. A variable rate can increase and decrease, much like on a credit card.