Loan for the unemployed
One of the first things that are considered for a loan in UK is that whether the applicant is employed or not. Every lender asks for a proof of income before actually approving the loan. No income proof can create hurdles for you from getting a loan if you are still looking for a job. If you are stuck in any such situation, it would be wise to go for unsecured loan for unemployed.
Since it is meant for the unemployed people, there is absolutely no need for a proof of income. Also there are fewer formalities involved in the approval of these loans.
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The loan is taken by the borrowers for certain specific purposes. Often borrowers take this loan to fulfil their immediate requirements. Mostly, the borrowers utilize the money from these loans to take care of their outstanding debts, medical emergency and other such situations that require urgent cash. Some people take the loan for essential expenses like, paying the school fees. A fraction of borrowers also use the money from the loan, to build assets.
Features
Unsecured loan for unemployed is very different from the usual loans. One of the best features of this type of loan is that the borrower is not required to submit any type of collateral to get the loan. Another feature is that, often such loans come with a lower rate of interest. As the rate of interest is less, the loan amount that is extended is also quite less. The loan amount usually ranges between £500 and £15000. In some rare cases, the loan amount can go up to the maximum of £25,000.
The repayment period for this loan is usually shorter than the usual loans. In most cases, the repayment period depends on the amount of money taken as the loan. Usually the repayment term for this loan is somewhere between 1 to 10 years. This loan is very easy to get as there are less formalities involved. There is no credit check for this loan. Also the paperwork involved is quite less. In short, it is quite a feasible loan option for people who are currently not earning.
Conditions
Despite this loan being more flexible than others, there still are some conditions that borrowers have to fulfil beforehand. The first condition is that the person taking this loan needs to have an active bank account. Also, the documents with the personal information of the borrower should be provided to proceed with the loan approval. Another condition that the borrower must quality through is that, he/she must have a repayment plan.
People who can apply for this loan
This loan is easily available to everyone, be it a student, a paying guest or a tenant. Anybody can apply for this loan. Even someone with a bad credit history is not deprived of the benefits of these loans. The fact is the unsecured loan for unemployed people is a boon in disguise and an easy way to get money for some essential expenses.
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