If you are reliant on benefits to sustain your day-to-day life, you may find it challenging to try and make ends meet.<\/p>\n\n\n\n
Attaining additional finance can be an effective way of handling financial matters in the intermediate, however it\u2019s not something to be taken lightly, as some level of liability comes with virtually every source of borrowed income.<\/p>\n\n\n\n
Here\u2019s a brief guide of what and how you can get financed if you are ill or disabled.<\/p>\n\n\n\n
What loan do you need?<\/strong><\/p>\n\n\n\n Being on benefits should not prevent you from getting a loan<\/a> and you could access a variety of loan types, albeit some of them could be with higher interest rates or with one of your assets secured against your loan as assurance. Before you access a loan of this nature, it\u2019s important you understand the ramifications that come with the inability to repay that loan and be as prepared as possible to avoid them and, in a worst-case scenario, face them.<\/p>\n\n\n\n The sort of loans you could gain access to are:<\/p>\n\n\n\n Types of secured loan<\/strong><\/p>\n\n\n\n If you\u2019re prepared to accept a secured loan and believe you can make your repayments in full and on time, there are a number of possibilities available to you, including:<\/p>\n\n\n\n Seeking alternate methods<\/strong><\/p>\n\n\n\n There are, in some cases, ways to generate additional income outside of traditional loans. Borrowing money off any family member or friend who\u2019s willing to lend you the money, is an ideal solution to many people as they can forget about pressure factors like interest and timeframes.<\/p>\n\n\n\n However, if you go down this route, you must be careful to be respectful of the loan, and not take advantage of the fact it\u2019s a family member lending you the money rather than an official lender. Money can ruin relationships if mishandled, so you should look to treat a family or friend loan with the same level of care as a normal one<\/a>.<\/p>\n\n\n\n