Loans For The Unemployed : You Can Now Meet Your Every Need!
You are facing financial crises and since you are unemployed you have no financial back up either
. It leads to poverty, indebtedness, and mental and physical disorders. Do not worry as this is not the end, its just a bend! Loans for unemployed would be an answer to your call.
This form of financial assistance is granted to help you meet your needs. The funds borrowed will help you pay off all your debts, educational expenses, home renovation, starting off a new business and purchase your requirements. This will enable you to live your life at ease.
They may be secured and unsecured. In case of the secured credit, you have to submit collateral against the loan amount. The lenders risk involved is less and so it offers a lower rate of interest as compared to the unsecured category. You can borrow an amount ranging from 500 to 100,000 for a period of 1 to 25 years. Incase you are not able to repay the funds you borrow; the lender can take charge of your security and use it to recover the amount of the credit given to you.
On the other hand an unsecured advance is a kind of funds in which you do not have to submit any collateral against the money borrowed. This however increases the lenders risk. You can borrow an amount ranging from 1000 to 25000 for a period of 1 to 10 years. Thus as compared to the secured form this category carries a slightly higher rate of interest.
Since you are not employed you have to prove your repayment ability and credit worthiness to the lender.
Eligibility:
1.You must be a citizen of U.K
2.You must be above 18 years of age
3.You must also have a bank account
You can also apply for it through the online procedures. All you have to do is to fill an online application form giving all relevant details. This helps you avoid a lot of documentation and also avoids standing in long queues.