If you have just recently been made redundant and are claiming benefits, or are currently in-between jobs or perhaps you just don’t take paid employment, you may have automatically assumed that you will not qualify for any loan on the market. However, that is far from being the case. So if you are in a situation where you need or would like to get a loan (for example, this may be to carry out home improvements on your property or to buy a new vehicle) then this guide written by Proper Finance can help you find a loan whilst you are unemployed, as well as providing you with all the information you need to know about getting one.
As previously mentioned, it is a common assumption that you will not be able to apply for credit if are not employed. This is the case for a large number of high street banks and building societies across the UK, declining you on the spot if you are not above a certain income, and therefore not receiving a regular income from a salary.
Loans that are provided on the basis that the borrower will most likely be able to repay the debt on time. As a result, the better your financial situation is, the more likely you will be able to benefit from the best rates that the lender offers.
But it doesn’t mean you cannot get a loan whilst you are unemployed under any circumstances. Proper Finance works with a number of leading reputable lenders across the country who would be willing to provide you with an affordable loan even if you are unemployed.
Whilst you will not have to pay upfront fees with Proper Finance for using our services, and never will have to (even if you make an application with us) as it will always remain completely free to use.
However, if you do get approved for a loan whilst you are not in employment, there will obviously be fees with the lender directly that you will need to take into consideration. You also need to remember that these fees might be higher given the element of risk that the lender is taking by lending you cash. For example, you may have to pay a higher rate of interest.
Proper Finance works with other 100 lenders, all FCA regulated and authorised, who provide a variety of financial products to its customers. If you are looking for a loan whilst you are unemployed, you have a few different options with specialist lenders. These typically include the following:
If you are looking to get a little extra cash to carry out home improvements or a sudden emergency, then take a look at making an application with Proper Finance. All you need to do is click on the apply now button on our website, and then fill out the application form. This will take you less than 10 minutes to complete in total.
When you make an application with us, we will run a soft check on your file. There is no need to worry about this impacting on your credit score! Unlike a hard credit search, this does not leave a footprint on your file for other creditors to see. It is simply done by our team in order to help you find the very best rates on offer, and the right loan for you based on your financial circumstances.