Unemployed? Need Money Now? Get Unemployed Loans Instantly!
Stress is inherent in living. One of the biggest stressors is being low on cash when you need it the most, especially in emergencies. These emergencies are even harder to control if you’re currently out of work. You may need to sort medical bills, utility bills, or past-due payments but have not just enough cash to take care of them.
PaydayLoansUK is the connecting bridge between you and the lenders you need. We connect borrowers with lenders who approve their loan requests very quickly with less hassle irrespective of their employment status.
Unlike many lenders, with ours, you can get loans to settle your emergency bills, without any proof of income as long as you can guarantee to pay the money back.
Can I Get a Loan Without a Job?
The chances of getting a loan when you are out of a job are limited.
This is because most mainstream lenders such as commercial banks will not grant someone who is out of a job a loan. The reason is obvious. They fear that such a person will not be able to repay the debt.
Apart from the fact that not all lenders offer unemployment loans, if you do get a lender that's willing to lend you, your options might be very limited.
That being said, you can get a loan even if you don't have a job. You can still get a loan so far you have a guaranteed means of repayment. You are definitely in the running for a loan if you receive income as a freelancer, from benefits, if you are on a pension, or if you have any valuable assets. Although, those with a job would likely get bigger loans than you would be getting.
What Types of Unemployed Loans Can I Qualify for?
Now that we have established that it is not impossible to get a loan even if you're unemployed, let's explore some types of unemployment loans you can qualify for!
Loans for Bad Credit
While mainstream money lenders see you as a big risk when you have a low credit score, some lenders leverage this and offer loans to people who have poor credit scores, and what's more? You can also benefit from this even if you're unemployed. Except that it can be a small loan with a high-interest rate.
Loans for People on Benefits
No rule says you can't get loans just because you're on benefits, or unemployed. You can get a loan despite being in the two categories. You might just get a lesser loan amount with a high-interest rate, but be guaranteed you get one.
A guarantor loan is a form of unsecured loan, however, unlike other unsecured loans, you must provide the lender a guarantor which can be a close friend or family member, that will formally guarantee to repay your debt if you default.
Payday loans are an example of short-term loans. You might qualify for this type of loan, but you should stay clear because of the high-interest rates and strict repayment policies.
How Can I Get a Loan Without a Job?
Online loans have become increasingly popular, thanks to their stress-free applications. The process is not any harder for unemployed persons or people with low income. Here’s how to apply for one.
Complete the application form
Get started with the application form. Enter your personal and contact information. You may also need to upload some paperwork, all of which will help us in matching you with the lender whose loan offers are best suited to your financial situation.
The lenders will generally run soft credit and affordability checks on your profile before approving you for a loan. On approval, each lender sends you a quote containing the approved loan amount and conditions.
Sift through the offers and stick with the lender whose offer you’re most comfortable with. Seal the agreement by signing the quote. You can sign the quote digitally or physically and upload it.
As long as you have a valid checking account and have submitted valid bank account information, you can be sure you’ll get paid and quickly too! Our lenders process and disburse funds within an hour or two after approval.
Want to Get a Loan?
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).
Is It Right To Take Out Loans With No Job?
- Settle emergencies without fuss: The topmost advantage of getting a loan is how handy it can be in covering emergency expenses. Some emergencies could be life-threatening and the importance of getting access to quick funds in a situation such as this cannot be overemphasised.
- Home remodelling: A loan could be used for home remodelling. You can use the loan to upgrade your home or make necessary repairs like fixing a leaking roof or redoing electrical wirings.
- Debt consolidation: Debt consolidation is one of the common reasons why people take loans. When you pay off all your multiple debts, you're combining them into one place, and this makes it easier to pay and also without fear of several tight deadlines.
- Improve credit rating: Meeting up with your repayment deadlines could boost your credit rating, which over time would qualify you for other types of loans.
As there are several advantages to taking out loans, there are also disadvantages that you should never overlook.
- High interest rates and default payment fees: Most times, lenders grant the unemployed smaller loans, and even at that a very high-interest rate. And if the repayment deadlines are not meant, it could land you in bigger problems.
- It can handicap your ability to meet other financial commitments: Aside from meeting urgent needs, taking out a loan will also increase your burden especially when you have other unpaid debts. Be sure you can pay back before you borrow, and also borrow only when necessary. Unemployment on its own is enough of a burden, don't add others if you don't have to.
How Does Payday Loans UK Compare?
|Why Use Us?|
|What is the maximum amount I can borrow?||Up to £5000||Instant approval|
|Will I be considered if I have bad credit?||Yes||Bad Credit Considered|
|Interest rates (variable)||49.7%||Zero paperwork|
|Loan repayment terms||1-36 months||Flexible repayment|
|Will I be credit checked?||Yes||Will perform credit checks as for financial regulations|
|How do I apply?||Apply online||Simple application form|
How Much I Can Borrow With Unemployed Loans?
There is no definite amount of money you can borrow with unemployed loans.
This is because the amount of money you can borrow will be dependent on your lenders' policy. Even after providing guaranteed means of payment, your lender has to be sure your proposed repayment means are enough to help you repay your debts.
Your limit will most likely be based on the nature of your income or asset for repayment.
Someone that used a very valuable asset as collateral would be eligible for a higher loan than another person whose means of repayment is pension funds.
FAQs ( Frequently Asked Questions)
Can I Apply for an Unemployed Loan With Bad Credit?
Yes, you can. Some lenders offer unemployed loans to people with poor credit scores. However, your credit ceiling may not be as high as someone with a stellar credit score.
How Long Will It Take to Receive the Loan?
How long it will take for you to get your loan will be determined by your lenders' policy and your bank’s loan processing speed. However, it shouldn’t go beyond the following business day.
Can I Apply For a Loan for the Unemployed If I Have Benefits?
Yes, you can. Your unemployment benefits are no blockade to your borrower’s eligibility. You may still apply for a loan to sort out your personal expenses.
How can I use payday loans if I have bad credit?
Yes, you're eligible for payday loans even if you have bad credit. Just be sure you don't miss your repayment deadlines.
What Are the Criteria to Apply for a Loan for the Unemployed?
To apply for a loan for the unemployed, you must be at least 18 years old, have a checking account, and a debit card, be a citizen of the country, have a government-issued ID, and have a steady source of income.
I Am Self Employed, Can I Apply for Unemployed Loans?
Yes, you can. You are good to go as long as you pass the eligibility requirements and can prove your ability to repay the loan.