The DWP loan is for people claiming certain benefits and can help those who find themselves with a sudden financial emergency
With the nights getting longer and colder in the run-up to winter, millions of Brits will find themselves spending more than they would like on heating at a time of year that is often expensive anyway. And with Christmas and the holiday season just around the corner, many of us can find ourselves strapped for cash at the worst possible moment.
People claiming other benefits from the DWP may also qualify for a Budgeting Loan to help pay for essential items or services which they might otherwise struggle to afford due to their current circumstances, reports the Daily Record. Before considering taking out either of these loans, check with your local council for financial assistance, or unclaimed support as this will allow you to keep your full benefit payment.
Easy-to-understand online guidance has been published which simplifies the process including eligibility, what it can be used for and how it is paid back to the DWP. So, what exactly is a Budgeting Loan? Who cannot apply for a Budgeting Loan? If you currently get Universal Credit, you cannot get a Budgeting Loan. Apply for a Budgeting Advance instead - full details on GOV.UK here.What can a Budgeting Loan be used for? The loan is to help pay for essential things or services.You could get up to:Paying the Budgeting Loan back The money is paid back in full to the DWP at 0% interest within two years. When the DWP pays your benefit, it will take an amount off to help pay your loan off.
How to apply You can apply for a Budgeting Loan online or by post, however, the DWP guidance states: “You will get a quicker decision on your Budgeting Loan by applying online.”
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