There can be ample reasons to seek external finance while jobless. It could be anything from clearing household bill arrears to paying student loan payments. We understand that dealing with payments could be significantly stressful with no or minimal savings. Sometimes savings alone do not suffice the expenses, but unemployed loans can help you there.
Yes, you can also get a loan despite out-of-job. We work to ease the financial struggles by providing easy on-purse loans for unemployed people in the UK. If you are jobless but have some income, we approve the loan application for any emergency need or even long-term purposes. You can apply if on benefits as we can accept benefits as legal income to provide loans.
We provide unemployed loans for up to £5000, repayable for up to 60 months for any requirement.
Payday loans for the unemployed are a facility that you consider meeting an urgent cash need or an emergency. On the other hand, dedicated loans for jobless individuals are also ideal for emergencies and other short-term needs like completing pending construction, going for an education trip, etc.
If you are still confused, here is the detailed difference between unemployed and payday loans.
| Unemployed Loans | Payday loans |
|---|---|
| These loans are specifically for jobless individuals seeking extra finance to meet critical needs. | Payday loans are for anyone who needs extra cash before the salary day. Unemployed can get it at a minimal income. |
| One can use it for short and long-term purposes | It is essentially a short-term loan |
| The interest rates on these loans are designed as per personal finance and affordability | The interest rates are higher than unemployed loans. |
| You can split the loan payment into affordable halves. | You pay the complete lump sum amount alongside the interest rates by the term ends. |
| The amount you can borrow here is £5000 the maximum. | With payday loans, the borrowing limit will remain maximum £1000. |
You can decide whether to go for loans for the unemployed in the UK or tap payday loans by prioritising the urgency of the need. If applying for specialised loans, you may get better interest rates and costs than payday loans.
An unemployed loan works typically than any other loans where you get the lump sum amount but repay alongside a set interest rate. However, there is a slight difference where you repay from your part-time/rental/income from dividends as proof to qualify for quick loans for the unemployed at better rates. Therefore, having an affordable loan becomes mandatory here.
Does Getloansnow accept unemployment benefits as well? We have a facility for jobless people leveraging minimal help from the government in the form of benefits. Instead of considering the credit score and report in detail, we consider your ability to pay the repayments through sustainable income proof.
We provide these loans to individuals 24/7 and ask for additional details before approval. It includes the last employment details, bank statements of the past 60 days, and a personal ID to make an informed decision.
We also analyse your spending and liabilities to arrange a comfortable amount to lend you. If the amount is less than the disposable income, we approve. The reason is the loan costs are competitive on these short-term loans for unemployed individuals. Thus, the higher the amount, the higher the interest rates.
We ensure you never borrow over what you should with critical need analysis. We provide the flexibility to pre-pay some amount if you can. In this way, we ensure financial and emotional well-being.
After that, you can choose the repayment structure considering your liabilities. You can pay the loan monthly, weekly or fortnightly instalments.
We remind you 2 days before to pay without missing or re-schedule if you want to. We provide a direct debit facility on emergency loans for the unemployed with low income. However, it is not mandatory. You can set it up if you believe it would not disturb your budget.
We understand you may be worried about qualifying for loans due to liabilities like rental payments and survival needs. Do not worry. You can trust us with affordable loans.
The important consideration or parameter to qualify for unemployment loans is the debt-to-income ratio. It indicates the total debt against your total disposable income.
For example, - If you earn £400 from benefits and your monthly debts are £330, you have a high debt-to-income ratio. Similarly, if your monthly debts reduce to £210, you may qualify with a lw debt-to-income ratio.
We understand that managing monthly expenses within a limited amount is stressful. We carry out the best loan arrangement to meet your emergency cash needs. Likewise, we do not accept applications if they may hamper your lifestyle.
We never advocate paying a loan from minimal savings. Ideally, you should keep it for emergencies.
You can get guaranteed loans for the unemployed on the same day if:
We provide you with the estimated loan costs before approval. It helps one decide whether you can comfortably make regular payments. If you disagree, we can re-arrange the loan term.
An individual usually seeks immediate cash help in an emergency. Under this urgency, one often misses the most important thing - affordability.
