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Showing posts with label Loans for people on benefits. Show all posts
Showing posts with label Loans for people on benefits. Show all posts

Tuesday 15 July 2014

Loans for Unemployed People on Benefits - Cash Converters (IDEA 9 of 20)

This Post is Part 9 of the 20 Part Mini Series on Loans for unemployed people on benefit. One of the questions which is most asked on the Millionaires Giving Money Blog is - Do loans for people on unemployment benefits exist and how do I get one? After replying to a handful of these emails I was inspired to think of share 20 loan ideas for people on unemployment benefits. These 20 short sweet ideas are suitable for unemployed people, people on welfare benefits and disabled people in benefits as well as those who have bad credit history and bad credit store. Before you take out any loan always check the amount you borrow and the amount you have to repay. Always look for the cheapest APR loan so you pay less in interest. Always fill out an income and expense statement to determine how much surplus income you have to make the monthly repayments. So without further ado here is the Ninth Loan IDEA for people on unemployment benefits.


Loans for People on Unemployment Benefits - Cash Converters 


Cash Converters offer cash for your household products. If you need cash right now you can take any products such as Plasma TV, Bicycle, Games Console, Mobile Phones, Cell Phones and other gadgets and have them appraised so you can get a cash payment for the goods. The products are appraised and 50% to 75% of the value is given as cash. 100% is not given because the Cash Converters are taking on the risk of failure to sell. Cash converters offer services such as Pawnbroking, Cash for Gold, Cash Advances and Personal Loans on products. Cash Converter stores was launched in 1984 and has stores in over 21 countries.

To get started gather all your products which you no longer use which may still have value in them. These products could include unused TV's, DVD Players, Box Sets, Cell Phones, Tablets and any other gadgets. Try to appraise these products yourself by looking at the prices on eBay. Once you have an idea of the valuation you can take these over to Cash Converter Stores and then use their Pawnbroking service or Cash Advance service to get a loan. Always negotiate the APR amount so you pay less in interest payment. 

Once the loan is agreed in principal check the small print and find out how many payments can be missed before the goods are sold. Once the loan is approved make sure you set up an automatic transfer into your from your bank account to service the loan. Cash Converter loans for people on unemployment benefits is a convenient service if you need cash quickly and want a low APR secured with collateral.     

Loans for Unemployed People on Benefits - Pawn Shops (IDEA 8 of 20)

This Post is Part 8 of the 20 Part Mini Series on Loans for unemployed people on benefits. One frequent question I get asked on the Millionaires Giving Money Blog is - Do loans for people on benefits really exist? After replying to a handful of these emails I decided to think of and share 20 short sweet loan ideas for unemployed people on benefits. Before I share these ideas its important that you carefully consider each loan proposal. Always look at the amount borrowed and the amount you have to pay back. You should also try and reduce the APR interest as much as possible because you'll be paying less in interest payments which inevitably make people poorer. Always fill out a financial statement which contains income and expenses and then look at the surplus you have left over every month. If your surplus disposable income is more than your loan repayments you can afford the loan without getting into financial hardship. Now without further ADO here is IDEA 8 of 20 on loans for unemployed people on benefits.

Loans for Unemployed People on Benefits - Pawn Your Valuables


Another option unemployed people have for a loan is pawning their valuable items at the Pawn Shop. Pawn Shops work by appraising valuables and then offering a loan based on approximately 50% to 25% of the value of the items. The interest rate is usually lower than pay day loans because the items are used as collateral for the loan. The loan is amortized over a period of time and a monthly repayment schedule is produced for the borrower. Borrowers are usually required to set up an automatic transfer from their bank account so the payments are made on time. When payments are not met the valuables are kept and sold for a profit. Pawn shops seldom make losses because they have the power to recoup the loan and make a profit after selling the items.

