What are Payday Loans for Unemployed?

Traditionally, it has been hard to borrow money from lenders due to unemployment. However, you do not need to strangulate your desires now as RecentFinance provides payday loans for unemployed, which you can use during financial emergency.

You can take out these quick loans when you do not have a full-time employment but you must have a steady source of income, for instance, rental income, to make payments possible. We will lend you money instantly after analysing your repayment capacity.

Do not let other lenders call you on for meetings after meetings when you can apply for the unemployed loans anytime from anywhere. Whether you are out of work or living on benefits, bad credit scorer, or no availability of guarantor, flexible repayments makes it possible for you.

Advantages Of Payday Loans For Unemployed From Direct Lenders

Small loans are beneficial during financial emergencies. It is mainly because the procedure is not cumbersome, and paperwork merely becomes a formality. The same thing applies to payday loans for unemployed from direct lenders like us.

We bring everything convenient to you, including these benefits:-

  • Chance of Guaranteed Approval

    Borrowing from conventional lenders may not guarantee you loan approval. With direct lenders, you have more chances of guaranteed approval as the criterion is your income capacity. If you are earning good, you can get the guaranteed loan acceptance.

  • Easy Monthly Instalments

    We follow the flexible lending policies, and thus, the repayment schedule is adjustable too. You can select your own convenient repayment term according to your income capacity. If you repay the loan on time, it helps in improving the credit scores too.

  • Less Importance of Credit Score Criteria

    Gone are the days when the lenders accepted only those applications where good credit scores were mentioned. We have changed that trend and prepared to offer payday loans despite poor credit score. The interest rates remain competitive.

  • Instant Approval

    It is the most significant aspect of small loans like payday loans. You get the approval within a few minutes if your application does not have any flaw. In fact, we disburse the amount on the same day in the UK.

  • Loans on Affordability

    We approve payday loan application only based on your income capacity. Sometimes, we also do soft credit checks to ensure you get the loan according to your affordability.

If Not Working Full-Time, How Can I Convince Lender for Repayments?

It is true that any lender would like to see full-time income status, credit history and current score before approving the loan applications. But when you are out of work, then how will you convince the lender? Well, you still have these options to utilise:

  • Government Benefits
  • Disability income
  • Unemployment benefits
  • Housing income
  • Retirement
  • Pension Fund
  • Employment offers
  • Capital gains income

Loans For People On Benefits Are Simply Accessible

The ideal situation to borrow money is emergencies and they can happen to anyone regardless of employment status. The payday loans for unemployed people on benefits tide over their expenses.

Unlike other direct lenders in the UK, we are quite open to loan applications even if you live on benefits. In fact, we can accept these benefits as the repayment source if they are in the funding amount. Even if you are retired and dependent on your pension, you are free to apply for these loans with no guarantor and collateral.

Repayment terms for people on benefits are flexible, so you can manage to repay whole of the debt on time. Fill out and submit the payday loan application online. We will review your profile and your loan will be processed instantly either through online or doorstep service.

You need to know that you should be earning a part-time income of a minimum of £400 per month besides these benefits. It helps you keep paying the repayments on time, and thus, there is no need to bring any guarantor to do this.

How Can I Get Fast Cash Advance If I Am Unemployed?

During a financial emergency, you cannot wait for long to receive financial help. As the responsible online lender in the UK, we understand your needs and prepare fast cash advance payday loans for unemployed.

Here are the features of these specified loan deals:-

  • We take your loan application either through a soft credit check or no credit check. It helps in bringing fast cash to your bank account;
  • There is no need to open only a laptop or PC to apply. Instead, you can unlock your Smartphone and apply by sending a text message;
  • RecentFinance represents an ideal lending platform where we offer doorstep lending facility to our borrowers. From loan application to fund disbursal, our qualified agent does everything at your home;
  • We do not need paperwork for the small loans because the application mode is online. However, we offer long-term funds online, but small loans need only your income capacity to get the approval.