You may struggle if you cannot prove your loan affordability. It is ideal to first analyse your finances before applying for loans for the unemployed on benefits in the UK market. Here are some aspects that can help you decide right:
The amount you can borrow
To go by the rules, one can get the amount one can comfortably pay back. Still, you can take the lead by figuring out your expenses, bills to pay, and income before loaning an amount. The income you get from government benefits is ideal for survival needs. Check whether you can have some additional income source or not. Borrow a lower amount than what you need. It reduces interest costs.
Facility to pay the loan early
It allows you to save interest costs and close the loan early. If you want that facility, contact us. We provide a pre-payment facility if you are comfortable paying before the due date. It is free of cost. Pre-payment costs can make your overall loan costly if it entails a charge. Always check it before applying for payday loans for unemployed on benefits income.
Loan costs and fees
As responsible lenders, we provide loans for the unemployed with no fees. We only charge for valid costs like loan establishment costs and interest rates. If you want an affordable and manageable loan, call us. We understand that hidden fees and costs can impact your budget and financial well-being and hence keep costs transparent.
Unemployed individuals find it more comfortable to spread up the loan costs without compromising life goals. If you need more flexibility or do not want to wait until you save enough, our personal loans for the unemployed fix your needs. You can use the loan for any purpose like:
Yes, you can do any of these things or maybe more by seeking unemployed loans from the leading direct lenders in the UK premises.
Here is how you can qualify for the extended term and get more than £5000 for your needs:
By providing a guarantee for the loan
A guarantor here implies someone you know or generally a family member who can help you qualify for a higher amount by providing his strength of credit score and income. You may fetch a lower interest rate and a higher sum if you have a guarantor.
We also provide personal loans with no guarantor for the unemployed, but these are for short-term purposes. For longer purposes, getting a guarantor can help. You and the guarantor will both be responsible for the loan payments. A guarantor can pay unless you get a stable job. You both should share a strong bond to trust the person with your finances.
By providing collateral on the loan
Unemployment must not restrict you from hitting goals and provide multiple options. You can check collateral-based loans as per your needs. These require no proof of income.
If you cannot get a guarantor and neither have a solid income to back the loan, you can back up the loan with an asset. We calculate the total amount you need, and you can provide the asset of a value similar to the loan amount.
For example, if you want £50000 for your needs, the asset value should be around £55000-£60000 to qualify easily.
Evaluate your circumstances, the purpose, and your finances before applying. We help you with a clear outlook of the loan’s terms. You may lose your asset if you cannot pay the loan timely. To ease the tension here, we provide you with a payment holiday.
One of the most difficult phases of unemployment is when you have a bad credit score. During this situation, fetching a financial assistance particularly from mainstream lenders becomes tough. Still, option is there if you opt for affordable payday loans for the unemployed from direct lenders like Getloansnow.
Here is how you can get loans for the unemployed with bad credit and no guarantor for your needs:
Disciplined payment history
If your credit history reveals manageable payments and paid debts, we approve the application for loans for bad credit as a responsible direct lender. Moreover, utility bill payments also count as an important parameter here.
Rely on no guarantor deals
The purpose of these no guarantor loans for bad credit from a direct lender is only time-sensitive. Here we do not ask for a guarantor or a stellar credit history. Instead, we approve the loan by basing income as the primary approval criterion on these small loans.
Apply with a co-signer
You may seem worry if the need is for loans for the unemployed but bad credit is there and no guarantor to back you. We have a solution for you. Why not apply for a joint loan or get the loan with a co-signer. However, the person who acts as second borrower should have a stable income and a good credit score.
We consider individuals from all walks of life suitable for our same-day loans for the unemployed facility. Whether a student, self-employed, or a pensioner, you can qualify with a minimal income. If you lack income from benefits, you can provide a pension as income proof.
All we need is legal income proof to provide emergency loans for the unemployed in prominent locations in the UK comfortably. Here are other reasons to confide in us for your much-precious penny.
Do you need short and long-term financial assistance as you are jobless? Talk it out! We are happy to help!
While the page covers the maximum information, you may have some doubts. Here are some common queries that customers ask. It may help you:
As the responsible direct lender, we do check your credit score but it will be a soft assessment with not impacting your credit score too much. We do this to prepare an affordable loan deal that you can handle later with your part-time income. There will be no hard credit score check and that is for sure.