To get started gather all your valuables and have them independently appraised. If you have jewelry you can have the items appraised at any gold and silver store. Once you have an idea of the valuation you can go to the Pawn shop and negotiate the loan amount and the APR. Always go in with a loan amount in mind and never borrow more because your valuables are worth more (use less valuables). Also always try to negotiate a lower APR because this way you will be paying back less in interest payments. Once you have your loan agreement pay attention to the small print. In particular check how many payments can be missed before the items are sold by the Pawn Shop. 

If you go ahead with the loan make sure you can afford the payments by filling out a financial statement. If you can afford the loan go ahead however if you can't afford the loan then avoid it otherwise you risk all your valuable items being sold by the Pawn Shop. Pawn loans for unemployed people on benefits is a great way to raise money however you must be aware of the risks involved.   


Loans for Unemployed People on Benefits - Buy Now Pay Later Credit (IDEA 7 of 20)

This Post is Part 7 of the 20 Part Mini Series on Loans for people on unemployment benefits. One question I get asked all the time on the Millionaires Giving Money Blog is - Do loans for people on benefits really exist? After answering a handful of these emails I decided to think of and share 20 loan ideas for people on benefits. These 20 short sweet posts are relevant to unemployed people on benefits, disabled people on benefits and people who have a bad credit history and a bad credit score. Before you take out any loan always consider the principal amount and the amount you have to repay over the period of time. Also consider and negotiate a low APR rate so you will pay less in interest payments. Finally take time to fill in an income and expenses form to determine whether the repayments will be affordable. So without further ADO here is idea 7 of 20 for loans for people on unemployment benefits.

Loans for People on Unemployment Benefits - Buy Now Pay Later Catalogs


Most of the time when we need an emergency loan it is because we need to replace or purchase something new for the household. This purchase might be a new washing machine or a cooker or even household clothes for you children. Rather than going for an expensive pay day loan it is better to apply for buy now pay later catalogs which have easy credit facilities. Catalogs such as Sears, Fingerhut, and Montgomery Ward all offer credit facilities and some even come with buy now pay later where you don't have to pay anything for 12 months interest free. You can shop in departments such as Bed, bath, kitchen, furniture, home, sport, electronics, toys, baby, health, beauty, apparel, shoes and Jewelry. Most of these catalogs offer shop now pay later and you can pay your balance off with low monthly payments via services like WebBank. Fingerhut boast that they say yes where others say NO which means that they have fairly relaxed credit. Fingerhut also offer better buying power and no annual fees which makes everything easier for shopper.

To get started make a list of all the items in your household that need replacing and then apply to a handful of buy now pay later catalogs. Try not to apply to more than 3 catalogs at a time otherwise you will be seen as being desperate for credit and your application might be declined. Instead apply for a BNPL credit account every month to maintain your credit score. Always try to find 12 months deferred payments which are interest free. This means that you wont have to pay anything for 12 months and you can borrow the credit for free. Buy now pay later catalogs are a fantastic alternative as a loan for unemployment people on benefits. 

       

Loans for Unemployed People on Benefits - Pay Day Loans (Part 6 of 20)

This is Part 6 of a 20 Part Mini Series on Loans for unemployed people on benefits. One question which I get asked a lot on the Millionaires Giving Money Blog is Do Loans for unemployed people on benefits really exist. After responding to a handful of these emails I decided to think of and share 20 loan ideas for people on benefits. These loan options are relevant for people on benefits, they are also relevant for people who are unemployed and on benefits as well as disabled people. Before you take out any loan its important to consider the loan amount you are applying for and how much you will have to pay back. You should always try to negotiate a low APR interest rate so you will pay back less in interest payments. I always advise the readers of the Millionaires Giving Money Blog to fill out an income and expenses statement to see if the monthly loan repayments are manageable. So without further ado here is IDEA 6 of 20.

Loans for Unemployed People on Benefits: Take out Pay Day Loan


Some Pay Day loan companies accept unemployed people who are on benefits. Welfare payments are considered to be the pay. Some Pay Day loan companies go so far as stating that these welfare payments are secure forms of income because you will continue to receive it unless you get a job. This situation is a win-win for the pay day lender because they will get paid one way or the other.

