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A guide to unemployed Loans in the UK

Are you afraid that being unemployed will deny you from taking out a loan? While it’s certainly challenging to borrow money from a lending company or institution if you are currently out of the job market, there are still options that you can consider in the UK today. If you can’t access bank loans and other financing products due to your jobless status, you can look into unemployed loans to give you the extra funding that you need.

Unemployed loans in the UK

Generally, so you can obtain financing from conventional banks and lending institutions, having a reliable source of income or salary is important. Today however, there is a growing population of specialist lenders who are willing and able to strike a loan agreement with borrowers who are currently not employed. With that being said, being unemployed doesn’t automatically mean that you are no longer suitable for credit.

There are also other factors aside from employment that play a crucial role in obtaining a loan. Credit history, for example, is an important criteria that lenders look into to determine if a loan applicant is worthy of credit. But even if you are both unemployed and have bad credit, there are still options available in the UK lending market although it won’t be as abundant and extensive.

why choose unemployed loans

Where to get unemployed loans in the UK

Now if you wish to obtain unemployed loans in the UK, then you might want to focus your search on online lenders. This is because most mainstream banks and brick-and-mortar lending companies normally close their doors to those who are jobless.  They tend to prioritize those borrowers who are less risky or those who have strong credit ratings, have stable jobs that generate a reliable income, and possess some assets that can be used as collateral.

Online lenders however, are quite different from banks and the like as they are generally open to different kinds of borrowers including those who are unemployed. They also provide loans that do not require any form of collateral whatsoever. On top of that, the kind of financing options they offer are a lot faster, cheaper, and more flexible than traditional loans.

Who can avail for unemployed loans?

While unemployed loans are originally designed for jobless people, there is an assortment of borrowers that can avail for the unique financial products. Those who are self-employed, single mothers, homemakers, or people who have recently been bankrupt from their businesses are welcome to apply for the loans.

To be qualified for unemployed loans, a borrower will just have to be:

  • 18-75 years old at the start of the application
  • A legal resident or citizen of the United Kingdom
  • Have an active UK bank account
  • Have a telephone or mobile number or email address for communication purposes

What’s more, even people with bankruptcies and CCJS can still apply for unemployed loans. Perhaps the only ones who won’t be able to access the credit options are those who criminal records. This is because, while the loans can be used for any purpose, they cannot be used to fund illicit activities.

And most importantly, any type of credit rating can qualify for unemployed loans in the UK. There are numerous online lending companies that are determined to provide numerous financing solutions to the jobless population in the UK.

Applying for unemployed loans online

When you apply for unemployed loans online, you will only have to complete an application form the will require you to fill out a set of basic information such as your name, address, mobile number, the amount that you need, etc. If you are wondering how long this process takes, the answer is about a couple of minutes or so. And once you are finished, simply click the submit button and wait for a response from your lender shortly after.

But the application process of unemployed loans online is not only quick but also seamless. There is no need to fax any document whatsoever. It’s simply an efficient online transaction with paperless procedures that will help you obtain the funding you are looking for without any stress and hassle.

How to make sure that you will be approved for Unemployed Loans

While unemployed loans are one of the easiest and quickest forms of credit that a jobless person can obtain in the UK today, not everyone who applies for them can be approved. To ensure that your application will become a success, here are 3 important things that you might want to bear in mind:

1.) Prove that you are credit worthy

Whether they are unemployed loans, personal loans, or any kind of financing option for that matter, the lender providing them will always evaluate your overall income and monthly outgoings to ensure that you can afford the loan and its repayments. So you can prove to the lender that you are financially capable of paying off a loan, be sure to provide any and all sources of income in your application be it a small business or monthly support from a family member.

2.) Make use of benefits

The moment you leave the employed population, be sure to take advantage of unemployed benefits and grants. Lenders consider this as a source of income and if you include them in your application, then your chances of getting approved for unemployed loans will increase further.

3.) Avoid numerous applications

Bear in mind that when your application becomes denied, this will automatically be recorded in your credit history. If you become rejected numerous times in a short period of time, this can blemish your credit score even more and signal to other lenders that you are not credit worthy. You might want to rely on the services of a broker to ensure that you application for unemployed loans has the best chances of getting approved especially if you are someone who has a low credit score.

Obtaining the best unemployed loans

To find the best unemployed loans in the UK, research will play an integral part. Compare as much lenders and options as you can find and choose the ones that offer the lowest interest rates and flexible payment terms. Then try to find out if you are qualified for such a loan deal. If you are, then simply go to its lender’s website and start your application.

why choose unemployed loans

 

 

 

 

CashComet is a licensed credit broker and not a lender.

We will never charge you for our service and the lender will not increase the rate to cover our fee to them.

We work with over 40 different lenders to bring you the very best rates from across the UK market.

Representative Example: Borrow £200.00 for 60 days. Repay in 2 payments, first payment in 30 days
Each Payment: £147.04. Total Repayment: £294.08, Interest: £94.08.
Interest p.a: 365%(fixed). Representative APR 1058%

Warning: Late repayment can cause you serious money problems. For help, go to moneyadvice.org.uk.

Do not borrow more than you can pay back as defaulting on payments can lead to serious monetary problems.

Any collateral you have against the amount may be at risk of repossession.

Finding the Right Loan for You

There are many kinds of loans that you can get while using a guarantor. We have divided our site to focus on specific kinds to make it far easier for you to make sure you are getting the finance plan you are looking for.

If you are looking for something specific then check to see if our sub-sites cover what your after. If they don’t just get in contact with us and we will definitely be able to help.

5 most recent personal loan reviews

Review of Ikano Bank

Honest, realistic and genuine, I can't say anymore than that. I had problems with credit in my past that were cleared but unfortunately my credit score was very poor but thankfully Ikano loans gave me a chance to rebuild that. High rates, but that's expected when getting a loan with such bad credit. Thanks again for your support.

Review posted by Peter Harrow, Thornbury

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

Review of Money Guru

Excellent communication and a very quick and easy process. Authorisation telephone call was conducted by a friendly and polite lady who explained everything clearly. Would highly recommend this company.

Review posted by Melanie Steele

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

Review of Satsuma

The service was simply amazing. I have never taken loans service seriously, my view point has now changed. I needed the money for flight tickets to attend a funeral and I could have not been dealt with in such an amazing manner. The interest rate was also better than I expected. Certainly will be paying the money back early as this was really an emergency and a life saver.

Review posted by Wayne Crouch, Plymouth

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money
All reviews acquired from trustpilot.com for authenticity.