Physical barriers should not come in the way of borrowing some money when you need it for any emergency purpose like sudden medical check up or paying off electricity bills or grocery bills. DSS loans are made especially to the physically or mentally challenged people within 24 hours. A simple online loan application to the selected lender can fetch you the loan amount.
However, only those UK people who are getting the DSS [Department of Social Security] benefit can get the loan. Under the benefits, the government gives such people a fixed amount of money each month. Another eligibility is that the applicants should be having some savings in their bank account to prove their repaying capability.
DSS loans can fetch you an amount that matches with the amount you get from the government each month. If the physically challenged people have some late payments or payment defaults in their name, still they can borrow an amount without delay within 24 hours as lender do not generally make credit checks.
But a disadvantage for such borrowers is that they have to pay interest at higher rate. This is because the loan is for short period of two weeks and the lenders do not have any security.
Still, if you compare the lenders on the Internet, you will come across some offers of DSS loans that are competitive and have lower interest rates than other such offers. But go through the terms and conditions of the lenders and then settle for the suitable one.
Make sure that you repay the loan amount on the due date. Any late payment will invite enhanced interest charges and penalties. Avoid stretching the loan repayment. Timely repaying of the loan is also important for keeping a healthy credit history. (Rachel Carson)
