If you are unemployed you might often get stressed out with every additional expense
, right? Life is a little difficult to handle if you do not have funds to finance your needs. In addition unemployment is like a barrier between your desires and funds available. Well, you do not have to worry as unemployment loans have come to your rescue. These advances can help you fund your needs at ease.
There are no restrictions on the usage of this credit; you can use them for whatever purpose that is suitable to you. Pay off education expenses, wedding expenses, consolidates our other debts and so on.
They are of two categories; secured and unsecured:
Secured finance- This category demands collateral. You are offered an amount ranging from 500 to 100,000 for a period of 1- 25 years. As the lenders risk involved is less the rate of interest they carry is less. If you fail to make repayment by the due date then the lender will take charge of your collateral to recover the amount of the loan.
Unsecured finance- On the other hand you do not have to pledge any security against the credit amount if you apply for the unsecured finance. You are offered an amount ranging from 1000to 25000 for a period of 1- 10 years. Thus they carry a high rate of interest as the lenders risk in dealing with you is not backed by any pledged security
To be eligible you need to fulfill the following criteria:
You should be a citizen of UK.
You should be above 18 years of age.
You should have a bank account.
This loan can also be availed through the online mode. All you need to do is have a thorough search of the loan that suites you the most. Once you fill in the online application form. The lender will verify all your details. The traditional mode of application is more time consuming. You do not have to stand on long queues or go through the hassles of loads of documentation.