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Loans For Unemployed People
If you are unemployed but need money but have no other options such as savings or to borrow from family or friends, a loan may be you only option. Being unemployed and on benefits can make it very dificult to find a lender willing to provid you with a loan. At Money trumpet however we think that everyone should be entitled to apply for a load regardless of their status. Even if you are unemployed, on benefits and have poor credit.
Where is the best place to find unemployment loans if I’m on benefits?
There are not many places that will provide a lending service if you are signing on and claiming benefits but you can still apply for a loan via Money Trumpet, no problem. It’s quick to apply and you could get a decision in. as litlle as 2 minutes.
How does a loan work if I’m on benefits?
It still works the same way regardless of whether you are working or receiving housing benefit, income support or universal credit. The lender will need to determine if you can replay the loan and you will need to pass their credit check criteria. It will probably mean that you won’t be able to obtain a very large loan unless you have a guarantor
but there are some lenders that specialise in bigger unemployment loans for people on benefits even if you don’t have a guarantor.
Can you help with guarenteed unemployment loans?
Unfortunately no one can guarentee a loan as does depend on a combination of things and each lender has different criteria so where one lender may be able to assist with an unemployment loan another may not. If you have credit rating that meets the lenders criteria and you want to borrow an amount that is relative to your income than there are lenders that will be able to help you even if your income is from solely benefits.
Can I get a loan if I’m on benefits and looking for a job?
If you are receiving benefits you can find yourself in a position in need of a loan, probably now more than ever. Sometimes emergencies can come up like needing to fix the car, a burst pipe or even needing money to buy a new suit for that interview. In most cases a small loan may be the answer or you may be able to borrow some money from relatives but in the event that you really do need to need a loan and are on benefits then some lenders do cater for this situation.
How quickly can I get an unemployment loan?
The application process is as simple as completing a short form. After that the lenders will review your application and as long as you meet their criteria the process couold be completed within 24 hours.
What are the requirements for someone who is on benfits and unemployed to apply?
To apply for a loan you should meet these requirements.
- Be 18 years old or over
- Be a citizen of the UK
- Hold a current UK back account
- Have a current source of income (benefits may be suitable)