Get Your Easy Loan Quote
Even if you have bad credit and your only income is from benefits, you may be able to get approved for a loan. The important thing is that you have a source of income, so why not see what you can qualify for.
Get A Loan With Just Benefit Income
The most important thing about getting qualified for a loan is that you have income. The income does not necessarily need to be from a regular job. It can really be any type of income that you receive on a regular basis. This means that yes, loans for disabled persons are available.
Lenders just want to know that you have the ability to repay a loan. They do not care if you are working a 9 to 5 to make your money or if you are receiving benefits like disability, social security, or whatever.
Besides your source of income, they would like to see stability. A good address where they can contact you and, the longer you have been there the better. Income and stability are key to improving your loan chances.
Having an income of some sort and stability are ways to greatly improve your loan approval chances, even if you have bad credit. Lenders can look past a lot of things if they thin you have the ability to repay a loan.
Getting Your Loan Quote
If you want to get a free loan quote, it could not be easier. Just follow a few simple steps and within minutes, you can submit your quote and get your answer.
The first thing that you need to do is input your information into the quote form. I know, filling out forms is about as fun as getting a root canal, but actually we make it quite easy. The form, at the top of this page, is simple and brief. It will walk you through, step by step, until you are done. Most people can complete it in just a few minutes.
After you have completed your quote form, you will need to agree to a few terms and conditions and then you can submit it to the loan network. This is where you will see the benefit of working with a loan network instead of an individual direct lender.
With a direct lender, your information would go to one lender with one set of requirements. If you do not meet the criteria that they are looking for, yu get denied and the show is all over.
With a loan network, your information will securely go from lender to lender until one is found that wants to make you a loan offer. It is the easiest way to get a quick approval, even if your only income is from benefits.
Once you get an approval, you can then review your offer and decide if it works for you. Be sure to take note of all the important loan details like interest rate, payment and the total cost of the loan. See just how much the loan will cost you in interest and fees by the end of the loan term.
If you like the terms, you just accept the loan. You can usually do this online, but your lender may want to contact you directly to finalize everything. It will be simple no matter what.
Once you accept your loan, the lender will immediately start processing your payment. This can happen as soon as the next business day.
About Loan Monkey
First, you should know that Loan Monkey is not a direct lender. This is a good thing. With a direct lender, you get one shot at approval. You have to meet their requirements exactly or else you will get denied.
With a loan network, like the one we give you access to, your options are more open. If one lender decides not to approve you, another one will be given the opportunity. This will continue again and again until one lender decides to make you an offer or until you exhaust the entire lender list.
Lending networks such as ours make it much easier to get an approval when you are on an income from benefits. Not all lenders will approve you if you are on disability or SSI but there is power in numbers. Applying once to a large network is much simpler than applying dozens of times with individual lenders.
To wrap everything up do not prejudge your situation. Even if you are only receiving benefits, many lenders will still approve you. We want to make this process easier by giving you access to some of these lenders. Lenders that may approve you even if yu have bad credit and just benefit income.