Unemployment benefits are also rising, for example in Wyoming where the unemployment rate is 4.5%, the maximum weekly unemployment benefit is $415 per week and the average weekly benefit is $328.34 per week. The Wyoming benefit recipient rate is a staggering 30%. Also the weekly maximum unemployment benefits in Washington DC is $359.00 and the average weekly benefit is $289.88. The unemployment rate is Washington DC is 9.9% and the benefits recipients rate is 24%. With such high unemployment benefits Pay Day Loans are prepared to lend out money as long as the borrowers financial affairs are in order and they live within their means. 

To get started make a list of all the Pay Day loan companies on the internet and in your area. Ask whether they accept people on benefits, most faxless pay day loans accept people on unemployment benefits. Before you sign up to any loan you need to consider the amount borrowed and the amount you will have to pay. Think very hard and determine whether you have the means to make the payments. If you cannot afford the loan and default on any payments hefty charges will be added making it harder to pay off the loan. Once you've considered the loan amount, repayment, interest APR and charges you should be able to make a fully informed decision. 


Monday 14 July 2014

Loans for People on Benefits - Join Credit Unions (Part 5 of 20)

This Post is Part 5 of the 20 Part Mini Series on Loans for people on benefits. One of the most frequent question I get asked on the Millionaires Giving Money Blog is - Do Loans for people on benefits really exist? After responding to a handful of these emails I was inspired to share 20 loan ideas for people on benefits. These ideas are also relevant to unemployed people, people on disability and those people who have really bad credit. Before you take out any loan you should consider the loan amount and the amount you are going to repay. You should also check the APR interest rate and try to reduce this as much as you can. Always consider the loan repayment monthly amount and fill out a income and expenses for to see if you can afford the repayments on the loan without getting into hardship. So now without further ADO here is IDEA 5 of 20 on loans for people on benefits.

Loans for People on Benefits: IDEA 5: Join a Credit Union


Credit Unions are financial organisations which are run by members for the benefit of members. Most Credit Unions are not run for profit and are completely devoted to offering financial solutions to its members who are in hardship. To get started you need to find a Credit Union and become a member. You need to show your income and expenses financial statement to show that you are living within your means and are saving every month. Once you've proven that you can manage your money effectively you can apply for a credit union loans.

Credit Union Loans are much cheaper than Pay Day loans because the Credit Unions are not in business to take a profit. Credit unions just match lenders and borrowers and charge a small administration fee. Using credit Unions you can apply for loans at reasonable rates and then pay them off slowly over a period of time that suits you. If you do get into trouble the Credit Unions help to resolve the problems so you get enough time to get back on your feet. 

Before you take out a credit union loans for people on benefits always look to increase your income and reduce your outgoings so it will improve your financial statement. The better your financial circumstances the better your chances of being approved of a loan. Credit Unions are run for members by members so you will be in good company as these members will understand if you do begin to experience financial hardship. As always determine whether you really need the money and try to negotiate a low APR so you pay back less in interest. Always fill out your financial income and expenses form accurately to find out whether you can really afford the loan.  

Loans for People on Benefits - Apply Car Title Loans (Part 4)

This Post is Part 4 of 20 listing all the options for loans for people on benefits. One frequent question I get asked all the time on the Millionaires Giving Money Blog is - Do loans for people on benefits really exist? After responding to a handful of these ideas I was inspired to share 20 ideas for loans for people on benefits. These ideas are also relevant to unemployed people, people who are disabled and people with really bad credit. Before you take out a loan its important to consider the loan amount and the total amount repaid. You should also look at the APR amount and always look to reduce it as you will be paying less in interest payments. You should also take the time to complete an income and expenses for to find it if you have any surplus income to service the loan. So without further ADO here is IDEA 4 of 20 for loans for people on benefits.

