Crisis loan as the name suggests is specifically meant for those who are in need of financial assistance to cope with an emergency or disaster in their life. This loan needs to be paid back in full though you are not required to pay any interest. Those who are 16 years and above, with not enough money to meet your present short term needs due to a disaster or in the event of an emergency are eligible for this type of loans. If the lender thinks that there will be serious risk to your health or safety without the loan then he or she may consider you eligible for the loan.
What can a crisis loan manage?
There are quite a few things that a crisis loan can manage such as paying rent in advance, boarding costs, lodging charges, meeting every day expenses required for living and travel expenses in case you are stranded away from home. More than the above mentioned details it applies also for helping you out in case of disasters such as flood and fire. Again you are eligible for such a loan if you’ve been given a Community Care Grant and don't have enough money to pay advance rent to a landlord.
Paying back crisis loans
In case you get a crisis loan you will have to agree how you are going to pay it back. You can chalk out an agreement about a repayment with an adviser at your Social Security or Jobs and Benefits office. In case you're on benefit, the loan would be repaid out of your normal benefit payments.
12 months loans
In case you do not need crisis loans but are in a position to repay a loan within 12 months then it is easy. With such a loan you will be able to pay back your loan amount in easy installments over a 12 month automated payment where money will be deducted directly from your debit card or bank account depending on the method you choose with absolutely no effort on your part.
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