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Connect with financial stability faster despite having no job

Do you want to stay financially safe during unemployment? Undoubtedly, going at par with the costs of living is quite challenging. Moreover, getting quick assistance with an unemployed loan is another challenge you have to face. What will you do?

There is a fact that only a few companies out there lend money to jobless individuals. They feel risk in funding those with no guarantee of repayment. If somehow you get the loan, high-interest rates will be there.

Still, Fundingpeer is there to help you with its borrower-friendly loan offers.

We are ready to provide bespoke short-term loans for unemployed people. The lending terms are embellished with flexibility and loans are according to your current financial scenario. With us, you have the following benefits:-

Manage unexpected things

You may have many expenses that have come all of a sudden. Managing them easily is possible with these loans.

Instant loan decision

We understand that you need money instantly. Therefore, we take an instant decision whether to approve your loan application.

Faster funding access

As soon as we take your loan approval decision, we release desired funds to be disbursed to your bank account.

Does being unemployed make you eligible for a loan?

Living life as a jobless person, even for a few days, makes you feel deprived. In reality, there is nothing as such because we represent the modern-day loan marketplace of the UK where unemployed loans are easily accessible.

You may still qualify for a loan if you are unemployed but need money to control planned or surprising expenses. Other options, like payday loans, requesting money from friends, or income advances, may be available. Still, getting a specialised loan product has its benefit.

Loans for the unemployed belong to personal financing offered to jobless individuals. Here, unemployed refers to those who:

  • Have been fired from the job;
  • Have left the job to switch over to another company;
  • Retired People;
  • Fresh Graduates who are still searching for jobs;
  • Individuals who have aspired to be self-employed or start a venture

It shows that you lack the pay slip to show to your lender, which is why you are considered a risky applicant. We take a different stand from other private lenders in the UK, where we are ready to accept any income source, if not a full-time job.

Eligibility for Unemployed Loans

Perhaps, this is why the chances of guaranteed loans for the unemployed are higher from a direct lender like us.

Are unemployed loans similar to payday loans?

People with unstable incomes due to constant job loss may have different financial situations. For instance, issues like poor credit scores, the kind of benefits received from the government, and the duration of being unemployed and waiting to get a new job are always considered.

In such scenarios, payday loans for the unemployed are suitable. The primary reasons will be quick funding and easy-to-repay options. With bad credit and no job, you will always be a risky borrower for any lender. Payday loans are still available then.

Unemployed loans can be an alternative to those loans. Remember, these are accessible for a higher amount and longer duration than payday loans. In two ways, you may find similarities between these two quick funding sources during the unemployment phase. These are:

Availability on same day

Both unemployed and payday loans are decided on the exact day. Not many obligations are there to fulfil, like guarantor or collateral. Thus, both these are called same day loans for unemployed.

You submit an application today and within a few minutes, you will be delighted to have the approval. Chances of instant fund transfers are always there.

Availability on benefits

You will find only a few options available on government-sponsored benefits. Nevertheless, these two are easily obtainable in the UK marketplace. We also provide you with the same loan facility.

Based on individual affordability, we offer specialised payday loans for unemployed people living on benefits.

How to prepare for unemployed loans with bad credit issues?

Consider many things before applying for unemployed bad credit loans. It becomes more critical since you are struggling with no job and poor credit issues, raising concerns further. Do your homework on these pointers:-

Review Your Budget: The first crucial thing is to analyse your budget. It will help you obtain an affordable amount, making it easier to pay later. Getting these loans from us means you do not have to pay more pounds from your pockets.

Minimum or Maximum Borrowing Limit: You must decide the correct limit to borrow. Lenders often set the minimum and maximum limits according to the amount you want to borrow and your current affordability.

Interest Rate and Repayments: Another thing to look for is the interest rate and repayment mode. Choose a deal where the interest rate is manageable for your part-time income or benefits. Similarly, flexible repayment terms should be there.

Guarantor or No Guarantor: If anyone is ready to be your loan guarantor, you can go for guarantor loans. Otherwise, options are available with us on loans for unemployed with bad credit and no guarantor with direct lender norms.

Secured or Unsecured: You need to check whether you can secure the loan with an asset. If you have, getting a higher amount is feasible with a lower interest rate. On the other hand, with no assets to pledge, going for unsecured loans is suitable for the unemployed.

What factors matter a lot on unemployed loan approval?

