What are loans for the unemployed?
If you are unemployed and claiming benefits, you will probably find it difficult to get a loan through mainstream lenders, such as your bank or building society. Indeed, most high street banks and building societies will simply decline to offer you credit if you are not in regular paid employment. Standard loans are available to those who can demonstrate that they will be able to repay the debt on time.
The better your financial situation, the more attractive the terms of the loan will be – which means you’ll be offered the lender’s lowest interest rate. The flip side of this is that, if you’re on a lower income, you might be charged a higher rate. With no regular income and a poor credit history, your application will almost certainly be turned down. To cater to the demand for short term loans from unemployed people, we work with specialist direct lenders offering these products who can display an ability to meet the repayments.
What types of loans for the unemployed are available?
As with all short-term loans, loans for the unemployed now come in a variety of shapes and sizes. This is to enable as many different people as possible get access to emergency loans when they are required. One such type is unemployed loans with no gurantor.
Once considered essential for a loan, more and more lenders are now offering loans that do not require a guarantor. Furthermore, understanding that such loans are often required in a hurry, you can now get unemployed loans that pay out the same day. This is made possible because many lenders now operate almost exclusively online. As such, direct lenders are able to much more quickly process your application, with many wiring the money to your bank account in just 10-minutes once you have been approved.
Such quick loans for the unemployed are ideal if you suddenly find yourself with an unexpected bill and have no other way to pay it. Available in a variety of amounts and with varying repayment periods, these loans can give you quick relief in what are often very stressful situations.