Short Term Loans - A Financial Blessing for Unemployed

The bad side of unemployment is that it stops the regular cash flow. You suddenly look for an option where you can get adequate funding with minimum obligations. Online short term loans for unemployed are purposefully provided to keep that cash flow despite the lack of full-time job.

The primary loan features are:-

  • No upfront charges
  • No restrictions of credit score
  • No delay in the loan approval
  • No fixed repayments, only flexible
  • No documentation process

Unemployment is what harms your finances badly, but you can reduce its impact by applying for short term loans for unemployed from direct lenders. The most significant benefit that you have is flexible interest rates and repayment policies.

How Credit Scores Impact Your Short-Term Unemployed Loans?

Credit scores of the borrowers have a direct impact on any loan application. Similarly, when you are unemployed and seeking a loan, your credit score will matter. If you want to see how it will matter, then continue to read below:-

Situation 1: If you have good or fair credit standing
Good credit borrowers are also welcome to apply for short-term unemployed loans to tide over. A good credit rating means the default risk is very low and you are highly committed to financial obligations. Your credit report produces credible evidence for convincing us that you will pay off the debt on time. As a result, you get the loan at comparatively lower interest rates.

Situation 2: If you have an impaired credit score
Credit score cannot always be stellar, unfortunately. RecentFinance does not treat financial irresponsibility as the only cause for late payments. Therefore, we try to support borrowers with poor credit history too by offering bad credit short term loans for unemployed. Because the default risk is high, you will get a deal at a bit higher yet affordable interest rate.

What are the Advantages of Short-term Instant Loans for Unemployed?

We are the responsible direct lender in the UK and committed to offering only affordable loans. We grant a deal only when you have the income capacity to repay the loan under the given schedule. Apart from that, we ensure several other loan benefits:-

  • You will get money on the same working day
    Our financial experts are experienced enough to consider a loan application within a few minutes. From the perusal of personal details mentioned in the form to the same day loan approval, they work hard to ensure same day fund release for you.
  • Transparent policy will not tie you up with hidden surprises
    We are committed to our lending norms. Therefore, the amount you will receive in your loan quote will remain until approval. There is no hidden surprise and upfront charge, only the interest rate to pay.
  • Your cash flows will serve the basis for repayments
    Repayments are crucial, especially when you already have a bad credit score. Therefore, our flexible repayments allow you to manage the monthly instalment from your part-time income.
  • The processing will not kill your time in documentation
    During unemployment, your primary need is to get the amount quickly to your bank account. Our easy and straightforward online application procedure does not involve too much documentation and allows quick approval and fund disbursal.

How to Apply for Short-term Loans for Unemployed in the UK

Applying for small loans will not be cumbersome for jobless individuals, as it involves simple steps and quick action.

Application Procedure Eligibility Criteria
Fill Out A Single-Page Online Form You must be residing in the UK for the last 7 years
Submit it and Get a quick loan quote You must have earned at least £700 per month
Confirm the quote and get our approval Your part-time income should be a minimum of £400 per month
Receive same day funding You must have an active UK bank account
Repay with easy monthly instalments You should have income proof of last employment

What Are Income Sources Applicable for Short-Term Loans Approval?

Paying off a loan is extremely important if you do not want to get tied up with a debt spiral. You must be wondering how you will pay back without a full-time job?

You can take out short-term cash loans for the unemployed as long as you have any income source. We consider multiple income options so that you do not have to struggle to access money, especially when you need it urgently. Here they are:

  • A part-time job/side gig
  • Social Security Income
  • Capital Gains Income
  • Pension Fund
  • Government Annuity
  • Retirement
  • Unemployment Benefits
  • Disability Income
  • Interest and Dividends Income
  • Housing Income
  • Spouse or Partner Income
  • Alimony or Child Support
  • Savings
Income sources accepted for small loans

Can you apply for unemployed loans during a career transition?

Many people dream of becoming their own boss, however, transition from full-time job to self-employment is not very easy. It may take forever. You may struggle to have enough finances to get your new business off the ground, but Short Term loans for unemployed can fill in crevices.

