The bad side of unemployment is that it stops the regular cash flow. You suddenly look for an option where you can get adequate funding with minimum obligations. Online short term loans for unemployed are purposefully provided to keep that cash flow despite the lack of full-time job.
The primary loan features are:-
Unemployment is what harms your finances badly, but you can reduce its impact by applying for short term loans for unemployed from direct lenders. The most significant benefit that you have is flexible interest rates and repayment policies.
Credit scores of the borrowers have a direct impact on any loan application. Similarly, when you are unemployed and seeking a loan, your credit score will matter. If you want to see how it will matter, then continue to read below:-
Situation 1: If you have good or fair credit standing
Good credit borrowers are also welcome to apply for short-term unemployed loans to tide over. A good credit rating means the default risk is very low and you are highly committed to financial obligations. Your credit report produces credible evidence for convincing us that you will pay off the debt on time. As a result, you get the loan at comparatively lower interest rates.
Situation 2: If you have an impaired credit score
Credit score cannot always be stellar, unfortunately. RecentFinance does not treat financial irresponsibility as the only cause for late payments. Therefore, we try to support borrowers with poor credit history too by offering bad credit short term loans for unemployed. Because the default risk is high, you will get a deal at a bit higher yet affordable interest rate.
We are the responsible direct lender in the UK and committed to offering only affordable loans. We grant a deal only when you have the income capacity to repay the loan under the given schedule. Apart from that, we ensure several other loan benefits:-
Applying for small loans will not be cumbersome for jobless individuals, as it involves simple steps and quick action.
| Application Procedure | Eligibility Criteria |
|---|---|
| Fill Out A Single-Page Online Form | You must be residing in the UK for the last 7 years |
| Submit it and Get a quick loan quote | You must have earned at least £700 per month |
| Confirm the quote and get our approval | Your part-time income should be a minimum of £400 per month |
| Receive same day funding | You must have an active UK bank account |
| Repay with easy monthly instalments | You should have income proof of last employment |
Paying off a loan is extremely important if you do not want to get tied up with a debt spiral. You must be wondering how you will pay back without a full-time job?
You can take out short-term cash loans for the unemployed as long as you have any income source. We consider multiple income options so that you do not have to struggle to access money, especially when you need it urgently. Here they are:
Many people dream of becoming their own boss, however, transition from full-time job to self-employment is not very easy. It may take forever. You may struggle to have enough finances to get your new business off the ground, but Short Term loans for unemployed can fill in crevices.
If you are no longer a full-time employee and completely focusing on your start-up, you can get money if you have any of these income sources:
If you are serving a notice period with your current employer, we will estimate your repayment capacity after taking into account the following income sources:
If you are going to serve a notice period, suppose from next month, you will get the loan on basis of your current salary provided the repayment period of the loan expires before you complete the tenure of your service. If it extends, you should have a record of aforementioned income sources.
RecentFinance, as being the responsible private lender in the UK, helps the individuals who are seeking career transition and the students as well. For them, we have exclusive deals on short term loans for unemployed students.
A lender will always look over your income statement and repayment potential before signing off on. Just because the lending procedure is flexible, it does not mean that the lender cannot turn down your application. Small loans for unemployed with bad credit rating may be difficult to have approved as the lender may be sceptical about your repayments. So, what can you do?
Option 1: Arrange a guarantor
Turning down is not the final verdict. You can reapply for these loans by arranging a guarantor with a good credit rating. This mitigates the default risk as the lender can call upon the guarantor to pay off the debt when you fail. Such kinds of loans are called guaranteed loans for unemployed. The major benefit of these loans is you will get them at lower interest rates. However, the guarantor does not bear full debt obligation and will be solicited to pay when all sources of collection get exhausted.
Option 2: Arrange a co-signer if no guarantor
Co-signer enters into a contract when you borrow money with no guarantor and the size of your loan is big. Unlike a guarantor, a co-signer enters into debt obligation by signing a debt contract. It makes them contractually liable to pay off the debt without the lender needing to request them to pay off. Availability of a co-signer can help you get the loan at lower interest rates if they have a good credit rating. In case, any of you fail to meet the obligation on time, the credit rating of both parties will plummet. Same is the case with guarantor.
"Note that arranging a guarantor or a co-signer is mandatory only when you want to borrow a large amount of money. We require neither guarantor nor co-signer if your borrowing limit is small."
We feel glad to assist you during the tough financial circumstances. We, therefore, offer you short term loans unemployed with no fees because we do not want to increase the financial burden on you.
As we told earlier that we charge only the interest rates, and no other fee will be there.
One more advantage you have with us is that we do a relaxed credit check of each borrower. We know a hard credit check can leave footprints on your credit report. Therefore, we do a soft credit check to ensure that you get the loans on affordability and do not face any difficulty while making the loan repayments.
Therefore, your overall financial survival and growth is our primary objective.
recentfinance provides short-term loans for unemployed to both good credit and bad credit borrowers. Fund you needs today!
Yes, you can get short term loans with no fees if you choose a trustworthy online lender. QuickLoansLender can be your option because we are committed to short term loans with no fees.
Flexible lending is the primary reason to apply for short term unemployed loans from a direct lender. Unlike conventional lenders, you get the loans on such interest rates and repayment plans that you can afford. The lender is ready to amend any clause in the loan deal after analysing your financial scenario.
It depends upon two factors:
Based on these factors, you can apply for loans up to 5000.
You can get short term loan without proof of income, but you should either pre-registered with us or borrow a very small amount. But yes, the possibility is there for almost the guaranteed loan approval.
You can get short term loans for the unemployed with a bad credit score from direct lenders like us. We have adopted a soft approach towards the credit scores and approve the loan applications based on:
Yes, you can get short term loans with no fees if you choose a trustworthy online lender. RecentFinance can be your option because we are committed to short term loans with no fees..