Loans

bluebird34 | 14:20 Thu 27th Oct 2011 | Personal Finance

10 Answers

How easy or difficult is it for someone on job seekers allowance to get a loan. My son has just received a letter that i think may be from a debt agency (I googled the address on the back of the envelope) and am appalled to think that he has taken out loan that he cannot possibly pay back, and even more appalled to think that he would be able to get it in the first place. Janet

claiming for benefits

I am owed tax

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ummmm

I would guess it would be very hard to get a loan on JSA. Even from the dodgy loan companies. They want their money back.

ubasses

Nigh on impossible with a Bank, but unfortunately there are Companies out there advertising 'no credit check loans' and 'on benefit loans'. So yes, and they will probably be charging ridiculous interest rates.

ummmm

Crazy...

grasscarp

It is always possible to get a loan from somewhere, even without a job, and with frightening interest rates. Rather than try and work out what is in the envelope via google probably need to ask your son about it.

bluebird34

Question Author

Thank you for replying so quickly. I will ask him about it when he gets home but he will not necessarily tell me the truth. He has had a crisis loan from SS before and managed to pay that back but this company state on their web site that a £500 loan will cost £1100 to pay back. I can only hope that if he has it is only a small loan because it is likely that the one paying it back will be me!! thank again

sandyRoe

If you do pay back this one for him there's one thing certain, you'll soon be paying another one.
My nephew used to get loans and the collectors would come and bully his mother until she paid.