If you are no longer a full-time employee and completely focusing on your start-up, you can get money if you have any of these income sources:

  • Rental income or any fixed source of income, or/and
  • You have a part-time job, or/and
  • You work freelance, or/and

If you are serving a notice period with your current employer, we will estimate your repayment capacity after taking into account the following income sources:

  • Monthly salary of that particular month, and
  • Any other income source (rental income, dividend and interests etc)

If you are going to serve a notice period, suppose from next month, you will get the loan on basis of your current salary provided the repayment period of the loan expires before you complete the tenure of your service. If it extends, you should have a record of aforementioned income sources.

RecentFinance, as being the responsible private lender in the UK, helps the individuals who are seeking career transition and the students as well. For them, we have exclusive deals on short term loans for unemployed students.

What if you do not qualify for short term loans for unemployed?

A lender will always look over your income statement and repayment potential before signing off on. Just because the lending procedure is flexible, it does not mean that the lender cannot turn down your application. Small loans for unemployed with bad credit rating may be difficult to have approved as the lender may be sceptical about your repayments. So, what can you do?

Option 1: Arrange a guarantor
Turning down is not the final verdict. You can reapply for these loans by arranging a guarantor with a good credit rating. This mitigates the default risk as the lender can call upon the guarantor to pay off the debt when you fail. Such kinds of loans are called guaranteed loans for unemployed. The major benefit of these loans is you will get them at lower interest rates. However, the guarantor does not bear full debt obligation and will be solicited to pay when all sources of collection get exhausted.

Option 2: Arrange a co-signer if no guarantor
Co-signer enters into a contract when you borrow money with no guarantor and the size of your loan is big. Unlike a guarantor, a co-signer enters into debt obligation by signing a debt contract. It makes them contractually liable to pay off the debt without the lender needing to request them to pay off. Availability of a co-signer can help you get the loan at lower interest rates if they have a good credit rating. In case, any of you fail to meet the obligation on time, the credit rating of both parties will plummet. Same is the case with guarantor.

"Note that arranging a guarantor or a co-signer is mandatory only when you want to borrow a large amount of money. We require neither guarantor nor co-signer if your borrowing limit is small."

Why RecentFinance Short Term Loans Are Unique?

We feel glad to assist you during the tough financial circumstances. We, therefore, offer you short term loans unemployed with no fees because we do not want to increase the financial burden on you.

As we told earlier that we charge only the interest rates, and no other fee will be there.

One more advantage you have with us is that we do a relaxed credit check of each borrower. We know a hard credit check can leave footprints on your credit report. Therefore, we do a soft credit check to ensure that you get the loans on affordability and do not face any difficulty while making the loan repayments.

Therefore, your overall financial survival and growth is our primary objective.

recentfinance provides short-term loans for unemployed to both good credit and bad credit borrowers. Fund you needs today!

Short Term FAQs:
What are the short term loans for unemployed students?

Yes, you can get short term loans with no fees if you choose a trustworthy online lender. QuickLoansLender can be your option because we are committed to short term loans with no fees.

Why is it better to get short term loans for the unemployed from a direct lender?

Flexible lending is the primary reason to apply for short term unemployed loans from a direct lender. Unlike conventional lenders, you get the loans on such interest rates and repayment plans that you can afford. The lender is ready to amend any clause in the loan deal after analysing your financial scenario.

How much amount Can I borrow in short term loans for the unemployed?

It depends upon two factors:

  • What is your actual financial need?
  • How much can you afford?

Based on these factors, you can apply for loans up to 5000.

Can I get a short term loan without proof of income?

You can get short term loan without proof of income, but you should either pre-registered with us or borrow a very small amount. But yes, the possibility is there for almost the guaranteed loan approval.

Where can I get short term loans for unemployed with bad credit?

You can get short term loans for the unemployed with a bad credit score from direct lenders like us. We have adopted a soft approach towards the credit scores and approve the loan applications based on:

  • Your recent credit performance
  • How much high your part-time income is for making the repayments
Can I get a short term loan with no fees?

Yes, you can get short term loans with no fees if you choose a trustworthy online lender. RecentFinance can be your option because we are committed to short term loans with no fees..

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