What Are Unemployed Loans With No Guarantor?

Unemployment is indeed a significant setback to your financial life. There is no monthly income, and it brings a lot of challenges in handling various expenses. Another challenge that arrives is when you apply for a loan and get denial because you do not have any guarantor to back you.

Hardly any person would agree to take the loan guarantee of a jobless individual. For such circumstances, loans for unemployed with no guarantor come into the picture. These are specialised lending products applicable to unemployed people who struggle to find a reliable person as their guarantor.

These are the short term loans applicable during a financial emergency or when you need funds urgently. The approval is based on the part-time income or the benefits that the unemployed receive from the government.

Once you borrow funds, you can use them for various purposes. These include:-

  • Paying Credit Card Bills
  • Consolidating Debts
  • Paying Monthly Rent
  • Buying necessary Gadget
  • Paying University’s Fees
  • Home Improvement
  • Urgent Car Repair
  • Filling Funding Gap
  • Holiday Expenses
Benefits of loans with no guarantor

How To Qualify For Loans Without Guarantor As Unemployed?

You have one relief to qualify, i.e. applying for loans for the unemployed in the UK with no guarantor needed. However, it does not mean that you do not have any condition to fulfil. At RecentFinance, we have kept a few qualifying criteria but not the harsh ones. We think anyone can execute these requirements.

  • Age : Many lenders have different age criteria for the borrowers. Some keep the minimum age to 18, while others keep 21 as the starting age to apply for unemployed loans with no guarantor. We welcome the loan applications of any jobless person between the ages of 18-21.
  • Income : It is evident that you get the loans without a full-time income. Still, you need some sort of income source to ensure the loan repayments. Therefore, we can accept your loan request if you earn at least £400 as your part-time income. If you are a retired person, £300 can be acceptable.
  • Residency : We primarily prefer those individuals who are permanent residents of the United Kingdom. People who are residing at least for the last 7 years in the UK can also apply. Sometimes, we do accept loan applications of those who are on a special visa.
  • Bank Account : You need to have an active bank account in the UK to get the loan approval. We required your bank account details only to transfer the loan amount. We ensure you that your details will be safe and secure with us and no third party will know these.

How To Apply For Instant Loans For Unemployed With No Guarantor?

Once you qualify for the loans, your next query will be to know the application procedure. We have kept simple and straightforward steps to ensure no guarantor loans on instant approval. As being our prospective borrower, you should know that we accept only online loan applications.

At RecentFinance, there are three modes of applying for loans for the unemployed with no guarantor. These are:-

On our website: The primary way of applying for the loans is to come to our website and fill out a single-page online form. Only a few personal details are required, and submit it. Based on your requirement, we instantly revert to you with a suitable loan quote. Accept it and get the funds on the same day.

On your doorstep: We also offer cash at the door service to the unemployed, and there is no need for a guarantor. You apply online, but the procedure will be followed at your home and between you and our representative. The same agent will come to your home to receive loan repayment.

On your Smartphone: You can also utilise your Smartphone to apply for loans. It is the best option when you are in extreme emergencies. You can either open our website on your phone or send us a text message. You will get an instant response from us.

Can I Get Loans For Unemployed With Bad Credit And No Guarantor?

Many studies have proved that unemployed people have a particular concern about their credit scores. They usually have bad credit because of the least monthly income and the presence of many expenses.

To counter this situation, there is always a demand of loans for the unemployed with bad credit and no guarantor from a direct lender. We are the responsible private lender in the UK and offer the same loans with complete responsibility.

How these loans can be possible?

You must be wondering how these loans have become a possibility. We accept your loan application despite bad credit, no employment, and no guarantor if:-

  • You can afford the loan repayment through your monthly income;
  • You are applying for the smaller amount for which these conditions can be neglected;
  • You are pledging an asset as the loan security (this will be for the higher amount to borrow);
  • Your recent financial performance is showing signs of improvement;
  • You have bad credit just because of the circumstances and it is not your mistake.
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RecentFinance offers personal loans for the unemployed with bad credit with full accountability. Therefore, you get the approval only on your loan affordability and with lots of benefits mentioned below.

What Are The Benefits Of Loans For The Unemployed With Bad Credit?

