Are people on benefits being ripped off by UK loan providers?
The credit crunch may have come as a surprise to many people, particularly in the US and UK but to many people on benefits, the current crisis and inability to obtain a loan has been something which benefit claimants have been used to for many years. Not only that but they have also been susceptible to loan sharks and cheap loan merchants who prey on their inability to obtain a loan from the high street. Just because someone doesn’t have a regular earned income does not mean that they cannot repay a loan. We need to start looking at this situation and ask that lenders and loan providers take a view on these circumstances. Who is to say that an individual who is receiving state benefits cannot repay a loan? If someone is frugal with their benefit monies then we should allow them to obtain a loan if it means that they are restructuring their debt issues. Lenders traditionally will turn their noses up at these individuals and deem them a risk as their is generally no asset for lenders to