Loans for People on Benefits: IDEA 4: Apply for Car Title Loans


If you have a vehicle you can use it as collateral when taking out a loan. There are so many car title loan lenders so its important to read reviews to find out which is the most reputable and which one is most helpful towards its client. Car title loans works by accepting your vehicle as collateral. The better your vehicle in terms of condition and age the more loan you will be eligible for. Car title loans have a lower APR compared to Payday Loans because there is less of a risk for the lending company. If you cannot repay the loan the car is kept and sold off at auction to recoup any outstanding payment on the loan.

To get started gather all your vehicle titles and paperwork and then head to reputable car title loan lenders. You will be able to find a handful of lenders in your location if you do a search on Google Maps. Once you find these lenders you need to go with all the paperwork to find out how much loan you are eligible for. It is a smart move to find out what the value of your vehicle is and then expect a loan for half that amount. You should negotiate your APR because you are using collateral and there is virtually zero risk for the lender. 

Car title loans for people on benefits are available. All you need to show is your car title and other vehicle paperwork depending on the car title lender. You also need to fill out a income and expenses statement to show you can afford the repayments. Before you take out the loan consider whether you really need the loan because if you fail yo make the repayments your vehicle will be at stake. Also try your utmost to negotiate a lower rate. Always find out what you are borrowing and how much you will be repaying in total and take time and care to read the small print so you can know in advance if there are any nasty clauses or conditions.    


Loans for People on Benefits - Interest Free Credit Cards (Part 3 of 20)

This Post is Part 3 of 20 exploring all the options available when taking out loans for people on benefits. One frequent question that the readers ask on the Millionaires Giving Money Blog is - Do Loans for People on Benefits Really Exist? After responding to a handful of emails I was inspired to create a 20 post series exploring all the ideas and options for loans for people on benefits, unemployed people, and disabled people. Before you take out a loan it's important to consider the loan amount and the total amount repaid. You should also try to look for the lowest APR loan as this will save you money in interest payments. You should also complete an income and expenses form to see if you can afford the monthly repayments so you avoid getting yourself into financial hardship. So without further ADO here is IDEA 3 of 20.

Loans for People on Benefits - IDEA 3: Interest Free Credit Cards


Depending on your credit score you might be eligible for interest free credit cards which is a sort of loan for people on benefits. Interest free credit cards are great because you only repay what you borrow only paying a small fee for the administration process. Interest free loans beat payday loans hands down because the APR is zero. 

To get started get a free copy of your credit report and find out what your credit score is. You should then improve your credit score by paying off any small debt and make more than the minimum repayment. If there are any problems or false information on the credit report then rectify these problems otherwise it will affect any loan of credit card applications. 

Once you're repaired your credit history and improved your credit score you should call your existing credit card company to see if they have any interest free offers. If they don't you need to apply for credit cards which offer a introductory interest free period. There are many credit card companies such as Capital One, Wells Farco, and Bank of America who offer introductory credit cards at zero percent interest. Be careful not to apply for too many at once. As a rule of thumb just apply for two at a time otherwise you'll be seen as being desperate for credit which might result in your application being declined.

Once you receive your interest free credit card you can spend using it interest free. Some credit cards also the facility to transfer money into your checking account for free. Interest free credit cards are a great way to borrow money and a great option as a loan for people on benefits. You will only pay what you borrow along with a small administration fee. Again before you take out the credit card loan for people on benefits consider the monthly repayments and check to see if you can afford them. Failure to make the minimum payment of the credit card balance will invalidate your interest free offer and you will revert back to paying the typical APR.  

Loans for People on Benefits - Friends and Family

One of the frequent questions I get asked on the Millionaires Giving Money Blog is do loans for people on benefits really exist? After receiving a handful of these emails and responding to them I was inspired to share 20 loan options for people who are on benefits, unemployed, disabled or have really bad credit. Before you take out a loan it's always important to consider the APR interest rate and you should try and negotiate the lowest rate possible. You should also consider how much you are borrowing and how much you will be paying back in total. The most important factor is affordability of repayments. It's important to find out what your income is as well as your expenditure, if you are living within your means and have money to spare then you have the confidence that you'll be able to repay the loan as it's affordable. So without further ADO, here is IDEA 2 of 20.

