Life and the unexpected expenses that come with it happen – even to people who are looking for benefit loans. And because this is an undeniable fact, the American finance world has had to concede that people on benefits also deserve access to fast and affordable financing. The good news is that you can get that very type of financing at Viva Payday Loans. We don’t believe that you should miss out on financial aid when you need it most just because you’re receiving benefits or welfare – and the lenders we work with tend to agree.
It’s not uncommon for individuals on benefits to simply overlook the idea of getting a personal loan because they assume they will be denied. People often believe they can’t get personal loans, credit cards, or other types of financing when they are on benefits or government assistance because it’s not income earned from a traditional job. While this may have been the case ten or twenty years ago, there are now several mainstream and independent lenders that offer loans for those receiving government benefits. These loans are usually small amounts that can be paid back over a set period of time with reasonable fees and interest attached.
Borrowers often misunderstand lenders, seeing them as conglomerations that view the borrower as a number and not as a person with real needs. Lenders of today actually take more time to review each loan application case by case than you might think. Because of this, we have seen many of our lenders able to assist Americans that would otherwise have faced a rough patch or missed out on paying for unexpected expenses because they thought being on benefits automatically puts them on the back foot.
Lenders have been misunderstood for too long. If you think about it logically, lenders simply want to be assured that you can comfortably make your payments. You can also be accepted for a loan on benefits based on your credit score, employment status, and residence status.
If you’re on benefits and looking for a loan option, rest assured that all hope is not lost. In fact, you’re living in an age where there are more payday loans for people on benefits than ever before.
The information below will tell you everything you need to know about benefit loans available through Viva Payday Loans.
What Are Benefit Loans for People on Welfare and How Do They Work?
Benefit loans are similar to personal loans and payday loans, except they’re aimed at individuals who get a large portion of their income or even all of their income from welfare or government benefits.
In most instances, benefits loans are used for:
- Unexpected expenses
- Consolidating debt
- Going on vacation
- Paying rental bond
- Carrying out minor household and vehicle repairs
Don’t worry; if you need a personal benefit loan for something other than what’s on that list, that’s fine. You can use your borrowed money for anything you need it for.
Below is everything you need to know about how payday loans on benefits work and how you can increase your chances of being accepted.
Benefit loans provide a valuable lending resource to those who are currently in receipt of government benefits. They work in exactly the same way as traditional payday loans in that you’ll receive a fixed lump sum which is repaid, with interest, over a fixed period of time. Short term loans on benefits are generally repaid on the next payday, but the repayment dates can be linked to your benefit dates.
Benefit personal loans are typically much larger than payday loans on benefits. At Viva Payday Loans, our loans range from $100 to $5,000 with loan terms of 2 to 24 months.
You can increase your chances of getting a benefit loan in several ways. For example, one way is to secure the loan with assets, such as a home or a vehicle. You can also get a guarantor loan with a friend or family member who is willing to guarantee your repayments and thus reduce the risk to lenders while increasing your chances of approval.
After you’re approved for a benefits loan, the funds will typically be transferred straight to your bank account within 24 hours or the next business day if you’re applying on a weekend or holiday.
Types of Benefit Loans
You can expect to have access to the following types of benefits loans through Viva Payday Loans.
Loans On Benefit
Loans on benefit or loans for benefit claimants are suitable if you’re a borrower who gets most or all of your income from government benefits or welfare. You can use loans on benefit for any kind of financial need without limitation.
You’ll get a fixed lump sum and repay the amount plus interest over a set period. At Viva Payday Loans, we connect you to reputable lenders who offer loans for benefit claimants from $100 to $5,000. You can repay in 2 to 24 months with competitive interest rates between 5.99% and 35.99%.
Benefit Loans Online
Viva Payday Loans gives you the ultimate digital convenience by allowing you to borrow benefit loans online. You don’t have to leave the comfort of your home and go out looking for storefronts.
You can access quick benefit loans in a few simple clicks through an easy online application process. Simply download the Viva Payday Loans app or use our website to apply!
Benefit Loans Today
In addition to a quick online application, our lenders also feature benefit loans today, where you get funded on the same day you apply. You’ll find lenders who offer same-day payouts for benefit loans, ensuring you can sort out any sudden expenses or emergencies.
Benefit Loans Bad Credit
At Viva Payday Loans, we welcome all eligible Americans regardless of their credit history. Benefit loans bad credit are available if you have a bad credit history and get your income from benefits.
Lenders don’t concentrate on your financial past. They only consider your current benefit income and expenses to determine if you can afford benefit loans.
Benefit Loans Direct Lenders
Through Viva Payday Loans, you get free access to a comprehensive panel of the best and most reputable benefit loans direct lenders in the US. Unlike other brokers who charge exorbitant fees to connect you to direct lenders, we won’t charge you a cent!
