Unemployed Loans Same Day Payout Benefits
£50 – £5000
Representative 277.5% APR Representative Example: Borrow £700 and pay £111.27 per month for 12 months at an interest rate of 140% per annum (fixed). The total charge for credit is £635.24 The total amount repayable is £1335.24. Representative 277.5% APR (variable). Your APR rate will be based on your circumstances.
One of the worst fears that unemployed people have is the fact that they don’t know when they are going to be employed again. Despite losing a stable source of income, your responsibilities will not stop, therefore, you still need to settle some bills and expenses.
If you’re looking for an extra cash to help cover some of your expenditures and you don’t know where to get it, then this article on Unemployed Eligible Loans For Same Day Payout will help you.
What Is It All About?
If you have any fixed asset and you are willing to yield it to the lender, you can apply for unemployed loans. Without a reliable source of income, the lender’s business is at risk of defaults. No matter how small or big the loan amount is, there is still chance that a borrower will stop repaying for a loan. Holding collateral somehow gives the lender a guarantee that the loan will be settled. Otherwise, the borrower’s property, such as the car or a house, may be repossessed, sold, and use the money to repay the loan, interest rate, and other fees.
However, even unemployed borrowers may apply for same day loans, it offers a better position of getting the loan. After all, there really is no problem as long as you are willing to repay the loan back.
Unsecured Loans Are They Same Day Loans?
Whether you have no property to pledge or you’re not confident with risking your asset, unsecured loans are for you. This type of loan offers a small amount and a large interest rate, however, you can get extra money even if you’re just a tenant. Unemployed non-homeowners have the equal right to acquire a new credit line in a rapid manner as there’s no need to verify the collateral. Lenders can send the same day loans for people on benefits unemployed in as fast as 24 hours or less.
No collateral or guarantor is involved, however, a source of income is available and when you are jobless, you can have it through disability living allowance, income support, or benefits. Creditors will not hold any asset as a security, therefore, this is an important factor. Otherwise, your loan application will be rejected.
Repayment Procedure – On All Loans
Those who have successful applied for unemployed-eligible loans, you can repay the loan through flexible or fixed monthly payments. Flexible means that there’s a chance that the monthly amount will increase or decrease, depending on the market. Fixed payment, on the other half, will experience no changes no matter how strong or weak is. Meanwhile, there are also lenders who accept late payment until the borrower finds a new job.
Applying for this type of loan sounds exciting, however, not all lenders should be entertained. To minimize the costs and ensure your safety, you may start by asking for a free quote from different lenders. Compare to find out which one offers the best and who receives the most number of positive feedback. This will help you know whether the loan provider is worth dealing with or not.
The Process Explained
The MoneyFall website makes the entire process of finding a suitable loan provider as quick and easy as possible… in fact the whole online application will take less than 15 minutes and it’s completely free! Here’s a step-by-step guide:
1. Our Form
Simply complete our online form with a few details about you, your past employment history (don’t worry if you’re unemployed, you can still apply!) and how much you would like to borrow. There’s no paperwork involved and you can apply via your smartphone too!
2. Our Panel
We then cross-reference your application against our leading panel of loan providers and determine which will be the perfect lender for your needs. There’s no credit check involved during this process which could have a negative impact, and you’ll be presented with the best possible options who are more likely to accept your application.
3. Your Choice
You can then choose to proceed with a loan from one of the options presented to you. All of which will be tailored to your unique circumstances and will consider you even if you currently have no job. The agreement is typically immediate, and the money can often be transferred to you on the same day within 24hrs! Once approved, you just need to keep up with the repayment amounts over the period agreed which can be anything from 1 – 36 months.
Who Does Same Day Loans for People with No Jobs?
We know lots of lenders that may be willing to offer you a loan if you find yourself in need of a loan today, even if you’re in unemployment. Of course as responsible lenders they will need to know some information about you, and you will need to fit the eligibility criteria.
Am I Eligible?
Typically, you will need to meet the following requirements in order to qualify:
- You need to reside in the United Kingdom and have a permanent address.
- You need to be a UK adult, that is over 18 years of age.
- You need to own a valid UK bank account with the address matching your home residence.
- You need to prove that you can afford the monthly repayments of the loan (the unemployed are still considered).
- You will be asked to provide some or all of the following documents/information: incomes/expenses, bank statement, full name and any identification, details of any credits or benefits received and previous employment information.
When Will I Receive the Cash in My Bank Account?
If you’re unemployed and need money now then there are options available to you. Our lending panel consists of numerous companies that can offer guaranteed same day loans (or the same business day) and even money in 15 minutes (when their criteria is met). These options are perfect for those needing emergency money, but without the option to raise the funds elsewhere. You can even get longer durations such as 12 month loans with a same day payout!
* Please note that though these are fast lending options, they are still subject to eligibility checks as part of responsible loaning.
Uses For Your Fast Cash Advance
One of the many advantages of this type of lending is that you can use the cash received for any purpose you like. Typically, when people need money in a hurry and are currently out of work then it’s for a crucial payment that simply can’t wait. Here are some popular reasons why UK residents use MoneyFall:
- Broken-down vehicles that need immediate repairs
- The consolidation of other debts into one manageable amount.
- To quickly pay off unexpected bills for utilities or overspend on credit cards or store cards.
- Home emergencies such as house repairs, water leaks, roof repairs etc.
- As a wage day or payday advance to tie you over before starting a new job.
- Or maybe just a much-needed holiday for the family!
Your options really are endless, but you should always ensure that any money lent only goes towards the sole purpose to be certain the issue is resolved.
I’m a Student and Unemployed… Can I Get a Loan Today?
YES! We understand being a student can be financially difficult, and that even if you find yourself in-between part-time jobs you may need an advance to get you through the term. You will still need to meet the eligibility criteria and repayment terms as with everyone else, and be able to prove that you can afford the installments to avoid getting yourself into financial difficulty.
- Unemployed loans with same day pay-out options are now available from direct UK lenders.
- They can be used for any purpose including the consolidation of other debts.
- It’s also possible for students to obtain unemployed loans and receive the money on the same day.
Same Day Unemployed Loans FAQs
If I have lost my job, will I still be able to apply for a loan?
Yes. The lenders we work with are willing to accept applications for unemployed individuals, provided that they meet the required criteria with regards to being able to repay a loan.
Do I need a guarantor when applying for a loan?
Not always. However, if you think that your application could be declined for any reason, you may stand a better chance of having it accepted by being able to provide a legitimate guarantor. If you are unsure how this process works, the lender(s) that offer you loans will be more than willing to explain the process to you at the time of application.
Can students can apply for loans as well?
Yes. Our lenders fully understand that as a student, you will also require access to emergency funds at times. However, there will be specific criteria that you will need to meet before any lenders will be willing to provide you with a same day pay-out loan.
Will you need any form of collateral?
In most cases, no form of collateral will be required for you to secure a loan. However, it’s essential that all instalments be repaid on time or early. This will prevent you from experiencing severe financial difficulties further down the road.
Can I use these loans to pay for emergency repairs to my vehicle?
You most definitely can do this. Once you have obtained your funds, you will be allowed to use them in any legal way you wish. After all, if your vehicle has broken down, it can make it difficult for you to search for a new job.
How easy is it to apply for a loan?
It’s as quick and simple as filling in the website form. You will need to provide information regarding your income and expenses, while also providing a physical address that matches the one on your bank account. Once you have submitted this form, one or more of the lenders we work with will contact you.