Crisis loans: Key reasons for seeking them in economically uncertain, challenging and difficult times, a crisis loan is the most appropriate finance assistant that one could lay their hands on. The general purpose is to provide relive from any emergent financial situation that may arise before your next paycheck. Most of the times, money that finances the loans crisis comes from social fund, and thus when a borrower takes the money, they have to eventually consents to repay it back to the fund within the agreed duration, or when situation improves. Who should take out the crisis loan? Any person who is over 18 years of age is eligible and must prove that they are destitute enough to support themselves financially. This is to the extent that they are unable to pay for basic living expenses such as housing, food and clothes due to unforeseeable conditions or natural disasters that rendered them financially incapacitated so as to be unable to provide for their family.
If to applicant had already applied for a community care grant but lacks the money to pay their rent advance after moving to another residential estate or locality, then they can be availed with crisis loans, though on short term basis. The amount of money that can be given out under these loans category ranges form 100 to a maximum of 1000, less any other outstanding social fund loan. However, the available amount can be affected by to individual’s personal saving in their financial institution or a previous crisis loan they may exist have taken before the current financial state of affairs. Once the applicant has been availed with the amount of money they requested, on agreement must be reached between themselves and the social fund regulators on the repayment duration and on the premiums to pay on regular basis, until the whole amount provided is repaid back. The money availed must be repaid as quickly as possible to enable the fund crisis for helping victims. There are numerous ways by which money can be availed-the money can be wired directly into the applicant’s bank account, or a check may be drawn in the applicant’s name whereby they can cash it in any financial institution. There are certain people who may be disqualified or limited in crisis seeking loans, for example: long term home care applicants hospitalized individuals legally detained individuals individuals who are being taken care by religious orders all non-residents and students.
However, irrespective of the restrictions they may receive small humanitarian financial assistance to enable buying of essentials, for example food, clothes, heating to keep warm, etc. To be availed with the required crisis loans, on the applicant may be requested to furnish the social fund lender with their banking information, their previous total debts owed to various financial institutions, the source of their income for the loan providers to come up with a true picture of the applicant current of finance situation, so as to gauge their repayment capabilities. Apart from the very essential survival requirements the loan amounts can not be used for buying on non-essentials, like cars, television, radios, paying parking expenses, educational costs, paying for holiday expenses, etc. Eileen Scott is author of crisis loans UK.For more information about debt crisis loans visit