When you have been made redundant, your access to funds is limited at the very time that you need to borrow money the most. Secured and unsecured loans for unemployed people are available for those who need fast cash from doorstep lenders and pawn shops. The cost of borrowing is not cheap. However, lender acceptance is 100% guaranteed.
Pawnbroker loans with no credit checks
How do pawn shop loans work?
Pawnbroker loans are collateral-based and involve the provision of an item of value with sufficient equity to cover the amount of money that you wish to borrow. Popular sources of collateral are gold, silver, diamonds, electrical goods and watches. Maximum value of a quick cash loan
The amount that you are able to borrow depends upon the valuation. Pawnbrokers typically provide cash loans for the unemployed while are equivalent to 40% to 50% of the items value. This ensures that there is sufficient value to cover any debt interest. What's the cost of a pawnbroker loan?
Although you should always compare rates, you will normally pay up to 25% per month. However, you can get a quick cash loan from Borro.com - an online pawnbroker - for up to £9,999 at only 5% per month. Duration of pawn shops loans
You can normally borrow money for up to a month. However, some same-day loans are available for up to six months. Subject to equity, most pawn shops are prepared to extend the term of the agreement.
Loans for the unemployed from a door-to-door lender
What is a doorstep company?
Doorstep lenders offer fast cash personal loans for the jobless without the need to pass a credit check. They are a form of unsecured cash advance loan that you can apply for online, over the phone or in person. Market-leading doorstep companies
The two best-known providers of doorstep cash loans are Provident Personal Credit and Greenwood Personal Credit. What's the term of a door-to-door loan?
You can decide on the repayment term, but new customers can borrow over a period of up to 52 weeks. Once you have established yourself as a reliable payer, you can borrow up to £2,500 over the next 106 weeks. Once approved by the lender, your local agent will call to explain everything and hand you the cash. How much will a doorstep loan cost me?
Rates vary based on the amount you borrow and duration of the advance. The longer the term and the more you borrow, the lower the rate of interest you'll pay. For example, a fast unsecured cash loan for £500 over 52 weeks from Provident Personal Credit will cost you £17.50 per week. The typical APR is 272.2% and the total amount that you'll repay is £910.