Too good to be true
In early times, it was like impossible to get qualified for any sort of loan with the status of unemployment, non-working class and being tenant. In present time, the financial market is emerging and developing and is quiet effective in providing with mind blowing provisions for the unemployed students and unemployed tenants. Loans for the unemployed are the best deal for you. There was no financial aid for the unemployed in the past, therefore it is quiet difficult to believe the present fact. You must be thinking whether finance for the unemployed- too good to be true or not. Prior believing upon these loans it is advised to understand a bitter truth that there are so many lenders who are fake and are a complete scam. They will cheat you and will never pay as they have promised. Moreover, the interest that will charge will be shocking.
Let us have a look at some of the popular types of loans for the unemployed that are available in the financial market:
Small loans for the unemployed: These loans are available for all unemployed people who need small amount or funds for shorter time span. The lender will offer amount that starts from £100 and go up to £1,200 with repayment loan term of 14 to 31 days. Another option is to fetch amount from £1000 to £75,000 with repayment loan term of 1 to 25 years.
Benefit loans for the unemployed: If you are a person who already owns a benefit plan which is sponsored by some government agency then you are surely an eligible applicant for the benefits loans for the unemployed people. You just have to search out for a suitable lender online and find whether the lender will be able to offer you unsecured loans on benefit. If you are fine with their terms and conditions then just go trough the quotes and determine your loan. These are the emergency loans and never look out for bad credit history of the applicant.
Payday loans for the unemployed: It is a perfect deal and just requires filling up of application form online and the cash is in your bank account in few hours after verification is complete. It is important for you to be the citizen of United Kingdom and also to be 18 years of age at the least. They demand for your resident proof and valid and active bank account details for sure. If you are not having any one of them, you application will not be approved. This type of loan will offer you money ranging from $100 to $1500 only which has to be paid back win you will get your next paycheck that is within one month.
Most of these loans are available in two kinds that are secured and unsecured loans. The secured loans need some sort of security and the interest rate is low and affordable. The unsecured loans do not need any security but the interest rates are a little higher than the secured ones.
Representative example: £400 borrowed for 90 days. Total amount repayable is £561.92 in 3 monthly instalments of £187.31. Interest charged is £161.92, interest rate 161.9% (variable). Representative 305.9% APR.