Can I take out a loan if I am on disability benefits?
Receiving state benefits for your disability to help cover the costs of living doesn’t mean you can’t get a loan.
There are many lenders who won’t let you borrow money from them if you’re receiving disability benefits, such as a Personal Independence Payment (PIP). Happily, there are some, such as Provident, who could lend a helping hand when others won’t.
We know that everyone has bills to pay and that sometimes, other expenses come out of nowhere which can put even the most careful spender in a tricky situation.
If you’re on disability benefits and need a loan, we welcome your application. We look at each person’s circumstances, not just their credit rating. Should your application be approved in principal, a Provident Agent will come to your house to discuss your circumstances, complete your application and do an Affordability Assessment.
As part of your Affordability Assessment, the Agent will look at how much money you have coming in, including any PIP money, and how much you have going out, to work out how much you can afford to repay and whether you would be able to keep up repayments should you take out a loan. If they’re satisfied you can afford the loan and repayments, and you’re happy to go ahead with the loan, an Agent will deliver the cash to your door.
Of course, it’s important to remember that we judge each application on more than just a credit rating. So while one person with disability benefits might get approved for a loan with us at Provident, someone else may not. The only way to really know if you’ll be approved is to apply.
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