Getting a payday loan whilst being unemployed has been a big challenge for would be borrowers. Banks have tightened their belts on lending which has isolated many unemployed people from the lending market.
Just because you’re currently unemployed shouldn’t mean that you can’t get access to credit when you need it most.
At CreditRaters.com, we work with a huge range of lenders who specialise in providing payday loans for unemployed people, helping them to quickly access the credit they need when they need it most.
Read on to find out more about how unemployed loans could help you to get your personal finances back on track.
Historically, unemployed loans have been a rarity in the UK market. With high street banks having dominated lending for many years, unemployed loans became even harder to come by following the financial crash.
Fortunately, this gap in the market was quickly filled by new, innovative lenders who revolutionised the way those who are unemployed were able to apply for finance.
You’ll be able to borrow money in exactly the same way as with a traditional personal loan, except other factors away from your employment status will be taken into account. Ultimately, lenders simply want to see that you’re able to afford your unemployed loans repayments, either through benefits or other types of income that you’re able to show.
As well as standard personal loans which will simply lend you money based on your circumstances, there are other unemployed loans options available which can help to increase your chances of acceptance.
If you’re struggling for credit then guarantor loans are becoming an increasingly popular alternative for unemployed borrowers. The lender will have the security of knowing a guarantor is happy to take on your repayments should you ever be unable to pay, reducing the risk of your application.
Your vehicle can also be used as security for finance thanks to logbook loans. You’ll still retain complete control of your vehicle, but the lender will take on legal ownership until the balance has been repaid.
Don’t forget – we also work with specialist bad credit lenders who may be able to help you should your credit score be holding you back. Get a personalised comparison today for more information on these bad credit loans.
Applying for unemployed loans has never been easier thanks to the intuitive loan comparison platform at CreditRaters.com. We’ll use your information to compare hundreds of loans from across the UK market, helping you to compare interest rates, repayment options and borrowing amounts in seconds.
Simply choose the loan that best matches your circumstances, provide a few final details about you and your finances and receive an instant online decision.
If accepted, the majority of lenders are able to arrange payment to your bank account on the very same day, leaving you to focus on getting your finances back on track.
Find out how CreditRaters.com can help you by picking up your free, no obligation comparison today.