Loans for the unemployed are always in demand as they are last-minute saviours. Usually, when even the social borrowing doesn’t work, loans help you. However, you need to pay them back, but at least they help to manage expenses is there.
Borrowing funds is more about the skill of selecting the right lender. Unemployed loan lenders offer varied benefits with the loans. Hence, here are the best 5 lenders you can choose to get funds when you are jobless.
1. Cashloans2Go –
It is a direct lender with the fastest funding process that keeps you ready to manage all types of emergency expenses. The lender lends funds irrespective of credit score and employment status.
- No guarantor needed – You do not need to bring a guarantor. With no job, it is already difficult to find someone who can support your loan application. In that case, if you choose this lender, you do not need to worry about bringing a guarantor.
- Emergency-friendly lending – Pending bills are always frightening for an unemployed person. Even a rent payment becomes rocket science. Thanks to the plausible unemployed loans offered by the direct lender, which gives you instant approval and timely funds.
- Online and hassle-free application – Why hassle with a bulky and lengthy loan process when you can apply online without any hassle? A quick online application that you can fill out in a few steps is what you need to borrow funds.
- Improve credit history – Lender offers personalised deals and makes repayments affordable. With every timely payment, your credit score improves, which in turn improves your overall finances.
- Early repayment without penalty – You can plan to repay early, and for that no need to pay any penalty. It means you can improve your credit score and can pay back affordable before the tenure without any extra charge. It is all a win-win situation.
2. Fair Finance – A dependable lender
Fair Finance offers small loans to those with no job and living on benefits. This is due to the flexibility of the lender in receiving any income type.
- Designed for people on unemployment benefits – The lender offers specialized unemployed loans. Such applicants usually survive on unemployment government benefits. The income from benefits is considered income.
- Fast decision / clear help – With budgeting tools and a speedy process of online applications, you get faster funds. The process is traceable, hence no confusion.
- Supportive approach – Focus on your repayment ability and approve funds and interest rate as per creditworthiness. This makes paying back funds easier.
- Affordable, transparent pricing – Due to customised deals, the lender has affordable repayment plans. Anyone with a basic ability to manage instalments can get funds.
What should you choose as a lender? – IF you are looking for a responsible lender that accepts unemployment benefits as income, choose this one. It provides due help and budgeting tools to help the customers make informed decisions.
3. Cashfloat –
Unsecured short-term loans for the unemployed offered by lenders are known for flexible lending. As per your individual repay ability, you can borrow. However, interest rate flexibility is not much.
- No hidden fees – Hidden charges always cause worry to borrowers. But this is not the case if you choose Cashfloat, which follows responsible lending policies.
- Quick access to funds – With no job in hand, you have less or no time to pay for expenses. Emergency circumstances keep you busy overthinking, which causes stress. But the lender offers instant money with the least hassle.
- Flexible repayment options – You can pay weekly, bi-weekly, or monthly. This flexibility easily matches your circumstances and financial limits. If you are looking forward to hassle-free funding, this is the right place.
- Suitable for small borrowing needs – Managing small expenses becomes more important when you have no job. Getting unemployed loans for instant tiny needs becomes easier.
- Regulated and safe – The lender is regulated by the FCA; like all other direct lenders you will read about here. Hence, it is always safe to borrow funds using an online platform that is transparent and predictable.
- Bad credit considered – no need to worry if you have a poor credit score.
Show an improved payment behaviour in the last six months with timely paid bills, and get funds. The process does not involve any extra fee due to your risky credit profile.
4. Moneyboat
Another loan provider with a clear and transparent lending procedure. The loan company is known for offering affordable loan offers. For existing borrowers, extended loan amount and tenure are available.
- Soft search – If you want to be sure about your repayment ability, go for a no credit check. This lets you decide whether you want to apply or not without any fear of search footprints.
- All income types accepted – you can present any type of income. Earning from unemployment benefits, side hustle, freelance, or part-time income, all accepted. As long as the earnings are regular, you can present them.
- Report to credit agencies -This one feature is a benefit as well as a challenge. Lender reports your repayment behaviour immediately to credit reference agencies. Hence, pay timely and see your credit score going up, delay instalments and see your score dropping drastically.
- Lower interest rate – This is another benefit if you choose this lender. With bespoke loan offers, you can stay assured of affordable borrowing. Lower rate of interest and manageable instalments, all work together to help you get rid of money mess.
5. Lending Stream
One more renowned name in the list of lenders providing loans for the unemployed from a direct lender. All your worries end here with this lender. Job loss is now not as chaotic as it was before liberal lenders. Today, you can take funds as per your repayment ability and manage all your expenses.
- Know APR upfront – Nothing remains hidden as the lender reveals the APR right away. This makes it easier for you to make a repayment budget.
- Change repayment plan during tenure – You can change your repayment schedule during the tenure as per your financial circumstances. However, this cannot be done often, but only twice in the whole tenure.
- No need for collateral/guarantor – Unlike tricky lenders, this loan company never asks for collateral or a guarantor. You borrow what you can repay. Obligations make borrowing bulky, and direct lending is always against stringent loan policies. Especially during unemployment, you have fewer or no resources to support your loan application. Risk of losing an asset or finding someone to help you borrow sounds like two impossible things.
- Dependable customer support – For any doubt or query, you can get instant support. The lender is also known for providing a timely response and troubleshooting the issues of its customers.
- Free loan calculator – Get to know how much you can qualify for an informed decision. The free financial tool offered by the loan company helps make certain decisions. The clearer you are about your financial ability and possible interest rate and repayments, the better you can decide.
Conclusion
The above lenders are all about liberal lending policies to inspire a healthy financial atmosphere for the borrowers. You can decide to choose any one of them as per your financial circumstances.
However, the basic rules of affordability assessment are applicable in all lending companies. To borrow money, you will have to prove your repayment ability. Without that, it is not possible to qualify for funds. New Age Lending is known for an easy approach, but under the limits of lending ethics.
