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Original poster

Loan whilst on UC?

4 replies

ivfstruggles · 21/02/2025 19:28

Is it allowed ? I was going to apply for a loan (have no savings and it would be for less than the £6000 savings threshold - currently have zero savings) and it would be spent the week of getting it . I just couldnt Find any info as to whether it’s ok or not ?

OP posts:
GemC21 · 21/02/2025 20:46

If it's for less than £6,000 then it shouldn't affect the money side of things. Make a note in your journal when it goes into your bank and again when it leaves so they can see where it's gone then you're covering your bases. Keep any receipts or statements relating to the spending of the loan too.

I've heard at random times they ask for bank statements for a few months up to a few years and they will ask questions so just keep your paperwork safe and there shouldn't be any problems.

If you're concerned you could always ask them on your journal beforehand too just for reassurance. There's some very informative groups on FB too that a really helpful.

Just bear in mind that, if you already have a balance in your account and the loan on top then pushes your balance above £6,000, it will affect your payment.

Original poster
ivfstruggles · 21/02/2025 20:47

GemC21 · 21/02/2025 20:46

If it's for less than £6,000 then it shouldn't affect the money side of things. Make a note in your journal when it goes into your bank and again when it leaves so they can see where it's gone then you're covering your bases. Keep any receipts or statements relating to the spending of the loan too.

I've heard at random times they ask for bank statements for a few months up to a few years and they will ask questions so just keep your paperwork safe and there shouldn't be any problems.

If you're concerned you could always ask them on your journal beforehand too just for reassurance. There's some very informative groups on FB too that a really helpful.

Just bear in mind that, if you already have a balance in your account and the loan on top then pushes your balance above £6,000, it will affect your payment.

I’m going to try and time it so that doesn’t happen so hopefully it’ll be ok! I will let them know as I can send them my invoice for treatment so they’ll know why I got the loan Thankyou for the advice

OP posts:
scanni · 21/02/2025 20:48

I think your biggest problem will be finding someone to lend to you on a low income.

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Original poster
ivfstruggles · 21/02/2025 21:03

scanni · 21/02/2025 20:48

I think your biggest problem will be finding someone to lend to you on a low income.

I’m hoping that as it’s not a huge amount it will be possible

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