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Loans for bad credit with no guarantor on benefits are small loans that have been designed to aim at helping the unemployed during emergencies crops up. These loans have a short repayment period, usually not more than 14 days or a month. A lender requires you to repay the debt in a lump sum. However, a couple of lenders can ask you to make payments in instalments.
Here are the features of these loans:
• They are convenient to apply for.
• Interest rates are competitive.
• The doorstep facility is available
• Instant approval is made.
It is always suggested that you apply for these loans only when there is an emergency. Although a lender will check your affordability at the time of approving your application, it is suggested that you carefully check it. These loans can be slightly expensive.
Late payment fees and interest on missed payments will be charged if you miss the due date. This will add up the cost of the debt, and you will likely fall into a debt trap.
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