We connect you directly to lenders who are likely to grant you benefits loans to ensure you don’t waste your time or money.
Unemployment Benefit Loans
Unemployment benefit loans are suitable for individuals receiving unemployment benefits. You can access different benefits that can be an excellent lending resource for benefit loans if you’re unemployed. All you need is to show you can afford the loan from the various unemployment benefit options, including veteran affairs benefits, disability benefits, or social security benefits.
Benefit Payday Loans
With benefit payday loans, you get an advance of a portion of your next benefits payment and repay on your payday. You have to repay benefit payday loans within a month, and you’ll get repayment periods of 7 to 30 days.
Living Benefit Loans
If your life insurance policy provides living benefits, you can easily access living benefit loans at Viva Payday Loans. Most insurance companies automatically include it for free with your life insurance policy. Depending on your affordability, you can use it to access living benefit loans from $100 to $5,000.
Benefit Grants And Loans
The government offers different benefit grants and loans to families and individuals to help them lower their expenses or become self-sufficient. You can use these benefit grants and loans to access benefit loans at Viva Payday Loans.
Our lenders offer benefit loans suitable for all kinds of needs, budgets, and occasions. Choose the loan amount you need and follow the simple steps to apply!
Features of Benefit Loans & Loans on Welfare
Lenders that we work with at Viva Payday Loans offer benefit loans that share the following features.
Affordable Loan Amounts
When applying for benefit loans at Viva Payday Loans, you will find that the loan amounts range from $100 to $5,000. We specialize in short-term loans that you can settle in less than two years. Depending on the information you provide in your application, the lender may or may not consider the amount you request on your loan application when making their decision. If you request more than the lender feels you can afford, you may receive a smaller, more affordable loan amount to consider.
The Loan Terms
How long you pay off your loan is quite important. The sooner you can pay the loan off, the better for your credit! We work with lenders who determine how long your loan will be, based on your request, and provide you with the option to borrow for 2 to 24 months. The loan terms will be discussed with you before the loan agreement is extended. Make sure that you are comfortable with the loan term. Many lenders are happy to work with clients to come to a loan term that suits the borrower’s preferences and affordability.
Interest Rates Charged
The first question most borrowers ask when shopping around for loans is what the offered interest rate is. At Viva Payday Loans, we work with lenders with varying interest rates. You can expect to pay between 5.99% and 35.99% APR (Annual Percentage Rate) depending on your financial situation and the lender’s willingness to accept risk. The lender can charge the maximum interest rate; however, many remain competitive, which is to your benefit!
The Expected Repayment Schedule
The expected repayment schedule will determine how long it takes you to repay your benefits loan. You can arrange for your lender to deduct a payment from your bank account on your payday, which is sure to be the most convenient option – in fact, most lenders prefer it. Because everyone’s benefits are different, and you may receive your income on varying dates, lenders offer weekly, fortnightly, and monthly repayment options. When the repayment schedule is customized to your lifestyle, paying your loan off becomes easier.
Time From Application to Payout
The disbursement time refers to how long it takes a lender to get the funds to you. If you’re applying for a fast benefit loan, the chances are that you need cash in a hurry. That’s no problem because the lenders we work with typically make the funds available the very next business day – no more waiting around and wondering!
The Charges; Expected & Unexpected
Charges are another important feature of instant benefit loans that deserve your attention. The charges will impact your finances for the duration of the loan. When taking out a benefits loan with Viva Payday loans, you can expect to pay an annual interest rate of 5.99% to 35.99%. As already mentioned, these rates can vary depending on how competitive the lender is. In addition to the interest rate, there are other fees to consider, such as:
- Arrangement fee
- Late payment penalty
- Nonpayment fees
- Early exit penalty
- Collection fees (should you default on your loan)
Transparency of the Lender
At Viva Payday Loans, we work with some of the country’s most reputable lenders. Transparency is important to us, and because of this, you will always know what fees are charged. You will also be in direct contact with the lender honouring your loan. You can also do a bit of lender research yourself by looking for their contact details online (these should be readily available) and reading online reviews.
Do Lenders at Viva Payday Loans Offer Benefits Loans?
Many people on benefits have applied for and received loans with us at Viva Payday Loans. With the right benefits loan, you may still be able to obtain funds even if you’ve had problems getting credit in the past. Each lender makes credit decisions based on different assessment methods, and we present your loan request to lenders most likely to approve loans for people on benefits.
In addition, our range of lenders is constantly expanding, so even if another lender has already declined you on another platform, there’s still a chance we’ll find the right lender for you.
Furthermore, if you cannot find credit at this time, it’s worth getting a new comparison if your employment status, income, or credit score change. By checking your credit score, you can identify what’s holding you back from getting a benefit loan.
By accessing borrowing options such as guarantor loans, you can use the good credit of someone you know to help ensure that you’re approved regardless of your credit history.
