Can I borrow money with a social assistance benefit?
Borrowing with social assistance benefits is not wise, let’s be honest about that. If you have to live on social security benefits then you know that you have to turn every penny. Living a social assistance benefit is living at a subsistence level. If something unexpected happens that costs are involved, then you have a problem. Many people will want to borrow money right away, but immediately wonder, is it possible to borrow with a benefit? Yes you can borrow money with social assistance benefits, you can also borrow with a Wajong benefit.
Applying for a loan with social assistance benefit?
If you receive a social assistance benefit then you will not be able to apply for a personal loan or a revolving credit. The risk is too great for the lender. The chance that you will not be able to repay your loan on time or with a social assistance benefit is high. In addition, there are additional costs on top of the loan such as interest and possibly some closing costs. Applying for a loan will therefore affect your monthly budget.
If you want to borrow with a social assistance benefit, you can request a mini loan. You can request a mini-loan online from one of the providers on this page. These are supervised by the AFM so that you know that you will not pay usury or other hidden costs on your loan. It is all annoying enough that you have to borrow money with a social assistance benefit. So with a social assistance benefit you can borrow a maximum of 1000 euros as the mini-loan provider does not pay higher amounts. You can also borrow with an AOW benefit if you receive it.
Borrow urgently with social assistance benefit
If you are going to borrow money with social assistance benefit, you will usually need the money urgently. After all, you are not borrowing for fun. One reason why people on social assistance benefits are going to borrow money is often that they have been faced with unforeseen expenses. You can apply for a mini-loan easily and quickly online and once your application has been approved you will have the money in your account the same day or even in 10 minutes.
Borrow without hassle
You may not have known that you can borrow with a benefit, but you can borrow with your mind. When applying for a mini loan you will be asked if you have someone who wants to stand surety for you. This is to minimize the risk for the lender. If you prefer not to leave a known deposit, you can arrange this yourself with the mini-loan provider. Furthermore, the lender will not be too difficult, the mini loan is also called borrowing without hassle and this has everything to do with the flexible application of this loan. No long phone calls or paperwork but you can request the mini-loan online quickly and easily. Also with a social assistance benefit.
Borrowing money always costs money so borrow with your wits.