Unemployed Loans – We Can Make It Happen
You get a loan when a lender is completely convinced with your repayment capacity that solely depends on your monthly income, but getting a loan when you are out of work is extremely challenging. Most of the lenders turn down your applications when you do not have a full-time job. Of course, they have the right to deny you lending after all they do want their money back.
Lenders also know that there is no such thing like job security, which is why a few of them do not hesitate to provide you with financial assistance. First Finance is one of them. We do provide unemployed loans at competitive interest rates.
- How much amount can you secure?
You can borrow any amount between £500 and £5,000. The amount of loan you get depends on your monthly income cash flows. Borrowers with good credit history are likely to get more funds than borrowers with bad credit rating.
- What are the reasons to apply for these loans?
There is no specific reason for taking out these loans. The common reasons include but not limited to wedding, holiday, debt repayment, car repair, medical bills and credit card settlement.
Without steady income, it might be difficult to get on the top of monthly outgoings and hence, it is imperative to consider alternatives like bad credit payday loans from direct lenders only for cash coming in. When it comes to taking out these loans, the first question pops up in your mind what criteria the lender follows and how the lender determines your repayment capacity.
What are Payday Loans for Unemployed?
There is no difference between unemployed loans and payday loans for unemployed from direct lenders. When you take out an unemployed loan, you repay the debt as immediately as you receive your monthly income. The lender gives you the flexibility to choose the due date as per your own cash inflows, which means these loans come with flexible repayments. Our aim is to provide you with financial assistance when you need it and hence, our terms and conditions are lenient.
Can You Apply for the Loan with Bad Credit?
Yes, you can apply for these loans even if you have a bad credit rating, but you may be restricted to get a large amount of money. Having said that lenders want their money back, which is why they evaluate your credit report. If it shows high defaults, you may pay a bit high yet affordable interest rates. We assure you that our deals will be personalised. As a reliable lender, we recommend that you should try to improve your credit by paying your utility expenses on time, settling credit card bills, and adding your name to electoral roll. Make sure that you do not miss any repayment as it damages your credit score and remains on the report for a long time.
Can You Get a Cheaper Deal with Bad Credit?
You may end up paying a bit higher interest rates than good credit borrowers or you may get less money despite your affordability if your credit rating is disappointing. You do not need to worry because guaranteed payday loans for bad credit people are there to utilise. The application procedure and eligibility criteria will be the same as unemployed loan but you need to arrange a guarantor with a good credit history or you should ask for very small amount required during urgency.
A guarantor mitigates the risk of the lender enabling you to get the loan at competitive interest rate. The guarantor will also enter into a contract with you, who will be called upon if you fail to repay the debt. Make sure that you arrange a guarantor only when you are certain of your repayment capacity because missed repayments will not only pull your credit score but your guarantor’s also.
How to Apply for Unemployed Loans
If you are looking to apply for loans for unemployed, you need to meet the following simple and straightforward criteria:
- You must have come of age.
- You must be the resident of the UK.
- You must have an active bank account.
- You must have an income source other than full-time job such as a part-time job, rental income, benefits, pension, or any other source of income.
You can apply for these loans despite bad credit history.
It has never been convenient to apply for the loan during financial emergency. First Finance makes sure that you get funds quickly as well as conveniently. You do not need to go anywhere as we provide these loans at round the clock service.
- Fill out the application form online.
- We will take a few minutes to review your application.
- If approved, you will get funds instantly.
We will analyse your income sources, look at your credit score and repayment history to decide on the disbursal limit and interest rates. Please note that you are likely to get the loan at a bit higher interest rate in case of a poor credit rating.
What if You Do Not Have a Functional Bank Account?
Sometimes borrowers rely on only salary account which goes inactive when you do not have a job. Even if you do not have a functional bank account, you are eligible to apply for these loans. You can avail doorstep loans.
As you put in the application online, our one of the representatives will schedule a meeting with you at your home who will look over your income sources to decide on your repayment capacity. Considering your affordability, the representative will hand over money on the spot as you sign the loan agreement.
You will clear all your queries and doubts related to loan agreement with the representative. The repayment date will also be determined based on cash inflows so that you do not miss repayment. Since these are doorstep loans, the representative will visit your home to collect funds.
Advantages of Unemployed Loans at First Finance
Our loan offers are affordable and cheaper as compared to other direct lenders. Here are the key benefits:
- Instant approval
- Flexible repayment
- Minimal documentation
- Cash at your doorstep in case of inactive bank account
- Same-day funds transfer
- No upfront fees
- No hidden surprises
If you are looking forward to getting a cheaper loan deal, apply for unemployed loans here!