PIP stands for Personal Independence Payment. It is known as a welfare benefit given to the disabled people, who are struggling with long bad health conditions. In recent news, it was stated that the time period of getting the personal independence payment has extended by 3 more weeks. Now it is taking 14 weeks on an average for securing the funds from such facility. People, who are totally dependent on these funds, feel stressed when they cannot pay off their medical bills and other bills, which contribute to the bad credit record. These people are unable to go to the mainstream lending institutions due to the inability or due to joblessness. The mainstream lending institutions are working on the strict code of conduct.
Now, what these people can do until they get the transfer of these benefits, below mentioned four things can be helpful in that case:
Debt financing from direct lenders:
People, who do not have any other option than borrowing, can contact to the direct lenders online by researching on them and ask one for the doorstep loans. These loans are recommended by most of the financial experts to the disabled individuals to get the approval within the boundary of their home and without going outside. Debt financing helps as one of the best alternatives in the inability to handle the general expenses. But keep in mind that not researching on the lending institution can be threat full for you. To get the transfer of the funds, fill an online application form available on the website of the lender and then submit it. After that, the financial representative of the lending company will contact to you and do the further proceedings.
Ask from family members, relatives or friends:
People, not liking the way of debt financing to satisfy their needs and wants can borrow from their family members, relatives or friends, if they agree otherwise borrowing from the online lending institutions is the option, which is legitimate and suitable for you.
Work from home for small projects:
Individuals, who have inbuilt skills in any field, can do work from home for any company or institution to get the income from it and then managing the expenses will be easy. But keep in mind, do not work, if you are not able to do it otherwise your physical conditions can get ruined. Consult from doctor then do it, if he says not then borrowing money should be opted.
Professionals in any area can get paid for the consultancy provided by them. It can be only possible if you are sound both with mental and physical health. Consulting others needs a deep analysis of the situations and if any wrong conclusion comes for it then it can also taint a mark on your performance report. Here, you have to choose between the current and future scope, so do it only if you are able to do it comfortably. It can give you high values in case you are successful, even when disabled.
Suggestions to be consider:
There are certain points, which should be remembered by you in every case; either you are a disabled or physically fit person.
Repayment on time:
Never miss any repayment of the lender, if you want to continue the credit career for yourself. Otherwise, one day, no lender will provide you loans, if you keep delaying your dues. Just after getting the balance from the PIP benefit, pay back the money to the lender and at the same time, do not forget to fix the repayment period just after the expectation of transfer of money from this scheme.
Research on the lenders:
Do not forget to do research on the lenders to know the policy, interest rates and features. An extensive research even helps you in knowing the legitimacy status of the lender. Do it and get the best results for you to avoid the risk.
Payment of bills on time:
Pay all your bills on time, if you are serious about the good credit ratings on your credit profile.