Loans for People on Disability

Loans for people on disability benefits for financial needs

Living on benefits due to some disability issues involves numerous financial challenges. Managing basic expenses becomes difficult. Hence, taking a loan can help you during urgent needs.

You can apply for these loans online through a direct lender; it’s hassle-free due to the lack of paperwork. Instant approval decision, personalised deals, affordable repayments, all make borrowing simpler.

Arbitrageloans is a direct loan provider, and we have approved loans to thousands of people on benefits. Hence, if you are looking forward to applying for loans for disability benefits from a direct lender, you are at the right place here.

Transparent lending is our primary aim through a traceable application process. For hassle-free application processing, we don’t ask you to provide a guarantor or collateral. You can get a variety of loans for disability reasons.

What is a disability loan?

A disability loan is a specialised loan product that is available only to those who are living on government disability benefits. They can easily prove their circumstances due to authentic documents from state or local authorities on disability benefits.

Anyone living on disability related income, such as Disability Living Allowance, Personal Independence Payment, or Employment Allowance, can apply for these loans.

The disability loans can be used for the following purposes –

Home adaptations like wider doors, ramps, and stair lifts.
Cover unexpected bills
Buy mobility aids
Purchase medical equipment
Manage transport needs and access vehicles

How does a loan on disability benefits work?

The loans for disability benefits from a direct lender work through a straightforward online process. It includes several steps that you can complete effortlessly as the process is mobile-friendly. Documents can be uploaded digitally.

Step 1 – Fill out and submit the online application form and upload relevant documents.
Step 2 – Receive approval decision in a few minutes after we verify your details online.
Step 3 – Once approved, you get a loan agreement online for your acceptance.
Step 4 – After approval, read the loan agreement and terms and conditions carefully. Accept it if you are satisfied.
Step 5 – Once you give consent to your loan offer, we transfer funds through an electronic fund transfer.

How do you assess your creditworthiness?

As per the following factors, we get to know your repayment ability during the online application process. If you are planning to apply for disability loans, prepare yourself for the following aspects.

Income – Your income should be regular, as without earning consistently, you cannot make any lender trust your payback ability.
Income-expense ratio – Your income should be sufficient to pay monthly expenses, including the instalments for disability loans.
Universal credit or allowance – This too can be counted as income, such as attendance allowance, universal credit, or employment allowance.
Disability benefit documents – Along with the other benefits, your disability benefit details need to be submitted for credit assessment.
Tax returns / current projects – If you are self-employed, your income proof will be shown in the form of tax returns and project details.

Types of loans available for people on disability benefits

We offer a wide variety of loans for people getting disability benefits from the government. As per your requirement, you can choose any of the following loan options.

Personal loans – No need to mention that personal loans are the most popular loan options available to all kinds of borrowers. You can avail funds for any of your daily life needs.
Unsecured loans – Borrow funds without any collateral and repay through budget-friendly deals. The loans are for short-term to mid-term purposes. These are available as per your repayment ability.
Secured loans – If you want to borrow a large amount, getting a loan using collateral is the cheapest way. Car, home, vehicle, etc., act as security, and you can borrow money against them at a lower rate and smaller instalments.
Guarantor loans – Bring a guarantor with a good credit score and regular income, and borrow a bigger amount than what you can afford individually. If you default, the guarantor will pay your instalments.
Bad credit loans– Borrow funds despite a poor credit score through loans for people on disability with bad credit. Also, your payment behaviour of the last six months will be scrutinised. Make certain you settle your debts and bills during this duration.
Debt consolidation loans – Living on disability benefits may cause multiple debts. It is time to clean up all the money mess with consolidation loans. Merge all debts into one and pay one instalment in place of multiple debts.
No guarantor loans – Avail funds without any guarantor based on your current income and ability to pay back funds. To qualify for funds, make sure your expenses do not dominate your creditworthiness.
Loans on benefits – The loans on benefits are offered to anyone living on government benefits. Borrow funds and use the money for any concern you want. You can approach us today and apply for loans to get rid of your struggle.

Why choose Arbitrageloans for loans on disability benefits?

We are dedicated to unbiased and transparent lending. For that, a few lending features are always there to help you experience hassle-free borrowing.

Fast and convenient applications - Due to the digitised process, you can access funds in a short time. Instant approval decision, timely fund disbursement ensures you get funds on time.
Tailored accessibility to funds - You will get a loan offer that you can afford to repay. As per your ability to bear a debt while being on disability, we personalize your loan offer.
Soft credit check - You can check your eligibility using our free eligibility checker that performs a soft credit check. This does not leave any search footprint on your credit report.
No hidden fee - There is no hidden fee required to borrow money. You will borrow funds with complete transparency without any uncertainty. We follow all the rules of responsible lending.
Borrow without a guarantor or collateral - Until and unless you choose a no guarantor loan or secured loans, you can borrow funds on your credit purchase power. No need to ask someone for help or to be afraid of losing an asset.

Arbitrageloans is always there with the most affordable deals if you are looking for loans for disability benefits from a direct lender. We promote a borrower-friendly financial atmosphere. With the digital lending process, we can assure you of a fast and smooth borrowing experience.