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Lenders Facts

Loan amount
£50 - £2,000
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3 Months Only
CUSTOMERSCORES
Good
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£200 - £1,000
Loan term
3 - 6 Months
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Excellent
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Unemployed Loans Direct Lender

Unemployment, alone, is a hard problem to deal with. Being jobless affects the person who lost his job by diminishing his self-esteem and wrecking his budget. It also creates a negative impact on the entire household. Sadly, being unemployed is not an excuse to not spend money on emergency bills, daily expenses, and other financial responsibilities. While loans are feasible solutions, most lenders will automatically turn their back to borrowers who don’t have a job. They see working as a source of reliable income and when it stops, the capability of the loan seeker to repay debilitates. Luckily, the demand for an unemployed loans direct lender is increasing, thus encouraging loan providers to create loan options that will cater to the needs of the jobless.

A payday loan for unemployed, for instance, is a type of loan for individuals who don’t have a job. Although a paycheck is not necessary anymore, the debt is still required to be settled on the next payday. This is beneficial for people who need financial assistance as they search for a new job. However, some are skeptical about the real reason behind the loan. The borrower doesn’t have a source of reliable income, so why will the loan provider risk his company? The answer is simple. The lender will reduce the risk by applying expensive interest rates. Like bad credit loans, payday loans for unemployed are expensive and this is the lender’s way of discouraging those who cannot settle the debt.

Unemployed Loans No Guarantor

Unemployed loans, like payday loans, are easy to acquire. There’s no need to follow complicated steps or submit endless requirements; all you have to do is to fill out an application form with your name, contact number, bank account, and other confidential information. If you’re no convinced whether the loan is good for you or not, the following benefits will surely help you decide:

Fast And Smooth Transaction

When you have financial obligations to attend to and you are running out of cash, the last thing you want is to wait for a long time. Every second counts so if you want urgent cash, you should consider quick loans for unemployed. Whether it’s a payday loan or a personal one, you can have the money in as fast as one hour after your approval.

No Credit Check

Late payments? CCJs? Arrears? If you’re guilty of this or other financial mistakes, you can opt for this loan as your financial assistance. Unlike banks and traditional lending facilities, the lenders do not conduct any credit report or if they do, they don’t use the credit score for making a decision; rather as a basis for the loan amount and the interest to be applied.

One-Step Application

No more fancy Operandi – all you have to do is complete an online application form with personal and financial details such as name, contact details, and bank account. Some lenders may ask you to fax or scan documents but other than that, there’s no need to carry a bulky paperwork to the loan office.

Unemployed Loans UK: How To Become Eligible For Unemployed Loans Instant

The loan is intended for people with no job, so you must have no source of income literally. Even those who are working on a part-time basis are not eligible to apply. This is to give the financial support they need in times of distress until they find a new job.

The lenders know how risky it is to provide a fund for unemployed individuals so they have several conditions to meet. First, the borrower should be jobless within 6 months or less. Working professionals are more likely to find a new job again if they haven’t been unemployed for a long time.

It’s also necessary to meet the basic requirements like age and residency. Only those who are 18 years old and above and a UK resident or citizen are accepted.

Unemployed Loans Guarantor

Unemployed loans have become popular because of the number of jobless individuals in the UK. Despite the risk of lending money to someone who has no capability of repaying the loan, there are lenders who are still willing to accommodate their condition. One of the reasons why a loan provider may accept your application is through a guarantor.

Lenders are more lenient to individuals, regardless of their case, if they can provide some sort of security. But instead of pledging collateral, the borrower will bring another person to cosign and guarantee the loan. Guaranteeing means repaying the loan in the event of default; meaning, the original debtor decided to stop repaying the loan due to some reasons. The role is too big and lenders are critical in approving the second person. He can be the borrower’s friend, spouse, parent, colleague, or anyone who knows and trusts him.

Apart from signing up and taking charge of the repayment, he will vouch for the debtor’s capability and verify his identification. People on benefits and unemployed can use this if they doubt their credentials. Apart from a higher approval rate, the interest is lower than the other options. In fact, it has an APR of around 45%.

To be qualified as a guarantor, he must have an excellent credit score, high income, and a homeowner. If you can’t provide collateral, have no credit history or have a bad credit remark, you can take advantage of this loan.

Unemployed Loans Bad Credit

Being unemployed with a bad credit sound like a disaster but you can still work on it no matter how low it is. Checking on your credit report is crucial when you want to improve it and you can ask for a free copy from a credit agency. List all the accounts you made particularly the unpaid ones and look for a debt consolidation program. Pay all the ones you can and ensure that you will not miss any payments again. If you’re granted, you may use a part of the unemployed loans to repay the debts.

 

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Applications Accepted

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With Bad Credit

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Return Customers

5 most recent personal loan reviews

Review of Funding Circle

Very quick response and good safety features. Speak to real people once the application has been logged. Very simple to fill out. Would definitely recommend Funding Circle to anyone.

Review posted by Gary Craigs, Dumfries

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Savvy

Really Great Service! Thoroughly recommend! Have dealt with several loan companies & Savvy is definitely the best, easiest, professional & they do exactly what they say unlike many other financial companies that lead you up the garden path!

Review posted by Helen Stern, Sheffield

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Capital One

I have poor credit and really needed the money to pay a court fine or be up against the magistrate again. Really helped me out and I found the charges for the credit very reasonable. Would highly recommend if your in a pinch. Great customer service and went out of their way to help get the loan out the same night I applied. Started 6pm and had money in the bank before 10pm. Great service.

Review posted by Blake Harrington, Margate

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money
All reviews have been sourced from Trust Pilot to ensure the authenticity of accounts.