So you’ve been accepted. You are looking forward to buying that washing machine so that you can finally wash that heap of clothes in the laundry basket. Or maybe you need to pay rent, deal with maternity costs, or just desperately need to make repayments elsewhere.
Whatever your situation, finances can often be the biggest impediment blocking you from getting started or making payments and that’s where the budget loan can come in use to help push things forward and give you the support you need.
The UK Budget Loan usually becomes available to individuals within 3 weeks after applying, so long as the application has been accepted.
That being said there can be a slight variance on this, as people who accept the loan offer online, may receive the loan within 12 working days after acceptance, so if you need the support fast, this could be a more efficient route to take.
When applying for such government loans it is important to note that applications have to be sorted into the right groups and categories and then sent to the processing office, where there are frequently many other applications to sort through.
Due to the internal variables that can influence processing times, this is why the government gives an estimated time frame of up to 3 weeks before payment is received after loan approval is given.
There are also external variables which should be taken into account when applying for government funding, such as delays caused by disruptions in post office service operations.
Frequently it can also take time for money to clear when deposits are being paid into a bank account, and it is important to allow 3 to 5 days for this.
If you want to be certain of knowing when you’re going to receive your loan, it is possible to track your application if your mobile number is included on the documentation, as this allows them to give you regular updates in regards to your application via texts.
For those who decide to apply for the Budgeting Loan, you will be glad to know that this is interest-free. Repayment is normally required within two years after receiving the loan, which can be taken out of other benefit payments you are receiving, such as Job Seekers Allowance or Income Support. If you manage to find work in this two-year time frame, then the government will normally require you to pay back the loan another way.
The minimum amount you can receive for a budget loan is £100.00. If you are single, you could get a budget loan of up to £348 while those with a living partner can receive £464. For those whom have children and receive child benefits, the maximum loan that can be received is £812.
There’s no denying that budget loans can offer great alleviation for those people who are in desperate need of some extra financial support.
Whether its to simply get that next hot meal, or to be used for travel expenses for potential work opportunities in other towns and cities, the Budget Loan is normally a viable option that people in the UK can and should turn to if they need.
For someone who has little or no money, and needs to get financial help urgently, there is also the possibility of applying for a short-term loan with no credit checks from BadCreditSite or others, which can be offered on a short-term basis, for those who are waiting for the Budget Loan payment to come through.