Crisis Loans In A Crisis

Posted on 15 November 2009 .

Let’s face it, running into a crisis is no fun, especially when that crisis is of a financial nature and you need money fast!  The solution may be for you to take out a crisis loan.

There is a maximum amount you can be awarded and this is calculated taking into account how many people you have in your family and what your monthly income or your weekly Income Support personal allowance is. You will not be awarded more than is necessary in order to protect the safety and security of your family.

Factors affecting the amount being loaned

There are several factors that may influence whether or not you qualify. You have to prove that this money is needed in order to meet emergency expenses without which may cause serious damage or risk to either you or your family’s health and safety and that this loan is the only means you have of preventing this from happening.

Obviously you need to pay the crisis loan back, but you can agree to repayment terms ranging from 5%, 10% or 12% of your income, but as crisis loans are intended to meet your urgent financial needs when there is no other place to turn, they are interest free.

If you are receiving benefits, this has no bearing on your application, however what is taken into account are any other commitments as well as how much you will be able to repay.  Whether or not you already owe money to Social Debt Fund will not impede your application.