Unemployment is an unavoidable situation that you face at some stage in your life. It affects your financial well-being as well as emotional and social health. As there is no steady source of income, so you look around for financial help from family, friends, relatives, and of course lending companies.
Loans for the unemployed seem a practical option as you can borrow a good amount to overcome your financial crisis. Moreover, you have plenty of time to repay the availed credit in monthly EMIs.
Why Online Unemployed Loans are Better?
The offline loan approval process of typical lenders and banks in the UK is outdated and tiresome. A jobless person would love to go daily for the job interviews instead of wasting time in knocking the doors of the typical lenders & banks.
But the modern online lenders in the UK follow a different approach. They offer quick unemployed loans approved on the same day of your loan application at an affordable interest rate.
So, there is no queue, no fuss, no stress, no faxing and no collateral. You can avail any credit amount without pledging your lovely home or car.
How to Choose the Best Deal on an Unemployed Loan?
There are hundreds of lenders in the UK who offer online loans for unemployed. Now, the question is which lender or deal is the best. Some lenders are really genuine and some are fake. You need to be highly careful before choosing a lender. A right lender can become your helping hand and a wrong lender can add more financial worries to your jobless life. So choice is yours!
Let’s have a look at top 10 smart tips to get the best deal on an unemployed loan:
1. Smartly Play the Comparison Game
Choosing the right lender is a tricky task. All online lenders promise you to offer a hassle-free borrowing experience, but actually a very few fulfil their promises. You should compare their lending services in terms of interest rates, repayment schedule, loan approval time, APR, funds disbursal time, customer care, and more.
2. Say YES to Reliable Lenders Only
Your financial situation is already critical. So, you can’t afford to face more stress by choosing a bogus lender. Check the websites of only those lenders who have been delivering top-notch lending services in the UK for a long time. You can choose a new lending company only if it offers amazing loan solutions.
3. Guaranteed Unemployed Loans are Safe
An assured jobless loan is the only option to come out of this financial emergency. Look for the top lenders in the UK who offer guaranteed unemployed loans with no guarantor and no extra fee. There are some reliable brokers in the UK who assist you in securing an assured no job credit at the cheaper interest rates.
4. Bad Credit Loans for the Unemployed
If a person is jobless and his credit history is bad, then it is a double worry situation for him. It is likely that the traditional lenders reject his loan application or ask for collateral. But online lenders in the UK take risks and offer bad credit loans to the jobless people without any guarantor.
5. No Credit Check Unemployed Loans Make you Stress-Free
Do you have a zero credit score? Are you a first-time borrower? Are you ashamed of your negative credit rating? Well, there are direct lenders in the UK who offer unemployed loans without any credit check. They are genuinely concerned about the financial problems that jobless people face.
6. Explore the Hidden Charges
Many lenders in the UK advertise that they don’t charge extra for offering loans to the unemployed population. But exceptions are always there. Once the loan is availed, some of the lenders add additional fee and other hidden charges to the bill and send to the borrowers. You need to be smart for exploring the hidden charges. Contact their customer care and enquire if there is any upfront fee or file processing charge.
7. Be Careful of Fake Ratings and Feedback
Loan ratings, reviews and feedback given by the old customers are really helpful. But there are cases when lending companies put excellent ratings and write good words about their services. Video feedback posted by the customers is more reliable than the written testimonials.
8. Always Read Terms & Conditions to Avoid Surprises
Never apply for an unemployed loan before going through the terms & conditions. Who knows what surprise is waiting for you inside the box. Many lenders boast of offering no extra fee loans, but in actual, they levy various charges with some other names and trouble their customers.
9. Choose Only Authorized Lenders
Availing a jobless loan from an illegal lender can land you in trouble. Get an unemployed loan from the legitimate lenders only. Check if they have any certification signed by the concerned department of the UK government.
10. Flexible Loans are Better
If you are jobless then it is pretty obvious that you can’t give high amount monthly EMIs to clear off your loan. Choose a lender who can offer you a flexible long tenure so that you can repay the debt without an extra financial burden.
Whether you are employed or unemployed, if you have taken a loan, then you need to repay it on time. Some employers do check credit histories of the job seekers. If you have defaulted loans, then it may negatively impact your job chances. So, always try to improve your credit score.