Examples of Benefit Loans
Here’s a quick look at some of the loans offers by the lenders we work with.
|OppLoans||$500-$4,000||9 -18 months||Varied|
|Greenday Online||$100 – $5,000||24 months||Case by case|
Advantages and Disadvantages of Payday Loans Online
When applying for benefit loans through Viva Payday Loans, you can expect the following advantages and disadvantages.
Advantages of Benefit Loans Direct with Lenders
- The borrowing decision takes just a few minutes
- All FICO scores are welcome
- You get access to lenders most likely to approve your request
Disadvantages of Instant Benefit Loans
- It’s an expensive form of borrowing
Eligibility Criteria to Borrow Money Online
What makes you eligible for a benefits loan at Viva Payday Loans? If you meet this criterion, you have a high chance of getting the cash advance you need:
- Permanent residency (citizen or registered visa holder)
- At least 18 years old
- American bank account in your name
- Proof of affordability
While these are the general criteria that lenders request, be aware that all benefit loan lenders at Viva Payday Loans use their own independent criteria when assessing applications. Because you are an individual with a unique financial situation, you are treated as such.
A number of additional factors are also considered when applying for a benefit loan. These include the likes of:
- Your credit rating
- Benefits of welfare income
- Current lifestyle including associated monthly living expenses.
A lender considers all of these factors when determining your loan eligibility.
How to Apply for Payday Loans on Benefits at Viva Payday Loans
Applying for a benefits loan shouldn’t be a lengthy and gruelling process. We know that you’ve got things to do and you’d rather have your financial situation sorted out as quickly as possible. With this in mind, we created a quick and easy benefit loans application process that takes just a few minutes. Below are the simple steps for applying for a personal loan.
Step 1: Have Your Supporting Documents Ready
To verify the information in your loan application, all lenders in the US will require supporting documents. To start the application online and avoid any delays in the process, make sure that all required information is readily available. You will need:
- An official form of ID (driver’s license, ID card, passport)
- Your current proof of address (a utility bill or a tax bill)
- Your latest evidence of income (government benefit statements, tax returns, bank statements)
Step 2: Spend Two Minutes Filling Out the Online Form
To get the process started, you merely have to fill out the form, which can be done online and from the comfort of your home. It’s important to be as honest and transparent as possible. The online application form is easy to complete. First, it will require you to tell us a little more about how much you want to loan and what sort of repayment period suits you. Keep in mind our loans range from $100 to $5,000 with repayment options of 2 to 24 months.
The online application form will also request more information on your:
- Benefit details
- Financial situation
- Monthly expenditure details
These questions can seem to pry, and you might not want to share your personal particulars. To put your mind at ease, we will never share your details and data with another party. The entire application process is 100% private and secure.
Step 3: Wait a Few Minutes for an Outcome
You will hear from our lenders in seconds after you submit your application! That’s all there is to it. No matter what your credit history is, most people are matched quickly with an independent lender. We also won’t keep you guessing if our lenders cannot help you. Instead, we will let you know so that you can make other arrangements.
At this stage of the process, it’s not unusual to be contacted by the lender via phone or email to start finalizing the agreement. Make the most of this opportunity to ask questions. Be sure to ask about additional fees, such as early payments, early exit fees, or an origination fee, which some lenders charge to set up the loan. Make sure that you provide any additional requested information and documents promptly so you can get your cash as quickly as possible.
Step 4: Review & Sign the Loan Agreement
In the next step, you will be presented with an offer by the lender. Make sure you carefully read the contract and pay attention to the following:
- The fees
- Expected payments (how much and how often?)
- The terms and conditions
If you are satisfied with the terms of the agreement, sign and give it back to your third-party independent lender. We will provide detailed instructions on how to access the funds as early as the next business day. In most instances, all you have to do is wait 24 hours for the funds to reflect in your account.
Now that you know what to do, it’s time to get the process started!
Improving Your Chances of Getting a Benefit Loan
While benefits loans are quickly and readily available, it’s still important to borrow money online responsibly. By being a responsible borrower, you can improve your credit score and increase your chances of loan approval.
Below are a few ways to improve your loan approval chances:
Get familiar with your credit score
You can check your score with TransUnion, Equifax, or Experian. Doing so isn’t just to know your credit score but also helps you keep on top of unusual activity with your credit. If you spot any inaccuracies or fraudulent activity, you can query it and possibly improve your record.
Whittle down your monthly expenses
When you apply for a benefit loan or any other type of loan, the lender will closely look at the activity on your bank account. This scrutiny is to confirm your income and your monthly expenses. If you’re unable to afford the monthly installments, your loan will be rejected. On the other hand, by keeping your expenditure low, you increase your chances of getting a loan when you need it.
