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Get an Instant Cash Loan for People on Welfare Benefits

By Edited May 12, 2016 1 0

I Need Money Now!

Is it really possible to get an instant cash loan for people on welfare?  In short, the answer is, YES.  Of course, like almost anything else, there are some strings attached to the money.  In this article, I’d like to share some of the ways you can get money immediately if you are receiving aid benefits.  It’s very possible for you to still borrow money if you are getting help from the government.  Let’s look at some of the ways you can do get your hands on an instant cash loan, for those people on welfare.

Government Programs

Your best bet to avoid a scam when you’re trying to borrow money fast, whether it’s $500 or $5,000, is to explore some cash loan options from the government.  There are some programs out there that will allow you to borrow money to do miscellaneous repairs to your home.  All it will take is a call to Human Services at your local courthouse to find out what types of programs you can qualify for and borrow money immediately.  Low interest rates are the main benefit with these programs.  Welfare benefits are actually stable income, in most cases, so it’s possible to get what you’re looking for.  The department of Social Security Loan program is another source to check out for funds.

Typical Lenders

You aren’t just limited to bad credit lenders when you look for an instant cash loans and you’re on government benefits.  Listed below are just a few of the options you will want to keep in mind when you seek money now.

Car Title Lenders:  If you own your car free and clear, this is a good option to keep in mind.  The interest rates are generally pretty high, however, so you need to make sure your read the contract carefully.

Traditional Banks:  If you have a decent credit rating, you can still borrow money quick, but if you have bad credit, it will be harder through traditional banks.  Of course, if you have a good relationship with the bank in your area, it’s much easier to get quick approval for money.

Online Lenders:  It quick and easy.  If you need to get financing fast, online lenders are a great option to consider.  Some cater to high risk borrowers, so even if you have a bad credit history, you can possible get instant cash loans for people on welfare.

Check Advance:  Just like those that get a paycheck, those that get monetary benefits can often get a payday advance, even if unemployed.  The government check will generally suffice from most of the lenders, so you’ll get financial help right away.

Bad Credit Lenders:  You’ll find many online and in freestanding buildings, most likely in your area.  You’ll pay a right rate of interest, but most offer fast approval.  This is a great option for poor credit and low income households.

Why Welfare Benefit Recipients are Attractive to Lenders

Many people think they cannot get a personal loan quick, whether they have bad credit or not, if they get welfare benefits.  This is not the case.  In fact, many banks and borrowing institutions love to lend to those that get benefits from the government as it’s very consistent money, unlike many jobs these days.  The fear of job loss isn’t there with people that are collecting benefits.  It’s an attractive, somewhat minimalized risk that banks like.

Other Benefits

If you get welfare, you might be able to get other benefits, which can free up even more money each month to pay back your instant cash personal loan.  This makes you a great candidate for borrowing money from banks and online lenders as well. With decent credit, the approval rate is good.

Downside for Lenders

If you are receiving welfare benefits, it’s not a guaranteed that you’ll be able to get an instant personal loan.  Most benefit recipients are very low income, so in many cases, extra funds to pay back debt are not readily available.  For this reason, some banks and lenders shy away from these applicants.  Most lenders look at your debt, monthly obligations, credit history, and income level before approval or denial.  For this reason, if you can barely make ends meet as it is, getting another payment tacked on could make it next to impossible to pay it back.  This can mean a denial on the loan application and not an instant approval.

Don’t just assume you cannot get the funds you need.  Instant cash loans for people on welfare are very possible.

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