We know that no obligation of presenting a guarantor has itself been a sign of relief for many unemployed borrowers. The acceptance of bad credit adds more to their satisfaction with us. This is not all because we offer unemployed loans for bad credit with no guarantor on benefits, which means a lot to your financial stability. Some of them are explained here:-

  • Flexible Repayments :Floating interest rates have the backup of flexible repayment terms. Yes, we give multiple choices of repayment terms, i.e. from 6 months to 60 months. You can choose on you think it is manageable to repay throughout the loan term. For any confusion, you can ask our experts.
  • No Credit Check : Your much improved recent financial performance allows us not to check your credit history. In the UK marketplace where traditional lenders perform the hard credit check that leaves search footprints, we follow soft or no credit check policy to permit smooth loan approval.
  • No Upfront Fees :With limited money, you indeed wish to get loans for bad credit with no guarantor and no fees from the direct lender. First, you get an obligation-free loan quote from us and later, you need to pay no upfront charges. Only the interest rates are included in the loan costs, which will be according to your financial capacity. We keep interest rates on the variable side to match everyone’s personal ends.
  • Quick Loan Approval :Irrespective of your poor credit history and unemployment, we still let you get instant loan approval from us. There will be no delay in the loan acceptance and fund disbursal. Both are done on the same day or, in fact, within a few minutes if you have submitted an error-free loan application.
  • Improvement in Credit Scores :Irrespective of your poor credit history and unemployment, we still let you get instant loan approval from us. There will be no delay in the loan acceptance and fund disbursal. Both are done on the same day or, in fact, within a few minutes if you have submitted an error-free loan application.

Why Recentfinance For Loans For Unemployed In The Uk With No Guarantor?

When you have lost your job, you lose the grip of your financial life. You research for a reliable lender to have unemployed loans with no guarantor with aspirations like:

  • The lender not only backs you with sufficient funding but also assisting in achieving financial stability until finding out the new employment;
  • It can understand your financial limitations and make lending terms and conditions on the lenient side.

RecentFinance knows well what challenges that you are facing currently. Therefore, you will find our loan advantages quite different from other direct lenders in the UK. With us, you get more and more facilities despite no full-time job and having a poor credit issue.

Long Term Funding: We can assign long term loans for the unemployed with no guarantor if you have submitted the loan collateral.

Guidance from our experts: You do not need to worry about any clause of a loan deal. Ask our loan experts anytime and without paying even a single pound.

More flexibility for first-time borrowers: We can be more flexible when we receive the loan applications from those applying for the first time. They can get reasonable interest rates and a great chance of building a credible credit history.

When you are looking for urgent funding, your research should be on direct lending. Approaching a loan broker is impractical, as it will add more burden to your already struggling finances. Come to us directly and start applying now for loans for unemployed with no guarantor.

No Guarantor Loans FAQs:
Can I get a no guarantor loan if I am unemployed?

We all know that there are various loan options available for people who are in a regular job and earning well. But the same is not true for people who are searching a job or are unemployed. If you are in the UK and have some financial problems while being unemployed, is there any loan you can take? Yes, there is.Unemployed people in the UK can take advantage of no guarantor loans and take care of their personal expenditure.

How can I get a no guarantor loan online instantly?

Being unemployed poses many difficulties in our day to day life from personal finances to paying rent and food. It is really not a good state to be in. However, there are loan options available for unemployed people in the UK and one such type is no guarantor loans which you can get instantly online. All you need to do is just go online and search for a lender at a competitive rate and apply there. Once you send the application, you will get the status update shortly. After your application got approved, the fund will be sent into your bank account within hours.

What happens if the borrower fails to repay the loan?

Though it is not a good practice to miss or delay your loan repayment, due to some reason people fail to repay the loan. There are consequences to this. If you fail to repay your loan, you might have to pay extra charge and interest on the missed payment. Failing to repay your loan will badly damage your credit score which will create problem in the future. If the situation becomes worse then you may get a CCJ also. You have to declare yourself bankrupt and might have to lose possessions. Hence, it is better to repay the loan on time and avoid complications in life.

Can I skip a no guarantor loan payment?

Each lender has different terms and conditions for missing repayment. You must have gone through all terms and conditions before taking the loan. And you think you are about to skip the payment of your loan; contact your lender to inform them. They will look for options, can change your payment date and if possible can waive off some fee as well. After all, they want their money back and obviously will help you they sense of a chance of getting it.

How can I get rid of my no guarantor loans fast?

That sounds really very good! This is definitely an attribute you should look when researching options. There are many lenders who give the option of early repayment. So it is better to take a loan from those lenders who let you repay the loan before schedule time without any charges. Most of the lenders will allow you to pay early but some may charge extra money because of probable loss of interest for them.

Can I get a no guarantor loan if I just started a new job?

Definitely, you can get a no guarantor loan if you have just started a new job. As you know this type of loan is for a small amount without any collateral. Also, this is the best choice for an unemployed person. Though, lenders charge a high rate of interest. They are only concerned about your income and since you just started a new job means you can pay them back on time. So, it is not an issue for lenders to offer you no guarantor loan.

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