6 June 2008
United Kingdom: Traditional Loan lenders arrange cash, only for those have permanent source of income and home for the security of the loan. But payday loan lenders design Loans for people on benefits specially for the people those have bad credit and living their life on the benefits of Department of social security.
They can get these loans for all purpose as for holiday, any emergency, home renovation etc. These loans are easy to get because of its simple online procedure. There is no need to do collateral for approval; borrower only need to fill a simple online loan application form if he has some qualities as he must completed his 18 years of age, have citizenship of UK and must have saving at least £800 and above. The amount varies from £100 to £1000 which can approve for him.
For this loan a person must be on DSS for at least six months. Loan approval depends on the borrower’s repayment ability and his saving. Bad creditors are similarly eligible for Loans for people on benefits.