A budgeting loan is a loan that the government provides to the citizens for a wide range of services and goods. If you earn a low wager but need some money for important cause then the government can help you out with a budgeting loan. No interest will be charged on the amount. But you need to pay back the amount to the social fund within the agreed time period.
Are you eligible?
To avail the budget loan there are certain perks that you need to meet up to. You or your partner must have availed at least one or more of the below for at least the 180 days.
- Any support of income
- Any allowance for the jobseeker that is income based
- Employment related income and support allowance
- Credit based on pension
If the applicant has just moved from universal credit to pension credit, then he or she needs to wait for 26 weeks before they can apply. The budgeting loan will be denied in case the applicant has any of the following on his/her name:
- Involvement in industrial actions such as lockout, walkout or a strike
- Has more than £ 1500 loan for crisis and budgeting
Budgeting Loan – what can you do with it?
If you are looking for a budgeting loan number, you can call 0843 455 0031. With a budgeting loan, the applicant can take care of the following things:
- Equipments for the household and furniture.
- Footwear and clothing
- Removal expenses related to moving to a new home or payment of advance rent
- Expenses to travel within UK
- Do things that can help you to search or start a job
- Maintenance, improvement or enhancing the security of your home
- Expenses for maternity or funeral
- Repayment of any hire purchase or repayment of any loan that belongs to the above mentioned list.
The urgency of the applicant or any health issues will not be taken into account for the procedure. For the cases of health issues, any applicant can dial up a PIP number. By the Personal Independence Payment service, the government looks out for the citizens’ health issues or persons with disabilities. The PIP subsidy amount ranges from £ 21.80 to £ 139.75 per week based on the requirements of the applicant. It is applicable if the applicant is older than 16 years or younger than 64 years. In case of the other way round, proper juvenile or elderly programs designed to cater for specific needs can be applied for.
Terms and conditions
Any applicant eligible for the loan can borrow any amount between £ 100 and £ 1500 depending in the count of heads in your household. If the applicant owes any money to the Social Fund, the amount will depend on that as well as the method by which you will repay the loan. In case you or your partner has saved more than £ 1000, then the excess amount will be reduced from the loan amount. In case of applicants over the age of 63, the savings amount is £ 2000 for the applicant and his/her partner.