Hi, my name is monalynne! I'm on PIP. How can I have a loan?

monalynne

I am on pip how I can have a loan 

monsieur

hello, you want a bank loan??

janer1967

Hi and welcome to the community 

What sort of loan are you looking for 

Tori_Scope

Welcome to the community @monalynne How are you doing today?

Yes, please do let us know what kind of loan you're looking to take out. This'll help us to answer your question.

monalynne

I need loan for home stuff and new phone

monalynne

I'm getting pip and universal credit

janer1967

Getting a loan depends a lot in your circumstances 

Like finances credit rating ability to repay 

If your income is only benefits you may struggle to get one 

Depends what benefits you are on as you may be able to get an advance 

Lisatho11987777

If your on universal credit you can get a loan off them if you say you need furniture and household things you have to do it over the phone 

Vidarsbane

I know I'm very new to the forums but will try to help where I can.

To answer you, yes it is possible to get a loan while on benefits including Universal Credit and PIP. However it does depend a lot on your personal situation.

Can you afford a loan or credit? 

What is your credit history like, any trouble repaying things in the past?

Have you checked your credit score? Made sure all of your details are correct? 

How much can you comfortably afford to pay each month, how long do you want to be paying?

There are more questions of course that you need the answer to but these should start you off. Assuming it's all good your first port of call should be your bank. If you've been with them a long time they're the most likely to accept you. Also another factor on whether you get accepted or not depends on what the loan will be used for. Debt Consolidation or Home Repairs, are more likely to be accepted than a holiday or to make a purchase etc.

I hope this helps, though I'm certainly no expert.

Cress

Maybe a credit union loan might be an option?

onebigvoice

Vidarsbane said:

I know I'm very new to the forums but will try to help where I can.

To answer you, yes it is possible to get a loan while on benefits including Universal Credit and PIP. However it does depend a lot on your personal situation.

Can you afford a loan or credit? 

What is your credit history like, any trouble repaying things in the past?

Have you checked your credit score? Made sure all of your details are correct? 

How much can you comfortably afford to pay each month, how long do you want to be paying?

There are more questions of course that you need the answer to but these should start you off. Assuming it's all good your first port of call should be your bank. If you've been with them a long time they're the most likely to accept you. Also another factor on whether you get accepted or not depends on what the loan will be used for. Debt Consolidation or Home Repairs, are more likely to be accepted than a holiday or to make a purchase etc.

I hope this helps, though I'm certainly no expert.

  You can have a Crisis loan which the council can arrange, as they already have access to any beneits you receive and if on UC will also have access to your rent and council tax payments.
  As said above normally for house hold stuff and improvements but if you need a phone for Medical contact access or for the benefits department to get hold of you they may also consider that.  You may not get the newest Z Phone but who cares its the contact with the outside world you want.
  I would definately stay away from people offering you loans as they will offer a loan, and if you ever are in trouble in paying will have no problem in taking you to court for the outstanding bill.  PLUS there is the interest, check it out.  Stick with the council I did its easier and can be taken out at source before benefits are paid to you.
 I'm no expert but have learnt from bitter experience.