Apply with Lenders most likely to accept and approve your loan request
We can help you with that! As reputable brokers in the US, it’s our job to find a lender that will work for your specific situation. We will direct you to the lenders who are most likely to give you the money you need! Borrowing from all of our lenders is a safe, transparent, and reliable experience. As a result, we only work with the absolute best lenders in the United States.
Don’t Push the Envelope
If the idea of borrowing $10,000 when you can only really afford to repay $2,000 is enticing, rather avoid it. Instead, only apply for what you need and what you can afford to pay off. If you try to apply for as much as possible, the lender may see that the loan is ill-affordable and reject your application.
How Much Interest Will I Have to Pay on My Benefits Loan?
A third-party loan agreement determines how much interest you will pay. Based on your creditworthiness, your lender will work with you to determine the interest rate. Your income, your assets, whether the loan is secured or unsecured, whether you have a co-signer, and your credit history all play a role. All of these factors are considered by lenders in determining risk and setting interest rates accordingly. Interest rates can range from 5.99% APR to 35.99% APR when applying through Viva Payday Loans.
Are Benefits Loans Smaller Than Regular Personal Loans?
At Viva Payday Loans, we offer loans of between $100 and $10,000. You can apply for a loan of any amount as long as you can afford to pay it back. While benefits loans don’t have to be small, it is recommended to get a small loan to ensure you can comfortably afford it.
Are Vivapaydayloans.com Available to All Americans?
Unfortunately, we don’t operate across the entire country. We are unable to provide benefit loans in Minnesota, West Virginia, Vermont, South Dakota, Montana, New York, New Hampshire, Connecticut, and Arkansas.
How Important is My Credit Score When Applying for a Benefit Loan?
Your credit score plays a role in your benefit loan application, but it is not the only determining factor. A lender will look at how much you earn in benefits each month, any other income streams you have, and your income vs. expenditure.
How Quickly Will I Get the Funds I Apply For?
Don’t worry; we know that you need your funds in a hurry. Because of this, our lenders ensure that you receive the funds you apply for the next business day.
What Do I Do If I am Going to Miss My Loan Installment?
Missing your scheduled loan installment is bad for your credit rating, especially if you’re consistently late. It can also be bad for your pocket because many lenders charge a late payment fee or a dishonoured fee if the direct debit fails. If you’ve run into some money problems along the way, get in touch with the lender to let them know that you won’t be able to pay the installment. The lender will assist you with setting a new payment date that suits your finances. Working with your lender is the best way to ensure transparency and trust between both parties.
Why Was My Loan Application Rejected and What Should I Do?
If you’ve applied for a benefit loan and received a message telling you that your application has failed, you might feel a little confused. This can happen for several reasons. First, if you have applied for a loan amount that is too high, the application will be denied. Factors that the lender considers when making that decision include the following:
- Ability to repay the loan
- Income stability
- Outstanding debt
- The amount you earn in benefits
There are also several things you can do when lenders reject your benefits application. These are listed briefly below for your convenience.
There are a few steps that you can take if our lenders still reject your application for a benefit loan:
- Make contact with the lender and ask for a reason
- Inquire if you can make a smaller loan request
- Offer some form of collateral
- Reduce your current expenditure and try again later
- Ask someone close to you to sign as a guarantor on the loan
- Ensure your credit profile has no unexpected tarnishes
- Look over your application to see if you made any errors
- Try to increase your monthly income
If I Am Not Happy With the Loan Offered, What Should I Do?
There is absolutely no obligation when receiving a loan offer from any of our lenders. You are well within your rights to say a simple “no, thank you” and move on to alternative options.
What Will I Be Charged for the Viva Payday Loans Service?
There is no charge to make use of our services. We will capture your details and put you in touch with the right lenders without charging you for it.
I Was Bankrupt Before. Will This Mean I Can’t Get a Benefits Loan?
With Viva Payday Loans, you have access to a wide selection of benefit loan lenders, many of whom offer benefit loans to poor credit borrowers. While lenders may look at your credit score, how they interpret the information makes all the difference. For instance, a lender will be able to see that your bankruptcy was a prior financial problem and will hopefully be able to see that you now earn more, have reduced your expenses, and are generally a more suitable borrower than you were in the past.
The lenders we work with won’t automatically reject your application based on past financial problems. And, we make it our duty to find the best possible deals for our customers, regardless of their financial past. If you are concerned that you may not get a benefits loan, we recommend applying for a small amount so that you can get some cash you need and work on building up your credit score by paying in full and on time every time.
Keep in mind that a lender wants to know that you can repay the amount you owe, and some lenders offer benefit loans without doing a credit check as it’s not the most important part of the process for them. Lenders understand that financial struggles can crop up along the way, and there is no reason why you should be discriminated against because of past issues. If you have made changes, there’s a good chance you could get a loan at Viva Payday Loans.