Are you unemployed but need emergency cash? Personal Loans Now offer loans for unemployed and people on benefits as part of our credit on demand service. No guarantor is needed and you can apply even with bad credit! Apply now for any loan amount up to £25,000 and get an instant decision.
Loans for Unemployed People
There are lots of reasons that you can find yourself unemployed. You may be in between jobs, have just been made redundant, are a student or are unable to work due to a disability. Whatever the case, you could still find that you need the occasional extra cash injection to get you through a rough patch.
Well, you’ll be happy to know that being unemployed should not hinder your attempts at securing a loan. Of course, this is long as you have a steady source of income and can afford repayments. However, if your income is very low or hard to prove, you may need to consider secured loans. For example, homeowner loans or pawnbroker loans instead.
If you’re unemployed but in the receipt of benefits, we can still approve you for all types of loans. Many people think that the best loans for unemployed people on benefits are doorstep loans. This is because you can pay monthly or weekly and you don’t have to have a bank account. Also, the approval rate is high since all the interactions are face to face. Nevertheless, doorstep cash loans for unemployed people are not very well regulated and can be unsafe.
All in all, it’s safer and easier to apply for loans for people on benefits from direct lenders like PLNOW. If we cannot offer you a loan, we aim to help you through Monevo’s Lender Panel even if you have bad credit. The range of products includes unsecured personal loans, payday loans, short term loans and long term loans.
You Might Be Eligible to Apply for a Budgeting Loan Online
What is a budgeting loan online?
If you’ve been on certain benefits for at least six months, you may qualify for a budgeting loan online. These are interest-free, government-issued loans designed to help you cover basic living expenses such as rent, clothing and travel costs. A budgeting loan is a small amount of credit, up to £348 for a single, £464 with a partner, and ££812 if you are claiming Child Benefits. You typically have two years to pay back the loan, and the repayments come out of your benefits based on what you can afford.
Can I apply for a budgeting loan online?
Yes. if you meet the qualifications, you can apply here with the budgeting loan form online. Alternatively, you can fill out a paper application and submit it by post or in person at your local JobCentre Plus.
How long does a budgeting loan take online?
You should get a response to your application within 20 working days if you applied online (25 days if you applied by post). If you choose to accept the loan offer, sign the contract and return it by mail. They will fund the money to your bank, credit union account, or building society within 12 business days. Overall, a budgeting loan online can be a good option if you’re on benefits, but it is a lengthy process. If you need a faster solution, then keep reading.
I’m on benefits and need a loan fast, how long will it take?
If you’re looking for instant cash loans for people on benefits, your best shot is to apply with an online loan lender providing same day loans for people on benefits. Rather than having to search through many lender websites, you can use a site like Personal Loans Now where you get the best of both worlds. We are a direct lender who can offer higher acceptance rates due to our access to Monevo’s large panel of lenders. As long as you can show that you have a steady income of benefits, we can try and help you get benefit loans today.
Do Personal Loans Now offer disability loans?
You’ll be happy to hear that our website may be able to provide you a loan, even if you are on disability benefits. If we can’t, we have links to a vast network of all types of online lenders. Some of the lenders Monevo work with offer same day loans for disabled people in the UK. You’ll need to have a steady cash flow of disability benefits and/or other income that will cover the cost of the loan. Online loans for people on disability benefits can be hard to find. But using Personal Loans Now can make the application process quicker and easier.
If you do not have a job, you may find it harder to secure a loan even if you have a great income from benefits. Or, if you have a job but your income is hard to prove (such as if you’re self employed), lenders may refuse to lend to you. For this exact reason, Personal Loans Now not only provide loans for the unemployed, but if we can’t then we access Monevo’s large panel of lenders and their products to see who can approve you. Apply now and see how quickly it works!
How can I get an unemployed loan with no guarantor?
If you don’t have a guarantor or don’t want to use a guarantor, you can still get credit for unemployed people. This is as long as you have a steady income of some sort. For example, loans for single mums on benefits can be arranged. This is as long as there is disposable income from the benefit payments to cover the cost of the loan. Of course, if you do not have a job, getting a loan with a guarantor is likely to be easier as guarantor loans tend to require less income verification and affordability checks.
Can I get loans for unemployed with bad credit?
If you have a poor credit score and unemployed, your options will be limited. But you can still find lenders that offer credit for unemployed people with bad credit and no guarantor. At Personal Loans Now, we can help you find the right no guarantor loans direct lender for your needs with just the click of a button. The best part is that there are no fees for our service. Still, we always recommend that you try and improve your credit rating before applying for cash loans for bad credit and unemployed people.
Will I find guaranteed loans for unemployed people in the UK?
If a lender offers you a guaranteed loan when you are unemployed or on a low income, something is not right. Every responsible lender is legally required to check that you can afford to repay your loan. This will avoid putting you under further financial duress.
To put it bluntly, quick loans for the unemployed with no credit checks are most likely illegal and the lenders providing them are probably not following the FCA responsible lending guidelines. Luckily, most lenders care more about your ability to repay the loan rather than your credit history. So, we don’t offer guaranteed loans. But we have quite a high approval rate for people on benefits or low income. This is due to our credit on demand scheme that has access to a wide range of unemployed bad credit direct lenders.
How long will it take to get my loan for unemployed?
This depends on the lender. Instant cash loans for the unemployed can be hard to find online. We are one of the few companies who can help you. If you’re approved and accept the loan offer, the fast unemployed cash advance loan is normally sent same day. Most lenders are reluctant to offer these loans because they may need further verification of your income. However, once approved, most lenders payout unemployed loans on the same day.
Unemployed loan alternatives:
If you’re unemployed and need a loan quickly and you’re worried about your poor credit score, unemployed loans are not the only option available.
- Payday loans for unemployed – These are smaller loans for shorter periods of time. Payday lenders may ask you to provide proof of another steady source of income, such as benefits etc.
- Cash Loans to your door for unemployed people are convenient and good without a bank account. However, there are usually charges and very high-interest rates on these loans.
- Personal loans UK for the unemployed don’t require you to put up any possessions as security. However, this again is difficult to find as the risks are higher. Lenders are more inclined to lend to people with a good credit score.
- Credit cards for the unemployed offer a flexible repayment plan. The interest rates are usually higher, and the credit limit will be lower too. This is a good option for people with a bad credit history.
We always encourage you to research all your options before signing any agreement. In some cases, Personal Loans Now credit for unemployed people may be the perfect option for you.
Loans for unemployed from Personal Loans Now
Personal Loans Now specialises in trying to help you find a loan whatever your situation may be. As a premium direct lender and credit broker, (fully authorised and regulated by the financial conduct authority) we are confident that if you deserve and can afford to take a loan we will be able to help you. Whether you’re unemployed, on benefits or have bad credit, we’ll happily review your application. Apply now to borrow a loan of £1,000 up to £25,000*. You’ll receive a loan decision within 90 seconds. If approved, you can receive the money in your bank account the same day.