If you are unemployed and claiming benefits, in-between jobs or do not undertake paid employment, you will probably find it difficult to get a loan on standard terms.
Indeed, most high street banks and building societies will simply decline to offer you credit if you are not in regular paid employment.
Standard loans are available to those who can demonstrate that they will, in all probability, be able to repay the debt on schedule.
The better your financial situation, the more attractive the terms of the loan will be – which means you’ll be offered the lender’s lowest interest rate.
Indeed, most high street banks and building societies will simply decline to offer you credit if you are not in regular paid employment.
Standard loans are available to those who can demonstrate that they will, in all probability, be able to repay the debt on schedule.
The better your financial situation, the more attractive the terms of the loan will be – which means you’ll be offered the lender’s lowest interest rate.
Loans for the Unemployed
Usually, you will need a steady and ongoing salary to borrow from mainstream lenders, but there are an increasing number of specialist providers of loans for the unemployed.
So being without a stable job and income to borrow from high-street banks doesn’t mean you won’t get access to credit anymore.
However, there may be separate factors at play making it complicated for you to access credit.
For instance, you might already suffer from a poor credit history – this can happen if you've missed repayments in the past, or ever had a County Court Judgement (CCJ) or bankruptcy against your name.
So being without a stable job and income to borrow from high-street banks doesn’t mean you won’t get access to credit anymore.
However, there may be separate factors at play making it complicated for you to access credit.
For instance, you might already suffer from a poor credit history – this can happen if you've missed repayments in the past, or ever had a County Court Judgement (CCJ) or bankruptcy against your name.
Types of Loans for Unemployed People
As someone with a poor credit rating, you won't be able to apply for most of the loans available, especially those with the most attractive terms and rates. These are likely to be reserved for borrowers with clean credit histories who are in employment.
However, there are specialist lenders that offer loans to people who seem a greater risk because of their poor credit history, or unemployment.
You can compare the rates on offers from different comparison sites. You can also find out more information about unemployment loans here: www.velocitycash.com/resources/title-loans-unemployed/
However, there are specialist lenders that offer loans to people who seem a greater risk because of their poor credit history, or unemployment.
You can compare the rates on offers from different comparison sites. You can also find out more information about unemployment loans here: www.velocitycash.com/resources/title-loans-unemployed/
How Title Loans Can Help
Banks often consider unemployed people as “high-risk” and will often deny loan applications. Lenders fear that if you don’t have a job, you won’t be able to pay back the loan.
Banks will always err on the side of caution. But while it’s hard to get a bank loan when you’re out of work, a car title loan doesn’t require proof of employment or a credit check. Unlike a bank, a title loan company will consider your vehicle as collateral in the event that the loan isn’t paid off.
Banks will always err on the side of caution. But while it’s hard to get a bank loan when you’re out of work, a car title loan doesn’t require proof of employment or a credit check. Unlike a bank, a title loan company will consider your vehicle as collateral in the event that the loan isn’t paid off.
Supplement Unemployment Income
While you might receive some compensation from severance pay or unemployment benefits, this income may not be enough to cover your living expenses or emergencies.
You may also need to invest in some items or incur travel expenses as you’re interviewing for new positions. Getting fast cash from title loan lender is one way you can get back on the right path as you look for a new job.
You may also need to invest in some items or incur travel expenses as you’re interviewing for new positions. Getting fast cash from title loan lender is one way you can get back on the right path as you look for a new job.