Can I get a loan if I am unemployed?
If you are unemployed and need to borrow money, there are, unfortunately, limited options. Most mainstream lenders will require that you are in either full or part-time employment for them to consider your application. Some lenders may also have certain minimum income requirements. All is not lost though, as many lenders will consider an application for loans for the unemployed. If you can display that you are able to afford the scheduled repayments and that the income you receive from benefits will be guaranteed for the duration of the loan, your application may be considered.
Unemployment loans are not available from every lender so it is important that you read up on the eligibility criteria for your chosen lender. At New Horizons, our partner works with a panel of lenders who specialise in providing loans to people in a variety of circumstances. If you choose to apply, they can guarantee that you will be able to get you an instant decision on your application and ensure that lenders soft search your application. This means that there will be no impact on your credit file, as the credit search won’t be seen by any other lenders.
How quickly can I get a loan?
Short term loan lenders have streamlined their application processes in recent years to ensure that their customers are able to get access to funds when they need them, especially in times of emergency. If you are able to display that you can afford the loan and the lender accepts your application, you could receive the money in your bank on the same day.
Will I need a guarantor to be approved for an unemployed loan?
If you want to apply for loans for unemployed, it is possible that you will need to have access to a guarantor, who can co-sign the loan. This can be a family member or a friend who has a good credit history. Not all lenders will require this, however. If you are in receipt of permanent benefits, they may still consider you for an unemployed loan no guarantor.
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