• Alan Jose
  • July 11, 2018

Considering all the possibilities created by the advancing lending market, the answer to this question can be YES but with reasons. It is true that for availing unemployment loans in the UK, you have to do much struggle. High street lenders are reluctant towards unemployment status and you have to find some alternate.

Some loan options are there in the online loan market. They can make you realise, that how is it possible to get loans for unemployment without guarantor. Below are the factors that can make borrowing happen without obligation. You read them and see if they can work for you as well.

Recent financial status in good condition brings hope

Providing funds without taking any guarantee or security can be risky for a lender. There should be some sort of surety from the borrower that he will repay the loan time or he has the repay capacity. Before losing the job recently, if your financial situation was stable, the lender can get convinced to lend you.

Your offer letter too carries the potential

Oh, this is going to be a real fortunate thing. You were in a constant and desperate need of new job and luckily, you got one. The company has already given you an offer letter, which indicates your stable financial life ahead. On seeing this, the lender can simply understand that you are back again and soon will start earning regularly.

Good credit performance matters

It is true that, when you stop earning, your debts and financial obligations start increasing and this may degrade your credit ratings. But this is not a sudden thing to happen when you lose your job. Savings, friends and family are some sources of emergency money that help you stay stable for at least a short period of time. In this duration if you are applying for the loan, no pending obligations will show on your credit records. If previously they were good then the lender will be happy to lend a person with good credit scores. It tells about your past financial behaviour and proving yourself responsible can help you get an easy approval on the loans without guarantor for unemployed.

Make sure you are not going beyond your affordability

When you apply for a loan, the lending company checks your affordability against the loan amount. In case you want which has monthly instalment more than your repay capacity, you face rejection. The lender raises doubts that how will you manage to pay that particular amount in instalment. To avoid this, it is good to apply for that amount only which you can actually repay. In case of unemployment, this factor becomes even more important. Use the loan calculator and find out the monthly instalment. In case of slightest doubt, tailor your needs and take the amount that you can afford. Loan companies are very rational and they never like over-confident customers because this can make them face a huge financial loss.

Stay honest to the lender guidelines

More you cooperate to the loan company more are the chances of getting approval. You cannot argue on the rates after a certain limit. The lender will do the best to provide you a tailored deal. Beyond that, the company cannot compromise with its own profit concerns. Besides, provide every detail they want from you. Attach the required details with your online loan application as required by the loan lender. If the company is taking your follow-up to provide any information, then act proactively. Respond to their calls without any delay. They have many other loan applications to consider, but you may have only one or very few options. A borrower who does not cooperate is of no interest for the lender too. By making suitable cooperation and by staying loyal to the guidelines you can get the funds without the guarantor.

Apply with bad credit scores and not with worst credit scores

Yes, nowadays with the emergence of new age online lending, borrowing despite bad credit scores has become possible. There is a range of no guarantor as well as unsecured loans for bad credit and unemployed. But notice that they are for bad credit and not for the worst credit scorers. There is a difference and hope you know that. If not, then see the small table below

Bad Credit Scores 561-720
Worst Credit Scores 0 – 560

For a successful conclusion, it is necessary to do a good start and keep solving the problems that come in your way. Remember the above points and follow them and you can get the funds despite unemployment, in spite of bad credits and without guarantor.

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Representative Example

Amount of credit €2,500 for 2 years. Interest rate: 75.3% pa (fixed). 24 scheduled monthly payments of €204.29. Total repayment of €4,902.91. Interest: €2,402.91.Representative 107.57% APR.

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