Loans for People on Benefits - Ask Friends and Family


This option is definitely worth considering because you will probably be able to negotiate an interest free loan so you only payback what you borrow. Borrowing from friends and family might be difficult as pride gets in the way. You should also consider the risk factors and what would happen if you fail to repay the loan. After considering the pros and cons you should consider this option because you can save a lot of money on repayments when compared with taking out a payday loan.

To get started make the process as professional as possible. First start off by explaining to your friends and family how much money you need and why you need it. You also need to explain why you are having difficulties coming up with the money. Offer your income and expenses statement to show your financial circumstances as this will give them the confidence to loan you the money. You should also use collateral in the event you cannot pay back the money, this will avoid any breakdown in relationship. Another tip is to create a repayments schedule and then offer to create a direct payment from your bank to their bank so the payments are guaranteed to be on time and there is no need to be chasing for the money.

If you can offer a professional approach to borrowing money then there is a good chance you will receive your loan from your friends and family. You should also negotiate the loan APR. Most friends and family will refuse to accept interest however if you offer a few percent as a gesture of goodwill they will appreciate the thought. 

Before you take out any loan its important to consider the need. You should also look at the how much you are borrowing and how much you will pay back eventually over the amortized loan period. You should also consider the APR interest and negotiate the lowest possible rate so that you pay less in interest. Always consider affordability after filling out an income and expenses form so that you can determine whether the loan repayments are affordable. Friends and family loans for people on benefits are definitely worth considering if you want to save money on APR.    


Loans for People on Benefits - Government Programs

One frequent question I get asked on the Millionaires Giving Money blog is do loans for people on benefits really exist? After reading and responding to these emails I was inspired to start a series of posts on all the different options people have when they're looking for loans for people on benefits. I will also explore all the options for unemployed people, disabled people and people with bad credit all of whom are looking for a loan. Before you consider taking out a loan make sure you look at the small print. Know exactly how much you are borrowing and how much you are required to pay back. Understand your APR rate and always find out in advance what the monthly repayments will be so you will know in advance if the payments are affordable. So without further ADO, here is the first idea for loans for people on benefits.

Loans for People on Benefits : IDEA 1: Government Programs


There are cash loan options from the government which people on benefits can apply for. These are the safest kind of loans you can apply. Be careful to check the small print before you apply for one of these loans, there are a lot of scam sites who are offering cash loans for anything between $500 and $5000 and they are masquerading as government websites. 

Government loans are available and you can borrow money to do miscellaneous repairs to your property. You can use these loans for repairs or you can repair your own property and then pay yourself which means you can get your hands on the money and spend it on whatever your real need is. To apply for a government loan for people on benefits visit the USA.Gov website to find the program for your state. Alternatively you could call or visit your local courthouse to find out what kind of loan programs are available for people on benefits. You can check your eligibility straight away when applying for the loan.

Government loans for people on benefits have very low APR interest rate which is why it is much better to take out a government loan compared to a payday loan. Many of these programs regard welfare payments to be stable and reliable income. If you can show that you are living within your means and are saving every month and can afford the extra payments there is a good chance you will be eligible for these loans. Another government loan program to consider is the Department of Social Security Loan Program. Again visit USA.Gov and search for the program within your state.

Before you take out any loan for people on benefits it is important to consider the need for taking out the loan. If you're finding it hard to make ends meet and the loan is not essential then it might be a good idea to not take out the loan for people on benefits. If you really need the loan then you should always consider the APR interest rate, the monthly repayments and how much you will be paying back in total. If you can afford the payments based on your benefits income then you can go ahead with confidence.


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