You can still get a personal loan if you're claiming disability benefits as long as you meet the eligibility requirements. Use the table below to compare competitive personal loans based on rates, terms and how much you want to borrow.
We currently don't have that product, but here are others to consider:
How we picked theseTo make it even easier to compare and evaluate unsecured loans we came up with the Finder Score. Speed, features and flexibility across 60+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the lender – simple.
Read the full methodologyPlease note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Late repayments can cause you serious money problems. See our debt help guides.
Yes, you can still get a personal loan even if you’re currently claiming disability benefits. However, you may find your options are more limited than someone with a regular salary or income, especially if your sickness or disability benefit is your only source of income. Lenders want to be confident that you can repay your loan and may view you as more of a risk if you only rely on benefits.
As with any personal loan, the best way to get a loan while on disability benefits is by having a stable job and regular income, as well as a good credit history. While there are loans available for those with bad credit, you’re less likely to get approved for a loan if you have poor credit and you’re also claiming benefits. If you are accepted, you’re likely to pay a much higher rate of interest.
You may be able to get a short term loan or payday loan if you’re on disability benefits. But this is not recommended, as short term loans are generally very expensive. The best way, therefore, to get a loan on benefits is by ensuring you have a steady income and good credit score before you apply for a loan.
Not in itself. Lenders are legally obligated to treat you just like any other borrower, so they can’t just refuse your application because of your disability. Anti-discrimination laws apply. Lenders can refuse an application because of factors like affordability or credit history.
If the problem is your credit history, you may want to take a look at our bad credit hub, which features a series of guides on how to deal with bad credit and how to improve your credit score. As a rule of thumb, the first thing to do is understand why your credit score isn’t good. Sometimes, it may simply be that you don’t have much of a credit history yet.
This depends on the lender, but in general, you can expect the following benefits to be accepted:
Before going for a loan, consider whether it’s actually the smartest choice for your finances. Try thinking about:
Compare different financial products before applying to make sure you get something that works well for you. You may want to consider one of the following:
Regardless of what option you choose, you should always make sure that you can afford to repay what you borrow. If you fall behind on your payments, you can damage your credit score further, which will make it even more difficult to get a loan in the future.
A disability could indirectly affect which deals you can get your hands on, because some lenders might not be keen on an income supported by disability benefits. If you have bad credit, this can also make it harder to bag a competitive rate. If that sounds like you, you may find that if you’re accepted for credit, you get offered a higher interest rate or a lower amount. Keep in mind that the rate advertised by lenders is generally a “representative” APR – which means that not everyone will get it.
As well as the options mentioned above, you could also consider the following:
It’s still possible to get a loan if you’re on disability benefits, but your options will likely be more limited, and it could be more expensive. That’s why it’s well worth considering all your borrowing options before you agree to anything. If you’re struggling financially, it’s worth speaking to a debt charity, such as StepChange and Citizens Advice, for fee-free debt advice.
Most students have to operate on a shoestring budget, but when a financial shortfall hits, thankfully there are a number of options to consider.
Looking for online peer-to-peer lending platforms? Here’s a list of similar companies to Zopa with example loans and lender terms.
Looking to borrow money without using a guarantor? It’s possible, even if you have a bad credit score
With ever-rising public transport costs, it’s more important than ever to find the cheapest way to fund your commute. Here’s how to weigh up the options and find what works for you.
Want to be able to game whenever you go, but not sure you can afford to splash the cash on a gaming laptop? From in-store finance to personal loans, check out our guide to finding the right loan for you.
Taking out a joint personal loan is a major commitment, but one that could help you to borrow larger sums at competitive rates.
RateSetter might be the biggest name in peer-to-peer lending right now, but it isn’t alone in this growing sector. Compare similar platforms offering competitive rates to borrowers and investors alike.
Whether you have good or bad credit you could get approved for a £10,000 personal loan. Compare the best lenders for your individual circumstances.
Whether you’re planning on some home improvements, replacing your car or simply getting your finances in order, Sainsbury’s offers fixed rate personal loans of up to £25,000 to Nectar card holders. Fast, easy comparison with a range of lenders.
Compare Post Office fixed-rate personal loans against products from a range of UK lenders. Apply online and secure a competitive rate.