Do you need money urgently now in the UK? The temporary pause on your full-fledged career could be the culprit behind the sudden upsurge in money requirements. The purpose behind this big step could be upgrading the career, but the financial crisis is real.
However, the consequences it can invite would be unexpected. You can avert some drawbacks of this situation by having a financial backup. Despite all these efforts, some issues might create surplus needs in your life.
How to tackle these unplanned happenings? If you are unable to prevent them, find out a way to settle them. Possibly, you do not have additional cash right at that moment.
Applying for a loan is the best thing you can do in that situation. Who would give loans to an unemployed person? A direct lender like 1one Finance can help you out in solving the financial puzzle.
You need not have to mourn your helplessness. Some lenders practice leniency in their approach. You can make the most out of their services. Go ahead reading the remaining part of this blog to uncover how access to loans is doable for you during unemployment.
Loans for your unemployed situation
Is it possible to get loans without a job? Every jobless person would ask this question before approaching a lender. The answer is ‘yes.’
Traditional lenders might have a different answer as their conditions differ from direct lenders. Having a job is not always necessary. Steady income from any source is also acceptable.
Look around the blog and enlighten yourself about the features that can make borrowing without a job happens for you.
Absence of hard checks
This procedure can make it difficult for a jobless person to get loans. When they stop receiving the standard monthly salary, some payments become due. With time, some critical problems give birth to credit score issues.
Therefore, having bad credit tags is not surprising during unemployment. However, you cannot hide the blemished credit history when the lender performs the typical credit checking. Seeing this situation of your finances, the lender will straightaway reject your plea.
Keeping this ordeal of yours in mind, direct lenders have omitted the necessity of credit checks. They just carry out a simple check to validate your affordability. If you think deeply, you will be able to understand the significance of soft search.
Although it is a very simple checking of your present financial well-being, it has the potential to reveal your affordability. It is the ability to afford future payments like loan repayment. The lender would just need clarity on this to make confirmation about getting loans back.
Acceptance of any income means
If you are doing a freelance job with satisfying earnings, you can apply for small loans for the unemployed without hesitation. The lender will consider your current income as a legit source of earnings.
One thing you must remember is that you must earn sufficiently to be able to support loan repayment. Otherwise, the basis for approaching this lender will be pointless. Make sure you have any of these types of income:
- Rent
- Benefits
- Pension
- Side-income etc
The lender will analyse your income stream ahead of moving further. Such a provision lets you be on benefits and need a loan today from a direct lender. If everything goes well with your application, you might get a positive response from the lender.
From this very point, one thing is clear. You can send out a request for these loans if you have access to any source of income. You can even run a business and show the revenue documents to stand a chance of getting loans.
No matter of guarantor factor
Oftentimes, lenders ask an unemployed borrower for a guarantor. This situation might arise if you do not earn via any source of income. Any person guaranteeing your repayment can lower the risk of lenders.
For this reason, such a requirement has come into the picture. You must not bother if your side –income has the potential to meet the repayment requirements. Therefore, you must start doing a part-time job ahead of approaching any lender for loans.
If this is impossible, a guarantor can only help you. That person should have a stable financial history, good credit scores, and a steady income. Repaying loans on time will be their responsibility.
No need for an offline application
Visiting the bank and facing rejection is indeed humiliating for a person who is temporarily out of a job. Direct lenders have ruled out this dilemma for unemployed borrowers. They have created a platform through which one must apply for loans online.
The applicant need not have to meet any bank officer. You can check your eligibility by going through the website of the lender. In addition, you can even get a quote free of cost.
It is enough to reveal if loans apply to you or not. Moreover, you can make confirmation about the rate of interest. All this is possible with just a few clicks on the mouse.
You can complete the application form from your home. The form is not at all complicated. It needs some brief details that would hardly take a few minutes of yours.
The lender will not keep you waiting for long. A quick response is their specialty. In fact, a message stating the status of your application at every step will be sent to you.
On approval, you will receive the final message. It will tell you about the online money transfer into your checking account.
The bottom line
Suppose you are skeptical about applying for loans when out of a job. You must have concluded after reading through this blog. Borrowing is possible even when you do not withdraw a constant salary. Your other sources of income will help you satisfy the requirements of the lender. Do not dream of facing rejection due to your jobless status! Some lenders are ready to give a second chance with no job security. All you need to do is to understand their requisites and validate if you can fulfil them.
Jessica William operates as a Senior Consultant and Chief Content Editor for 10 years at 1Onefinance. She assists the firm in getting a grip on the new lending laws and regulations. She does so by researching the trends, consumer requirements, and new audience preferences. Jessica is responsible for making important financial and administrative decisions.
Apart from helping consumers with the best solutions, Jessica Williams helps them ensure financial stability. She analyse the business data, finances, expenses, and revenue/ income of customers and determines necessary changes. Jessica finished her Doctorate in finance and law and implements her knowledge to the best interest of the firm and customers.