Unemployed Loan Approval

Loans for unemployed people may be easier to get for them, but many factors determine their chances of loan acceptance. We also consider a few things so that you can have affordable loans. These are:-

Income Source: While offering payday loans for unemployed people living on benefits, we will consider your loan application. We accept those benefits as a way of making repayments later.

Credit Score: Of course, we will also review your credit scores. However, we will do only soft credit checks without impacting your credit record. Sometimes, we do not check credit scores if the applicant’s recent financial handlings are good.

Debt-to-Income Ratio: It would be better to clear all your pending debts before applying for these loans. Since you have no job and your credit score is not good, we may want to ask you to share bank statements determining your loan repayment capacity.

Where do emergency loans for unemployed help me a lot?

Getting quick loans for the unemployed and using them for any purpose is relatively possible. We are not going to ask for your loan purpose because you will use loans for suitable financial needs. Still, we suggest you only keep the loan option during urgent situations.

Our same-day loans for unemployed people help them, particularly in the following situations:-

Car repair or home improvement

You get instant funding to manage expenses occurred due to urgent car repairs. Similarly, you can use funds to renovate your home to add more to its value.

Covering medical costs

You may have medical insurance, but sometimes more money is needed. Getting an unemployed loan can help you have instant funding.

Paying all pending bills

You can quickly pay all the existing bills when you get a lump-sum amount through the loan. You can use it for debt consolidation purposes.

Building credit score

You have lost your credit score due to having no monthly income. Applying for our loans and their flexible repayments allows you to build a credible credit record.

What alternatives of unemployed loans to consider?

Our loans for unemployed individuals are always beneficial regarding overall cost. We have alternatives if you still want more specific products according to your financial stature. Please look below and decide on your loan.

Alternatives of unemployed loans Features
Doorstep Loans for Unemployed
  • Cash-at-the-door service
  • No bank account needed
  • Repayment collected from your home
  • Acceptance on Benefits
Personal Loans for Unemployed
  • Borrow up to £25000
  • No collateral needed
  • Loans for any purpose
  • Every credit score accepted
Loans for Bad Credit
  • No guarantor required
  • No fees involved
  • Soft credit check
  • Flexible Repayments

Why choose us for unemployed loans?

You do need to overthink when it comes to choosing Fundingpeer as your direct lender. We are versatile in our loan policies and deals, visible in our loans for the unemployed, with no guarantor and no fees.

Variety of Options: Unlike other loan providers in the UK, we have multiple loans for unemployed people. Whether you have a bad credit score or no asset is there to pledge, you have specific option to choose from.

Fast Application: You have a simple and straightforward application procedure that will be 100% online. We require no paperwork and only need bank statements and income proof of previous employment. Pursue the steps given below:-

  • Press on the ‘Apply Now’
  • Fill out an Online Form with Mandatory Details
  • Submit the Form and receive a loan quote
  • Get Instant Loan Decision
  • Same-Day Fund Transfer

No Hidden Charges: Other than interest rates, we do not charge any extra fees. Yes, our loan offers are quite affordable to your pocket and do not bring extra burden to your finances.

Acceptance on Poor Credit: We agree that your credit score is below fair. We accept bad credit and very poor credit scores to allow maximum loan approvals for the applicants.

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FAQ's:

Will the interest rates go higher if I apply with bad credit?

Standard practice is that lenders always keep interest rates high when borrowers do not have a job and are struggling with bad credit. However, we follow a slightly different path where we keep the interest rates manageable for everyone. It becomes possible because we provide affordable loans only.

What is the loan term?

We keep the loan term flexible so one can choose according to the current financial capacity. However, we have kept the loan term from 12 to 60 months.

I am receiving pension but still need a loan. Can I apply?

Yes, we do offer loans for pensioners if they show us their affordability towards loan interest rates. One thing is for sure you get only a small amount to borrow and for a shorter duration.

What will I do if I have no income at all?

In the scenario of no income, you have two options. The first is to arrange a guarantor with a good credit rating and a full-time job. The second is to put collateral equivalent to the amount you need to borrow. In both these conditions, you get lower interest rates for sure.

Does Fundingpeer provide legit loans for the unemployed?

We are a committed lending firm and provide legitimate deals only. The most significant reason is we have only affordable loan deals, which anyone can manage without disturbing the savings. We do not ask for any upfront charges or surprising cost with any of our loan deals.

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