Types of unemployed loans

When you're out of work, it's more difficult to get lenders to offer you credit. If you have been rejected by your bank and need quick cash today, it's worth considering some of the alternatives. Cash loans for unemployed people are available from specialist niche lenders, on a secured or unsecured basis. You don't need to pass a credit check.

What are loans for unemployed people?

Loans for unemployed people Joblessness leads to an increased demand for money, at the very point in your life, when it's most difficult to get an application for a quick cash loan approved. If you need a fast personal loan, you're unlikely to enjoy applying to the banks. Same-day loans are provided to the out of work by niche lenders, who are experts at under-writing risk. The cost of borrowing is normally high, but you'll get cash quickly, without having to pass a credit check, at any stage of the application process.

Types of cash loans for the unemployed

Doorstep lenders Door-to-door lenders, such as Provident Personal Credit and Greenwood Personal Credit, offer new and existing customers a quick personal loan for up to £500. You can submit your application over the phone, online or in person. If you need money fast and don't have a bank account, your local agent will deliver the cash to your door within three working days. If you prove yourself to be a reliable payer, subject to affordability, then you'll be able to borrow up to £2,500 in the future. Family loans If you want to minimise the amount of interest you pay on a fast cash personal loan, it's worth asking a close friend or family member if they're prepared to lend you some cash. You'll normally only pay a nominal amount of interest and won't have to undergo a credit check. If you do run into financial difficulties, you can always talk to your relative to avoid any family friction. Credit card cash advance If you have an existing charge card, most issuers will allow you to withdraw a percentage of your credit limit from an ATM. You'll pay a small administrative fee and a higher rate of interest, but it's cheaper than many of the alternatives. Pawn-broker loans Provided that you have collateral, such as gold or jewelery, you're able to borrow money against it. Your collateral will be assessed and you'll typically be able to get a cash advance for up to 50% of the item's value. If you fail to repay a loan from a pawn shop, your collateral will be sold, in order to clear the principal and any interest, that has accrued.