Know How to Avail Loans for Unemployed in The UK
Unemployment causes a lot of mental as well as financial stress in one’s life. Though there is no source of stable income, the expenses remain constant to challenge you every day and night. From School Fees of kids, to household bills, to credit card bills, to loan instalments, there is a comprehensive list of necessary expenses. Till the time you find a new job you would require additional financial support to fund your daily living.
However with loss of job, not too many lenders would be willing to offer loans for unemployed people. Those available would charge very high rate with stricter terms and conditions. All in all, it would not be easy to qualify for loans with unemployment status. So let’s find out how to apply for unemployed loans and make the best of what is available in the market.
Apply for unemployed benefits and build credit worth
Apply for unemployed benefits and seek the financial aid available from the UK administration. You can apply for benefits as and when you lose your job. Within 20 days a benefits cheque would be submitted to your bank account. Although the amount of benefits would be too less to support your basic expenses but with some sort of financial funding you can avail an equivalent instant cash advance till the next benefits’ cheque. With some cash in hand you can plan your finances and protect the late repayment or default on your current account. Choose the loan according to your credit requirements
Based on your monthly outlays, your decision to borrow would vary. For temporary cash needs owing to job loss, apply for short term loans on instalment. However, if you have pending loan instalments and other outlays every month, opt for debt consolidation or a term loan for 12 months or more. Contact a loan broker.
You can consider contacting FCA registered loan brokers online. The brokers provide you complete support to search for the rare deals available in the market and save a lot of tension. To contact a broker, all you need to do is fill an online form on their official website. When you share your contact details online on a broker’s website, the broking firm would contact you within a couple of days. They will ask your questions to ascertain your credit requirements and search for available deals in the market. They never force you to follow the advice as they never sell loans. Be wary of loan sharks.
With bad credit situation, you should not take a risk of searching for direct lender deals as a lot of loan sharks are also active in the market.
Always ask for FCA authorisation number when you contact a financial company for loan. Reap more benefits
When you contact a broker, you avail no upfront fee loans right from the comfort of your home. What more can you ask for? There is no embarrassment and no loan rejection risk. The brokers initiate soft credit check and this ensures that your credit score remains intact in face of loan rejection. Never forget to make use of broking service to draft a repayment plan. Always opt for affordable instalment loans so that you can successfully repay the loan. If required, you can ask the broker to search for a loan with delayed repayment plan. This would ease off stress of arranging for cash without a job.