It is correct that you get the cash advance quickly from us, but still, you should borrow the amount according to your capacity. It is suitable for your overall financial record.

Can You Get Student Payday Loans for Unemployed?

It is hard for jobless students to cope up with their financial needs. With no broker involvement and no upfront fees, you will get cash ranging from £1000 to £5000. You can use the amount for any purpose such as:

  • Education fees
  • Paying bills
  • Hostel rent
  • Credit card dues
  • Buying stationery
Student Payday Loans for Unemployed

Your application for student payday loans for unemployed will be approved if you prove your capability to pay off the debt and you submit evidence to prove that you are a student. You can submit any type of funds like a part-time job wage, grant, and intern stipend as a part of your income. The interest rates for student payday loans are lower than cash advances for unemployed.

Can You Apply For Payday Loans for Unemployed With Bad Credit?

Bad credit is no longer a hindrance when you apply for the unemployed loan from direct lenders in the UK. Unemployed payday loans with bad credit carry a bit high interest because your credit history is not favouring you. We determine the disbursal amount and interest rate after considering the risk of defaults and your income statement.

The application procedure will not leave a footprint on your credit report. The timeframe of these loans vary from 14 to 28 days depending on your next payday. The whole amount is paid off the same day when you receive your pay cheque.

Apply Payday Loans Even Without Guarantor

Finding a guarantor with a good credit history is almost impossible when you have come across unknown expenses. Knowing that you need funds urgently, RecentFinance provides you with unemployed payday loans without guarantor. You will get funds instantly if your credit history is excellent and you will pay your debt with lower interest.

If your credit history is disappointing, you will get funds at a higher interest rate compared to borrowers with a good credit history. Please note that you may have difficulty getting your loan approved if your score is very poor. Other eligibility conditions are as follow:

  • You must be 18-years-old or over
  • You must have a functional bank account
  • Hostel rent
  • You must be the resident of the UK
Payday Loans With No Credit Check in 15 Minutes

Direct lenders always run a soft credit check before transferring funds to your account. The difference between a soft credit and hard credit check is former does not pull your score. Payday loans with no credit check work best when you need funds on an instant and they are also considered ideal for those borrowing for the first time, which means with no credit history. Rest terms and conditions are as same as other short term loans with bad credit.

Payday Loans FAQs:
Can you get a payday loan if you are unemployed?

Yes, to receive funds, you need to submit any source of income such as government benefits, a part-time job, rental income, and the like. You should have a bank account and your age should be at least 18-years-old.

Can I get an unemployed payday loan with no income?

Well, it would be very hard to get unemployed payday loan with no income. Lenders do need some sort of assurance of getting their funds back for which they need any earning source from the borrowers. However, there can be two ways to have such privilege:

  • You may either arrange a guarantor who can co-sign the agreement and make repayment on your behalf; or
  • If you have an offer letter of your next employment, then show it to your lender and convey it that you will make repayment through your first pay cheque.
How can I find the direct lender for payday loans for unemployed?

It is very easy to find out the direct lender to apply for payday loans for unemployed situation. You just have to do either of these things and get the best deal to your favour:

  • Do an online research to compare the rates of varied lenders and choose the most perfect one with good reputation at the marketplace
  • You can ask those people, who are in your network and have already applied payday loans from a particular direct lender. Take their views seriously
Do unpaid payday loans affect credit?

If you do not pay back your payday debt on time, your score will go down. In fact, all loans affect your credit rating. Timely payment will improve it and defaults will pull your score.

How do you get approved for payday loans?

You will fill an online application form along with documents to prove your age, employment status and income sources. We will quickly analyse your reimbursement capacity and then disburse funds.

Can you get a payday loan for unemployed without a bank account?

Very difficult, yes. Lenders do require bank account to transfer the loan amount and to get out the payment on the said date. If there is any chance, then you have these ways:

  • Convince the lender if it agrees to give funds in cash and receive the repayments in the same way
  • If above one not works for you, then it would be better to opt for doorstep loans which provide the best alternative to payday loans on same amount

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