Getting a budgeting loan is pretty much easier than receiving a credit loan. But you have to follow various steps before you can receive one. These steps are very important and necessary for the person who is applying for a budgeting loan.
Know Your Eligibility
A person can only be eligible for a budgeting loan when he or she has not been disqualified from Jobseeker’s Allowance under the section 14 of Jobseekers Act 1995. The person who needs a budget loan must also need to get Income Support, income-based Jobseeker’s Allowance. He or she needs to have a salary account which is a proof of his or her payment on account to get the benefits of the loan. Otherwise, he or she will not get the benefits and hence there will be an effect on the loan amount, and he or she may need to pay the loan another way round.
You have to show income support of the last 26 weeks and a maximum of 28 days’ gap will be allowed or ignored if you didn’t receive your salary for that month or you got it late or you left the job and got a new job within 28 days. If you’re applying for the loan with your spouse who has all the documents and is acting on your behalf needs to have the income-based Jobseeker’s Allowance, payment on account of one and income support to get the loan. Finally, when everything has been set. The decision maker will make the final decision whether you should get the budgeting loan or not and how much you will get according to the circumstances.
How Your Marital Status Can Make A Difference?
Yes, your marital status can make a lot of difference when you apply for a budgeting loan. Why? Because there are personal circumstances involved with the budgeting loan. That is being decided whether you are single or married and even if you have children while being married. Then you will be told that there is a maximum amount set for every circumstance which the applicant will be awarded if he or she qualifies for the loan.
To secure the amount of money that is being derived for the applicant has been fixed to a certain amount to ensure that the amount doesn’t exceed its limitations. And then there are other things that you need to look out for that is if you have social fund loans and good transactions which can be responsible for ups and downs in budgeting loan amount.
You can get a benefit on the amount of loan if you are married and parents of a child or children which get you a higher value in amount. If you are married, then also you will be benefited from the amount which you being single will not be the case. So, if you are single you will get the least amount of loan, being married will get you a 1/3 more. And being parents of children will get you 2/3 more of the loan amount.
You should know that if you have a previous loan debt then the new budgeting loan added with that one will decrease the amount of new loan. With that in mind, you can easily apply for loan if you are eligible.Read More