Can I Get a Loan For Unemployed?
Of course, you can get a loan for the unemployed. All you need to do is to:
- Be a UK resident
- Have a checking account with one of the banks in the UK
- Be at least 18 years at the point of application.
- Have a valid email address and phone number for easy communication.
If you meet up with all the above criteria, the only last thing remaining is your credit rating and possession of a guarantor.
Pros & Cons of Getting a Loan with No Job
- Quick Access To Funds: Compared to saving up for a goal, applying and getting a loan for the unemployed will give you quicker access to cash. Having access to cash during emergencies can go a long way to remedy your situation.
- Fixed Interest Rate: Getting a loan for the unemployed comes at a fixed interest rate, which would help you when budgeting.
- Boost Your Credit Rating: Getting a loan for the unemployed and sticking to the repayment terms can ultimately boost your credit rating.
- Higher Interest Rate: Unlike other short-term loans, the loan for the employed comes at a higher interest rate.
- More Debt Burden: Taking a loan for the unemployed adds additional debt to your portfolio, especially if you already have other debts commitments like an overdraft, car loan, or credit cards.
How Much Can I Borrow with Unemployed Loans?
The amount you can get as an unemployed loan depends on the lender you are dealing with. For instance, at FastPayDayLoans, we work with payday loans UK direct lenders that can approve a loan request of between £200 to £5000. In fact, if you can show evidence that you have alternative sources of income, our lenders can increase your capacity to around £3000. In all of these, to be eligible for the unemployed loan, you must provide any of the following:
- Strong credit rating
|Why Trust FastPaydayLoans?|
|How much can I take out?||£100-£5000||No obligation quotes|
|Representative APR||49.7%(variable)||Competitive rates|
|Will bad credit be accepted?||Yes||Lenient requirements|
|What are the repayment periods?||1-36 months||Flexible loan term options|
|How can I apply?||Apply online||24/7 available|
Can I Get Loans for the Unemployed with a Bad Credit Score?
Having a bad credit score is a very difficult situation to apply for a loan, talk more of being unemployed. Regardless of your situation, you can still get loans for bad credit for the unemployed. At FastPayDayLoans, we take time to scrutinize all loan applications, carry out background checks to establish borrowers that are genuinely qualified, and then match such borrowers with reliable lenders that will quickly approve their loan request.
How much would you like?
Representative Example: Rates from 43.1% APR to 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £1,200 borrowed for up to 75 days. Total amount repayable is: £1506. Interest charged is 0.34% per day, amounting to £306, annual interest rate of 124% (variable). Representative APR: 49.7% (variable).
Should I Get Loans for Unemployed From a Direct Lender?
Your choice of where to get a loan is sacrosanct to you alone. Getting short term loans for the unemployed from a direct lender or a loan broker has its individual advantages and demerits. However, getting a loan for the unemployed from a loan broker is preferable and here is why: the loan application process can be complicated and cumbersome for the average unemployed person, so a loan broker comes handy to help out by smoothing the process.
Additionally, if there are any documents required by a lender before granting an approval, a loan broker will inform the borrower ahead of time. The above points make it essential for borrowers to work with a loan broker instead of a direct lender.
How soon will the loan be paid?
If your loan application has been approved, the lender will credit your bank account with the requested amount. The process should not take more than 24 hours. However, keep in mind that the duration depends on individual lenders.
Should I get a loan if I’m unemployed?
Of course, you can get a loan if you are unemployed. The fact that you lost your job should not deprive you of accessing funds to settle unexpected expenses. However, before thinking of applying for a loan for the unemployed, make sure to get a copy of your credit file to see your credit rating and what information UK lenders hold about you.
Do I Need a Guarantor to Apply for a Loan When Unemployed?
Of course, you need a guarantor to apply for a loan when you do not have a job. No lender will entertain your loan request without a guarantor. It is very risky to approve a loan request for the unemployed. So, look for someone who has a verifiable source of income to stand in for you as a guarantor before completing the loan application form on our site.
Can Self-Employed People Also Avail These Loans?
Certainly, those that are self-employed can apply and get quick loans for the unemployed, so long as you are not under any government benefits. You can access the loan to expand your existing business or settle unexpected expenses like medical bills and car repair expenses.
Can I Get Unemployed Loan For Business Purpose as Well?
Most borrowers are skeptical whether or not they can take a loan for the unemployed for business purposes. The answer is a resounding YES! If you have a business idea and need funds to hit the ground running, you can complete the loan application form, while we match you with a reliable direct lender. The lender will approve your request and also make funds available for you to run with your business ideas.