Sunday 27 March 2011

Crisis Loans

Any person who is over 18 years of age is eligible and must prove that they are destitute enough to support themselves financially. This is to the extent that they are unable to pay for basic living expenses, such as housing, food and clothes due to unforeseeable conditions or natural disasters that rendered them incapacitated financially so as to be unable to provide for their family.

If an applicant had already applied for a community care grant but lacks the money to pay their rent advance after moving to another residential estate or locality, then they can be availed with crisis loans, though on short term basis.

To be availed with the required crisis loans, an applicant may be requested to furnish the social fund lender with their banking information, their previous total debts owed to various financial institutions, source of their income for the loan provider to come up with a true picture of the applicant current financial situation, so as to gauge their repayment capabilities. Apart from the very essential survival requirements, the loan amounts can not be used for buying on non-essentials, like cars, television, radios, paying parking expenses, educational costs, for paying holiday expenses, etc.

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